The Law of the People's Republic of China on the Promotion of the Private Economy officially came into effect on May 20th, which is a milestone event in the development history of China's private economy and has received high attention from the international community. International sources interviewed by our reporter believe that the private economy is an indispensable force supporting China's development. The promulgation and implementation of this law demonstrate China's firm determination to promote the growth and development of the private economy, and will further stimulate the vitality and creativity of private enterprises, injecting momentum into promoting China's high-quality development and deepening global economic cooperation. The Private Economy Promotion Law, an important measure for China to further promote high-quality economic development, is the first fundamental law specifically related to the development of the private economy in China. It establishes and improves relevant institutional mechanisms around fair competition, investment and financing promotion, technological innovation, standardized operation, service guarantee, and rights protection, aiming to continuously optimize a stable, fair, transparent, and predictable environment for the development of the private economy. This is an important measure for China to further promote high-quality economic development. ”Abu Dhabi banker Pravin Jain said. Bernd Lindh, CEO of Dubai Commercial Bank in the United Arab Emirates, believes that China encourages more fair competition by implementing the Private Economy Promotion Law. Currently, the relationship between the United Arab Emirates and China is becoming increasingly close, and the development and growth of Chinese private enterprises will bring huge opportunities for further practical cooperation between the two sides. Dia Hermi, Secretary General of the Egypt China Chamber of Commerce, believes that the implementation of this law will further guide the technological innovation of private enterprises. "The vigorous development of the private economy is also a reflection of the successful promotion of Chinese path to modernization. The private economy promotion law will further optimize the development environment of the private economy and promote the sustainable, healthy and high-quality development of the private economy." Helmy said. Agustin Garc í a, the Mexico representative designate of the APEC Business Advisory Council, believes that China's implementation of the Private Economy Promotion Law is of great significance. The current global situation is complex and ever-changing, and the Chinese economy is moving towards high-quality development. This law reflects the Chinese government's firm commitment to promoting market-oriented reforms and building an open economic system, and also sends a clear signal to domestic and foreign investors to create a rule of law business environment. Garcia stated that a more resilient, competitive, and internationally aligned business ecosystem can help attract investment, activate sustained economic growth, and enhance the position of Chinese private enterprises in the global industrial chain. This law encourages and supports private enterprises to actively play a role in promoting technological innovation, cultivating new quality productivity, and building a modern industrial system, which is expected to create more high-quality employment opportunities. ”Xizo Nkala, a researcher at the Africa China Research Center at the University of Johannesburg in South Africa, stated that the Private Economy Promotion Law will open up channels for Chinese private enterprises to use production factors such as funds, technology, data, and land equally in accordance with the law, reflecting the principles of equal treatment, fair competition, and common development. Over the past 40 years of reform and opening up, China's private economy has grown from small to large and from weak to strong, providing strong support for the accelerated development of the private economy. At present, the proportion of private enterprises in China's total number of enterprises has increased to over 92%, and the number of private enterprises listed in the Fortune Global 500 has significantly increased, continuously enhancing their competitiveness in the international market. Among the national high-tech enterprises, there are over 420000 private enterprises, accounting for more than 92%; Among the "new three types" with strong exports, private enterprises contribute more than half. Professor Park Seong tsan of South Korea's Longin University and President of the Korea China Federation stated that the private economy plays an indispensable role in China's economic growth, tax and employment creation, and export promotion. The introduction of the Private Economy Promotion Law in China will help enhance the confidence of Chinese private enterprises and play an indispensable role in the development of the Chinese economy. Since the reform and opening up, the development achievements of China's private economy cannot be underestimated. ”Garcia said that the Chinese government's strategic guidance, improved infrastructure construction, mature industrial system, high-quality human resources, and continuously optimized business environment work together to promote the emergence and vigorous development of Chinese private enterprises in key fields such as technological innovation, international