China has initiated the drafting of a new law aimed at promoting the development of the private sector economy. This move is part of a broader strategy to boost confidence and innovation within the country. The law seeks to ensure equal treatment between state-owned enterprises and private companies, addressing core concerns of the latter. Additionally, Shanghai is set to introduce a policy to subsidize interest rates for loans on new infrastructure projects, offering larger discounts and widening the scope for benefits. This legislative effort aligns with China's Common Prosperity concept, which aims to harmonize labor laws, the tax code, and state-owned enterprises with socialist principles.
Check out this interview with a researcher at one of China’s top universities on how the Common Prosperity concept seeks to make China’s labor laws, tax code, and state-owned enterprises more consistent with the basic principles of socialism.
1/ Yicai: "Shanghai will soon introduce a new policy to subsidize the interest rates of loans for new infrastructure projects. The new policy will further benefit companies by offering larger discounts on interest rates and widening the scope... https://t.co/fNtGIhFrpd
1/5 Bloomberg: "China started drafting a law to promote the development of the private sector economy, in the latest attempt by the Asian nation to recharge confidence. The law will focus on the “core concerns” of private companies, including... https://t.co/KgNwzRmKKG
China has begun drafting a law on the promotion of the private economy, as the country accelerates efforts to ensure equal treatment of state-owned enterprises and private companies. https://t.co/szVv1Bhkkk
China starts drafting a law to promote the development of the private sector economy, in the latest step by the Asian nation to recharge confidence and boost innovation. https://t.co/b63g96Igim