Vice Minister of Justice Wang Zhenjiang stated at the press conference of the State Council Information Office on the 8th that the formulation and promulgation of the Private Economy Promotion Law will establish the effective experience and practices of the Party Central Committee and the State Council on the promotion of the private economy as a legal system, consolidate the achievements of reform, create a legal environment and social atmosphere conducive to the common development of various forms of ownership, including the private economy, firmly handle our own affairs, and continuously consolidate the stable and long-term positive trend of China's economy. The Private Economy Promotion Law will come into effect on May 20, 2025. Wang Zhenjiang stated that for the first time, the Law on the Promotion of the Private Economy has incorporated the principle of "two unwavering principles" into the law, clarified the legal status of the private economy for the first time, and stipulated in the law that "promoting the sustained, healthy, and high-quality development of the private economy is a major policy that the country has long adhered to." This fully demonstrates the firm determination of the Party Central Committee to promote the development and growth of the private economy, and further demonstrates to society that developing the private economy is a policy that the Party and the state have consistently adhered to and will continue to adhere to for a long time. The law alone is not enough. I hope that all regions and departments will take the promulgation of the Law on the Promotion of the Private Economy as an opportunity to solidly implement it, complete, accurately, and comprehensively promote the publicity and interpretation of this law, implement relevant legal requirements, promote the early introduction and implementation of various supporting regulations, coordinate the implementation of various support and guarantee measures, continuously improve the institutional system for promoting the development of the private economy, further optimize the legal business environment, effectively protect the legitimate rights and interests of private economic organizations and their operators in accordance with the law, actively create a good social atmosphere to support the development of the private economy, and promote the sustained, healthy, and high-quality development of the private economy, "said Wang Zhenjiang. (New Society)