Legal Reforms Needed To Boost Private Economy - Yicai.com

Legal reforms are needed to boost the private business sector, as the 14th National People's Congress emphasised the importance of the non-public sector by ensuring all types of ownership have equal legal treatment, according to Yicai.com. The paper said it was necessary to avoid a disconnection between macro policy and “micro-regulation”, with some places having a unilateral approach to the development of the private economy. Punishment for private firms should be in accordance with the law. Companies should not be closed down at will. Legislative changes were needed to strengthen property rights and protection systems for private enterprises and entrepreneurs, the paper said.