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China bolsters private sector and trade resilience amid global uncertainty

China is stepping up efforts to empower its private sector, with a landmark law that aims to provide legal guarantees for private enterprise development and encourage deeper participation in major national projects. The law emphasizes equal treatment to public as well as private entities, with a strong focus on institutional support and innovation. Private enterprises remain a key pillar of China's economic growth, accounting for over half of the nation's total foreign trade volume in the first four months, as per official data released on Friday. China has also unveiled a broad financial stimulus package—featuring interest rate cuts and lowered bank reserve requirements—to boost liquidity, stabilize the market, and restore momentum in key sectors like real estate and exports. On the global front, meanwhile, China and Russia are deepening institutional cooperation, with their joint innovations seen as contributing to a more dynamic and multipolar global economy.