China starts drafting bill to boost private sector and tackle sluggish post-Covid economy following major setbacks

Beijing has started drafting a bill to promote the private sector in China’s latest attempt to revive its sluggish post-pandemic economic recovery and boost investor confidence following a recent stock market meltdown and a prolonged property market crisis.

The proposed bill, which debuted as the private economy promotion law, has been introduced into the lawmaking process by the country’s top legislature, the justice ministry and top economic planner, China’s state broadcaster CCTV said on Wednesday.