Xiamen, China (May 4, 2025) – The newly enacted law promoting the private sector economy in China provides a solid legal foundation for its development in the new era, offering Taiwanese businesses a much-needed reassurance, according to Wu Jiaying, Vice President of the Xiamen General Chamber of Commerce and Honorary President of the Xiamen Taiwanese Businessmen Association. Wu, who also serves as Chairman of the Jiahao Group (Xiamen) Co., Ltd., made the remarks in an interview with China News Service (CNS) on Sunday.
The law, officially titled the Law on Promoting the Development of the Private Economy, represents a significant institutional breakthrough in cross-strait industrial integration, Wu stated. He emphasized the importance of a robust legal framework in fostering a stable and predictable business environment, particularly for Taiwanese-owned enterprises operating within mainland China.
This law is a ‘dingxinwan’ (定心丸), a pill of reassurance, for Taiwanese businesses, Wu explained, using a Chinese idiom to illustrate the law’s positive impact. It provides a clear set of rules and regulations, reducing uncertainty and encouraging long-term investment and growth.
The new legislation addresses key concerns previously voiced by private sector businesses, including issues related to fair competition, intellectual property protection, and access to financing. By codifying these protections into law, the Chinese government aims to create a more level playing field and encourage greater participation from private enterprises, including those with Taiwanese investment.
Wu’s comments highlight the growing economic ties between mainland China and Taiwan, and the importance of legal frameworks in facilitating cross-strait business cooperation. The Law on Promoting the Development of the Private Economy is seen as a crucial step in strengthening these ties and fostering a more integrated economic landscape.
The full text of the law is available on the website of the National People’s Congress. [Note: Since this is a hypothetical law, a real link cannot be provided. In a real article, a link to the official text would be included here.]
References:
- China News Service (CNS). (2025, May 4). 吴家莹：民营经济促进法为台企带来法治保障“定心丸” [Wu Jiaying: Law on Promoting the Private Economy Brings Legal Protection and Reassurance to Taiwanese Enterprises]. Retrieved from [Hypothetical CNS website address]
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