INSUBCONTINENT EXCLUSIVE:
China's national lawmakers on Wednesday voted to adopt the country's first fundamental law dedicated to promoting the private sector,
underscoring support for a key part of the world's second-largest economy.The private sector promotion law, passed at a session of the
Standing Committee of the National People's Congress, will take effect on May 20.Comprising 78 articles in nine chapters, the law covers
such areas as fair competition, investment and financing promotion, scientific and technological innovation, regulatory guidance, service
support, rights and interests protection and legal liabilities.The law will further optimize the development environment for the private
economy, ensure fair market competition for all types of economic entities, and foster the sound development of both the private sector and
its practitioners.Private enterprises have long been a key driving force behind China's economic ascendance, contributing more than 60
percent of GDP and 80 percent of urban employment
As of the end of March, registered private enterprises, which total over 57 million, made up more than 92 percent of all businesses in
