China to Implement Private Sector Promotion Law on May 20, Backed by $40 Billion Sci-Tech Bonds and 3 Trillion Yuan Projects

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 government is rolling out a series of measures to support the development of the private sector, including strengthening legal protections and oversight of administrative law enforcement. Officials announced plans to facilitate the inflow of private capital into state-backed projects valued at 3 trillion yuan. In parallel, China is accelerating efforts to boost technological innovation through the issuance of science and technology innovation bonds, with a target of $40 billion in issuance. Multiple securities companies have announced plans to collectively issue over 16 billion yuan in these bonds, supported by detailed regulatory rules published by Beijing. These initiatives are part of a broader strategy to fuel economic recovery and enhance private sector growth, coinciding with a strong May Day holiday period marked by 1.47 billion interregional passenger trips and a 6.4% year-on-year increase in domestic travel.