Chinese vice minister of justice on draft law on promoting private sector

The draft law on promoting private sector that is openly soliciting public suggestions is to boost private businesses' confidence, said Hu Weilie, Chinese vice minister of justice, at a press conference in Beijing on Monday.

Jointly published by the Ministry of Justice and the National Development and Reform Commission for public opinion on Thursday, the Ministry of Justice had received over 1,000 pieces of opinions and suggestions on the draft as of Monday, Hu disclosed.

The draft emphasizes the equal treatment and protection of private enterprises, aiming to stabilize private businesses and entrepreneurs' expectations for the development and to enhance a sustainable mechanism for the growth of the private economy, he said.

If passed, the draft, with 77 articles in nine chapters, will be China's first basic law specifically on the development of private economy.

It includes provisions on ensuring private businesses' fair participation and competition in the market, improving the investment and financing environment for these businesses, supporting their technological innovations, improving services for them and strengthening the protection of their rights and interests.

"This fully indicates that promoting the development of private economy is a consistent and long-term policy of the Party and the country. Once these provisions are enshrined as legal institution, they will be of stable and rigid binding force, and will surely promote the sustained, sound, and high-quality development of private economy and create a still better environment for the common development of various ownership economies, including the private sector," Hu said.

The draft will be open for public comments until Nov. 8.

Chinese vice minister of justice on draft law on promoting private sector

Grain enterprises across China have purchased 120 million tons of autumn grains recently, according to data from the National Food and Strategic Reserves Administration.

Provinces like Henan, Jiangsu, Heilongjiang, and Anhui have set up the minimum purchase price of middle- and late-season rice. Over 200 purchasing spots have been set up in these four provinces to facilitate grain farmers in selling their crops.

Currently the purchase of middle- and late-season indica rice in the southern region stands at around 40 to 50 percent, while in the northeast region, the purchase of japonica rice is around 20 percent. In the north and northeast China, purchase of corn stands at 20 percent to 30 percent, while that of soybeans is around 15 percent in northeastern region.

The average price of middle- and late-season rice is about 2.6 yuan per kilogram. With demand rising for animal feed, prices of corn and soybean are gradually recovering and stabilizing, boosting acquisition interest.

"Currently, the cumulative procurement of middle- and late-season rice at the minimum purchase price has exceeded 1.8 million tons, effectively stabilizing market expectations and ensuring reasonable grain prices," said Luo Shouquan, director of the grain reserve department of the National Food and Strategic Reserves Administration.

Autumn grain purchases across China total 120 million tons