Jiangsu specifically passed legislation to promote private sector economy

On July 28th, the 16th meeting of the 14th Standing Committee of the Jiangsu Provincial People's Congress reviewed the "Regulations on Promoting the Development of Private Economy in Jiangsu Province". In order to create a favorable environment for development, the legislation is designed to protect fair competition, strengthen equal treatment, optimize factor guarantees, and set out provisions with both strength and warmth in standardizing administrative inspections involving enterprises, protecting the legitimate rights and interests of private economic organizations and their operators. In terms of implementing equal treatment requirements, the draft encourages and supports private capital to participate in the reform of mixed ownership of state-owned enterprises in accordance with the law, supports private economic organizations to lawfully and equally enter fields such as infrastructure, public services, and public utilities, stipulates that private economic organizations enjoy equal access to various beneficial policies, and equal use of various production factors and public service resources. At the same time, it explicitly lists prohibited behaviors that hinder fair competition in activities such as government procurement and bidding, to ensure that private economic organizations can fairly participate in market competition.