（原标题：CBN丨Private sector gaining strong legal support）开云体育

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China mulls first law to protect the private sector;CSRC lifts Hong Kong MRFs quota to 80%.

Here’s what you need to know about China in the past 24 hours

Chinese lawmakers are deliberating a draft of the country's first law specifically focusing on the private sector's development and protection, aiming to bolster the private economy through legal norms amid strategic reforms to optimize the business environment.

The draft, which comprises nine chapters and 78 articles, covers eight main aspects, including fair competition, improving the investment and financing environment, and scientific and technological innovation. It was submitted to an ongoing session of the Standing Committee of the National People's Congress, the country's top legislature, for deliberation on Saturday.

The issuance of the private economy promotion law was also mentioned as a key task for 2025 during the Central Economic Work Conference held earlier this month.

China has consistently been refining its legal frameworks to boost private economic development since the start of the year, with a focus on attracting investment, promoting equitable market access, and strengthening financial support across various regions and departments.

Data from the State Administration for Market Regulation shows that as of the end of September, the total number of registered private enterprises nationwide surpassed 55 million, accounting for 92.3 percent of all enterprises. In the first three quarters of this year, 6.19 million private enterprises were newly registered across the country, according to the administration.

The draft law emphasizes the implementation of a nationwide unified market access negative list system, saying that aside from areas on the negative list, various economic organizations, including private entities, will have equal access in accordance with the law.

Meanwhile, it also supports empowering capable private entities to spearhead major technological advancements, as well as advocates including private economic entities in major national scientific research infrastructure.

Greater Bay Area, Greater future

The China Securities Regulatory Commission has raised the sales cap of northbound Mutual Recognition of Funds, or Hong Kong-registered investment funds that can be sold in the Chinese mainland upon meeting certain requirements, to 80 percent from 50 percent. Hong Kong MRFs can be trusts, mutual funds, and other investment programs set up, operated, and publicly sold in the city under its laws and approved for sale in the Chinese mainland by the CSRC. The new circular will take effect from Jan. 1, the watchdog noted.Guangzhou in China's southern Guangdong province said it has received the green light from the country's cabinet to start constructing its new airport project, which will be located in Guangzhou's neighboring city of Foshan. The plan is to achieve an annual passenger throughput of 30 million and cargo and mail throughput of 500,000 tons by 2035. The Greater Bay Area has had five major airports in a radius of less than 200 km, including the Hong Kong, Guangzhou, and Shenzhen international airports, with their respective annual passenger throughput of over 10 million.From January to November this year, Guangzhou's foreign trade volume has already exceeded one trillion yuan, a year-on-year increase of 2.4 percent, according to the municipal commerce bureau. In terms of actual use of foreign investment, the Guangzhou Economic and Technological Development Zone has ranked top in the nation for five consecutive years, with a cumulative total of 362 Fortune Global 500 companies investing in Guangzhou. In the first 11 months, 7,558 new foreign-invested enterprises were established, a year-on-year increase of 26.9 percent.

Next on industry and company news

Shanghai Port became the world's first to see an annual container throughput of over 50 million 20-foot equivalent units yesterday, the Shanghai International Port Group said. The port has ranked first globally in annual container throughput for 14 consecutive years.Nio’s third brand, Firefly, launched presales for its first EV priced from 148,800 yuan, with deliveries starting in April. The Chinese EV startup wants the brand to rival BMW’s Mini and Mercedes-Benz Smart, according to founder William Li. EHang and Changan Auto inked a deal on Saturday to ally on flying car R&D, manufacturing, sales, and operations. The partnership will leverage EHang’s eVTOLs and flight tech expertise and Changan Auto’s manufacturing strength for future mobility ecosystem innovations.Shanghai Fosun Pharmaceutical is proceeding with its proposal to merge and privatize innovative drug-maker Shanghai Henlius Biotech at a cost of HKD5.4 billion. The company proposes to pay HKD24.6 for each Henlius' share listed in Hong Kong, 36.67 percent higher than the closing price of HKD18 on May 21.

Switching gears to financial news

Guotai Junan Securities is set to merge with Haitong Securities creating China's largest brokerage. The merger will be conducted through a swap deal where Guotai Junan issues A-shares and H-shares to all A-share and H-share exchange shareholders of Haitong Securities. Hong Kong's securities watchdog has approved Guotai Junan Securities to become the major shareholder of certain subsidiaries of Haitong Securities which are licensed corporations.Tencent’s cross-border payment platform Tenpay Global recently partnered with Euronet Worldwide’s subsidiary Ria Money Transfer to allow users to transfer funds from Ria’s channels directly to digital wallet balances or linked bank accounts on Tencent’s WeChat Pay.

Wrapping up with a quick look at the stock market

China's benchmark Shanghai Composite fell 0.5 percent on Monday while the Shenzhen Component dropped 1 percent. Hong Kong’s Hang Seng index closed 0.8 percent higher, and the TECH index gained 0.3 percent.

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

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