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China steps up protections for private sector in updated draft law

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China steps up protections for private sector in updated draft law - SCMP

Quick Summary:

Beijing has added a ban on fining private firms without a legal basis to the draft of its new private-economy promotion law.

Baseless fines have become a severe challenge for private companies in China over recent years, as some local authorities have turned to so-called “profit-driven policing” to boost their funds amid a fall in government revenues from land sales and other sources.“In recent years, many local authorities have selectively fined private firms and conducted investigations that have seriously disrupted their operations,” said Peng Peng, executive chairman of the Guangdong Society of Reform, a Guangzhou-based think tank.

The move comes as Beijing steps up its drive to reassure the private sector, which has struggled to deal with years of crackdowns.

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Article Details

Author / Journalist: Mia Nulimaimaiti

Category: Business

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-25 @ 09:59:53 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 258 words

Reading Time: 2 minutes read

Sentences: 6 lines

Sentence Length: 43 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 26414114

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Official Website: scmp.com

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News Last Updated: 36 minutes ago

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  • URL: https://beamstart.com/news/china-steps-up-protections-for-17404489434066

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