China to Implement First Private Economy Law with 3 Trillion Yuan Projects, Alibaba Comeback, and Legal Protections

China is set to implement its first fundamental law dedicated to promoting the private economy on May 20, following its passage by the country's top legislature on April 30. The State Council Information Office announced a series of measures aimed at boosting the development of the private sector, including enhanced legal protections for private businesses and strengthened oversight of administrative law enforcement. The government plans to support the inflow of private capital into state-backed projects valued at 3 trillion yuan. Chinese Premier Li Qiang recently chaired a State Council meeting to discuss these initiatives. The private sector promotion law marks a shift in China's economic policy, with notable developments such as Alibaba's founder Jack Ma making a comeback and the company moving toward synergy rather than spin-offs. Authorities are also using joint press conferences with top financial officials to guide market expectations amid these reforms.