BEIJING — Zhao Leji, Chairman of the Standing Committee of the National People’s Congress, presided over the closing meeting of the 14th Session of the Standing Committee of the 14th National People’s Congress on the morning of February 25. After completing the relevant voting items, Zhao Leji delivered a speech emphasizing the importance of legislative work and the promotion of the private economy.

Successful Completion of Legislative Tasks

Zhao Leji highlighted that the meeting successfully completed all scheduled tasks, including reviewing and passing the draft work report of the Standing Committee of the National People’s Congress in principle. The meeting also passed the draft agenda of the Third Session of the 14th National People’s Congress, the draft list of presidium and secretary-general, and the list of attendees. Members of the Standing Committee and the attending comrades fully affirmed the work of the National People’s Congress in the past year and generally expressed their approval of the draft work report of the Standing Committee.

We must carefully sort out and study the opinions and suggestions put forward by everyone, revise and improve the report draft, and submit it to the conference for deliberation according to the procedures.

– Zhao Leji

Implementing Xi Jinping’s Vision

Zhao Leji emphasized the need to thoroughly study and implement the spirit of General Secretary Xi Jinping’s important speech at the meeting celebrating the 70th anniversary of the founding of the National People’s Congress. He also highlighted the importance of studying Xi Jinping’s “On Upholding and Improving the System of People’s Congresses.” Zhao Leji stressed the need to adhere to the leadership of the Party and the people’s work as the people. The rule of law is organically unified, and the sense of responsibility and mission of upholding, improving and operating the People’s Congress system well, and performing duties in accordance with the law, and seeking progress while promoting the high-quality development of the work of the People’s Congress. Further comprehensively deepen reform and promote Chinese-style modernization to provide legal guarantees.

Promoting the Private Economy

Zhao Leji pointed out that formulating the Private Economy Promotion Law is a major legislative task determined by the Party Central Committee. This meeting reviewed the draft Law on Promoting the Private Economy for Second Review. He emphasized the need to earnestly study and implement the spirit of General Secretary Xi Jinping’s important speech at the private enterprise symposium, further revise and improve the draft law in accordance with the opinions and suggestions put forward by members of the Standing Committee and the comrades present, and implement the Party Central Committee’s legal approach on promoting the development of the private economy Major policies and policy measures.

Preparing for the Third Session

Zhao Leji emphasized the importance of holding the Third Session of the 14th National People’s Congress well. He noted that mobilizing people of all ethnic groups across the country to unite and implement the decisions and arrangements of the Party Central Committee is crucial for doing a solid job in all work in 2025 and completing the goals and tasks of the “14th Five-Year Plan” with high quality. It is of great significance to lay a solid foundation for achieving a good start to the 15th Five-Year Plan.

We must carefully organize and prepare the Third Session of the 14th National People’s Congress in accordance with the deployment and requirements of the Party Central Committee. We must create a meeting atmosphere where we speak freely and seek truth and be pragmatic, gather ideas, build consensus, and successfully complete all tasks of the conference. Members of the Standing Committee, members of the special committees and the National People’s Congress should humbly listen to the opinions and suggestions of representatives, consciously accept supervision, and strengthen and improve related work. We must attach great importance to and carefully organize the conference’s news and publicity work, and convey confidence and strength. We must continue to promote the good style of meetings, strictly enforce meeting discipline, strictly practice thrift and frugality, and ensure that the conference is clean, upright, pragmatic and efficient.

– Zhao Leji

Implications for the U.S. and Global Economy

Zhao Leji’s speech underscores China’s commitment to legislative reform and the promotion of the private economy. This has significant implications for the global economy, as China’s economic policies can influence international trade and investment. For instance, the Private Economy Promotion Law could attract more foreign investment, similar to how the U.S. Tax Cuts and Jobs Act of 2017 aimed to stimulate economic growth and attract investment.

Moreover, China’s emphasis on legal guarantees and high-quality development aligns with global trends towards sustainable and inclusive economic growth. This approach mirrors initiatives like the United Nations’ Sustainable Development Goals, which aim to end poverty, protect the planet, and ensure prosperity for all.

Counterarguments and Criticisms

Some critics argue that China’s legislative reforms may not fully address issues of transparency and accountability. For example, the U.S. has faced similar challenges with its own legislative processes, such as the debate over the Affordable Care Act, where transparency and public input were key concerns. However, China’s approach to legislative reform, as highlighted by Zhao Leji, emphasizes the importance of gathering ideas and building consensus, which could mitigate some of these concerns.

Additionally, the promotion of the private economy in China could face challenges similar to those encountered by the U.S. during the 2008 financial crisis, where deregulation and lack of oversight led to economic instability. China’s focus on legal guarantees and high-quality development aims to address these issues, but ongoing monitoring and adjustment will be crucial.

Conclusion

Zhao Leji’s speech at the closing meeting of the 14th Session of the Standing Committee of the 14th National People’s Congress highlights China’s commitment to legislative reform and the promotion of the private economy. These efforts have significant implications for the global economy and align with global trends towards sustainable and inclusive economic growth. While challenges and criticisms exist, China’s approach to legislative reform and economic development offers valuable insights for other countries, including the U.S., as they navigate their own economic and legislative landscapes.