CHINA started drafting a law to promote the development of the private sector economy, Xinhua on Thursday quoted Minister of Justice He Rong as saying at a symposium.

The law will focus on the “major concerns” of private companies, including protecting their property rights, guaranteeing the interests of entrepreneurs, and managing missed payments for small and medium-sized firms, broadcaster CCTV also reported Wednesday.

The law aims to ensure that policy implementation is stable and consistent, motivate businesses to innovate, and enforce rules so that State-owned and private companies are treated equally, CCTV added.

Xinhua said the symposium, held Wednesday jointly by the nation’s top economic planning agency, the justice ministry and the national parliament’s legislative affairs commission, was held to discuss the legislation concerning promotion of the private economy, attended by representatives of private firms and academics.

The private sector produces more than 60% of China’s gross domestic product and accounts for more than 80% of urban jobs.

The move marks the latest attempt by the world’s second-largest economy to boost sentiment among private businesses.

China in July introduced a 31-point plan aimed at supporting the private economy. The top economic planning agency, the National Development and Reform Commission (NDRC), in September created a new department aimed at solving the private sector’s problems. (SD-Agencies)