MNI BRIEF: China Passes Private Economy Promotion Law

Chinese lawmakers have voted to adopt the Private Economy Promotion Law, the first dedicated law towards promoting the private sector, state media outlet Xinhua announced on Wednesday.

The law will further optimise the development of the private economy and ensures fair market competition for all categories of business, Xinhua said. 

China faces a more urgent need than ever to expand domestic demand, which is necessary to rebalance both the Chinese and world economies and could provide an opportunity to displace the U.S. as the world’s leading consumption market if it is accompanied by further economic opening, a prominent economist told MNI in an interview. (See MNI INTERVIEW 2: China Domestic Demand)