The Outline of the 15th Five-Year Plan states that the Promotion Law for Private Economy shall be implemented, and supporting regulations, policies, and institutional frameworks shall be perfected to ensure equal access to production factors, fair participation in market competition, and effective protection of legitimate rights and interests from a legal and institutional perspective. Now, one year has passed since the Promotion Law for Private Economy was enacted and implemented. Over the past year, the law has taken effect, safeguarding the healthy development of the private economy and the well-being of private economy practitioners. Confidence, determination, and motivation for the development of the private economy have become even stronger.

Rule of law empowers development, and innovation drives the future. With the coordinated support of an effective market and a capable government, private enterprises should firmly seize the significant opportunities afforded by the empowerment of the rule of law, converting its advantages into driving force for development, continuously forging their core competitiveness, and taking practical and responsible actions to contribute to high-quality economic and social development.

Gain the initiative in development through independent and high-level technological self-reliance. Innovation is the driving force for the high-quality development of private economy. In today’s increasingly intense global economic competition, private enterprises can only survive in the market by continuously innovating. The Private Economy Promotion Law includes a dedicated chapter on “Scientific and Technological Innovation,” providing comprehensive and multi-level institutional safeguards for private enterprise scientific and technological innovation at the legal level. Currently, during the “painful period” of the transition from old to new drivers of growth, it is an opportune window for private enterprises to refine their internal capabilities and innovate to achieve success. They should focus on overcoming key technological challenges, forge irreplaceable core technological capabilities, and gain market recognition through independent innovation achievements to solidify their foundation for long-term development.

Build a high-quality industry development ecosystem through collaborative innovation. The Private Economy Promotion Law encourages various entities and private economy organizations to innovate their cooperation mechanisms, promote deep integration between academia, industry, and research, support open and shared public research and development platforms, and equip private enterprises with resources, platforms, and safeguards from an institutional perspective to enable them to engage in scientific and technological innovation. Private enterprises should seize this opportunity and actively participate in establishing an efficient and seamless collaborative system between the government, enterprises, and educational institutions, continuously explore diversified and differentiated models of innovative cooperation. Meanwhile, it is suggested to further prioritize innovation resources for private enterprises, grant them greater authority in project research and development, continuously strengthen support for key innovation factors such as funding and talent, leverage the dual effects of market-driven initiatives and government guidance, and promote the deep integration of innovation chains, industrial chains, financial chains, and talent chains.

Ensure the stable and sustainable growth of private enterprises through compliance-oriented business practices. The Private Economy Promotion Law delineates clear boundaries and establishes clear guidelines for compliance-oriented business practices, thereby creating a stable and predictable legal framework for enterprise innovation. This helps to reduce uncertainty in the development environment and fully unleash the internal driving force of innovation and creativity in private enterprises. Private enterprises should seize this opportunity to accurately define their development orientation, integrate their growth into the broader context of China’s modernization drive, and maintain long-term compliance-oriented business practices to continuously create economic and social value. Continuously optimize corporate governance structures and management processes, establish and improve modern Chinese enterprise systems, adhere to the principles of fair competition and honest business practices, strengthen risk management for integrity, and make “compliance” a cornerstone for driving the high-quality development of enterprises.

In the process of implementing the Law on Promoting Private Economy, the All-China Federation of Industry and Commerce should play a better role as a bridge and link, promote the establishment of a dynamic screening and feedback mechanism for hidden barriers, facilitate equal participation of private enterprises in the division of labor in domestic and international industries; establish a regular mechanism for feedback on problems and assessment of policy effectiveness, so as to promptly address the difficulties faced by enterprises in their development; and strengthen the theoretical and political education of managers of private economic organizations, guide private enterprises to operate in accordance with the law, and truly make the rule of law a guarantee for the high-quality development of private enterprises.

The opportunities of this era favor those who strive alongside the nation. The Law on Promoting Private Economy has paved a path for private enterprises toward high-quality development through the rule of law. Private enterprises will undoubtedly play an irreplaceable role as a vital force in the grand journey of advancing China’s modernization. (Looking into the New Era)