February 24, the Draft on the Promotion of the Private Economy was submitted to the Standing Committee of the National People's Congress for its second revision. The second draft absorbed some of the suggestions made by Standing Committee members, localities, businesses and the public to further highlight the role of the rule of law in safeguarding the economy, enriched and improved the relevant contents.

In the second draft, the following provisions were added: laws, regulations, rules and other normative documents that are closely related to the production and operation activities of business subjects constitute specific interpretations of the law applied in judicial and prosecutorial work, and shall not have retroactive effect, except in the case of special provisions intended to better protect the rights and interests of citizens, legal persons and other organizations. Where there are multiple inspection matters in respect of the same subject of inspection, they shall be integrated as far as possible or incorporated into the scope of joint interdepartmental inspections. No entity may, in violation of laws and regulations, charge fees to private economic organizations, impose fines without legal or regulatory basis, or arbitrarily distribute goods or charges to them. No entity may, in violation of laws and regulations, charge fees to private economic organizations, impose fines without legal or regulatory basis, or arbitrarily distribute goods or charges to them.

In order to fully enhance the role of industrial associations and chambers of commerce in promoting the development of the private economy, the second draft added that relevant industrial associations and chambers of commerce, in accordance with laws, regulations and their statutes, shall perform coordination and self-regulatory functions to reflect the demands of the industry in a timely manner, and to provide services to private economic organizations and their operators in the aspects such as informational advice, dissemination and training, market expansion, protection of rights and interests, and dispute resolution.

(Source: Guangming Daily)