China's Private Economy Promotion Law, which came into effect on May 20, is viewed as a watershed moment in the country's economic governance framework.
The law supports and encourages private economic enterprises to participate in major national strategies and projects and supports them to invest and start businesses in strategic emerging industries, future industries and in other fields.
Moreover, it encourages them to carry out technological transformation and upgrading of traditional industries and participate in the investment and construction of modern infrastructure.
Businesspeople in Taixing city in Jiangsu province said the promulgation of the law would provide strong legal protection for the development of the private sector and boost the confidence of enterprises in their development.
Wincell Insulation Group. [Photo/WeChat account: txfabu]
The series of regulations made in the law around technological innovation and business environment optimization have further strengthened the confidence of Wincell Insulation Group about its future.
The company's newly developed aerogel product recently went into production. Mainly used in the aerospace and military industries, it uses mature supercritical drying technology, making its thermal insulation performance 2-5 times that of existing thermal insulation materials.
"The promulgation of the law has given us the reassurance that in a fair and rule of law market environment, there will be more opportunities and market space to stimulate new driving forces for our innovation and entrepreneurship," said Qin Bojun, chairman of the company.