trade, and manufacturing, gradually forming a globally influential enterprise cluster. Xia Huasheng, an economist at the Brazilian Vargas Foundation, stated that in recent years, China's private economy has not only played an important role in expanding employment, promoting innovation, and optimizing industrial structure, but also made positive contributions to enhancing the resilience of the Chinese economy. Currently, Chinese private enterprises are increasing their investment in technological innovation and continuously making breakthroughs in key areas such as high technology, which will help promote high-quality development of the Chinese economy. Xia Huasheng believes that the promulgation of the Private Economy Promotion Law is an important measure for China to further optimize the business environment and strengthen legal protection. With the reform and opening up, China's private economy has flourished and formed a considerable scale, achieving remarkable achievements. ”Enkara noticed that in China, private enterprises are constantly rising in the mid to high end of the global value chain, such as the service industry and high-tech industries. He said: "China has the advantages of improving infrastructure, super large market size and high-quality human resources, which provides a strong support for the accelerated development of the private economy. China's private economy has broad prospects for development." "We look forward to further deepening cooperation with Chinese enterprises to achieve mutual benefit and win-win results." In recent years, high-quality joint construction of the "the Belt and Road" and high-quality implementation of the Regional Comprehensive Economic Partnership Agreement have promoted cross-border trade facilitation, opening up broad space for private enterprises to develop abroad. More and more Chinese private enterprises are actively expanding their diversified markets, participating in international competition and cooperation, and "stepping on the waves" in the global market with excellent technology and innovative creativity. Data shows that private enterprises have maintained their position as the largest foreign trade operator in China for six consecutive years. In 2024, private enterprises will become the largest importer and exporter of high-tech products in China for the first time. Xia Huasheng stated that Chinese private enterprises actively participate in the construction of global industrial and supply chains, share manufacturing experience with enterprises from other countries, optimize production processes, not only improve product and service quality, but also effectively reduce production costs, injecting new impetus into global economic recovery and development. Looking ahead to the future, we believe that Chinese private enterprises will demonstrate greater vitality in the global market, "said Xia Huasheng. In Egypt, more than 95% of the products produced by Giant Stone Egypt Fiberglass Co., Ltd., which is invested by Chinese companies, are exported to Europe, America and other places. Egypt has become a leading exporter of fiberglass in the world. Hermi stated that the economic and trade exchanges between Egypt and China continue to deepen, and more and more Chinese private enterprises are investing and developing in Egypt, bringing advanced technology, creating a large number of job opportunities, cultivating skilled technical workers, and making huge contributions to local development. Hermes said, "We welcome more Chinese companies to enter the Egyptian market and look forward to further deepening cooperation with Chinese companies to achieve mutual benefit and win-win results." Garcia believes that Chinese private enterprises are developing rapidly in emerging fields such as digitization, automation, energy transformation, and artificial intelligence, which not only enhances their international competitiveness but also opens up new space for Latin American and Chinese cooperation. In Mexico, Chinese private enterprises such as Huawei, BYD, and Longi Green Energy are actively expanding into areas such as digital infrastructure, new energy vehicles, clean energy, and e-commerce. Garcia said, "The international development of Chinese private enterprises brings long-term opportunities to Latin American countries and will promote more equal, mutually beneficial, and sustainable cooperation between Latin America and China." "Against the backdrop of uncertainty in the world economy, Chinese private enterprises are expected to play a more important role in industrial cooperation among countries in the global South. ”Park Seung sang stated that Chinese private enterprises can engage in more segmented and in-depth cooperation with Korean enterprises, such as expanding cooperation in areas such as hydrogen energy, to promote mutual benefit between South Korea and China. Alessandro Bianchi, Vice Chairman of the Italian BRICS Research Association, once visited the Haikou National High tech Industrial Development Zone in Hainan and visited many local private enterprises. The private economy in China is full of vitality and has played an important role in the development and growth of the Chinese economy. The Chinese government has also created many favorable conditions for the development of the private economy. Bianchi expressed his hope that Italian, European, and Chinese enterprises can further strengthen cooperation and achieve complementary advantages. (New Society)