Chongqing - "In judicial reform, we can begin by enhancing legal education, reforming the education system, and training more outstanding talents for our foreign-related legal system to support national initiatives like the Belt and Road Initiative (BRI) and global engagement," said Chen Youkun, a deputy to the 14th National People's Congress (NPC) and director of Beijing Dacheng Law Offices (Chongqing), during an interview with Bridging News.

The second session of the 14th NPC and the second session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), also known as China's "two sessions," will be held in Beijing on March 5 and 4, respectively.

Enhancing China's role in global governance reform

Chen noted that according to data released by the Ministry of Justice, since 2023, over 2.5 million foreign-related notarial acts have been processed in China, with documents sent to more than 180 countries. Furthermore, over 3,000 foreign-related arbitrations have occurred, involving over 100 billion yuan (USD 13.9 billion) claims across more than 100 countries.

Chen highlighted that China faces a shortage of foreign-related legal professionals and an uneven distribution of expertise, falling short of international standards. He noted the limited presence of Chinese staff in global organizations and a marked scarcity of top-tier foreign-related legal talents with leadership and influence.

Statistics show that China has just over 7,000 lawyers skilled in foreign-related cases, with barely 300 capable of independently managing disputes in the WTO's resolution mechanism.

Chen suggests fostering partnerships between foreign language and political-legal universities to develop top talents through enhanced interdisciplinary programs and promoting exceptional foreign-related legal professionals to work in international bodies and dispute resolution institutions, aiming to lead in shaping international norms and boosting China's influence in global governance reform.

Tackling arrears and payment delays in the private sector

Financing difficulties and high costs have long hindered small and medium-sized private enterprises, with insufficient production factor guarantees, notably financial pressure, being a key challenge, according to Chen.

Chen proposes strengthening the credit of private enterprises, introducing innovative financial products, and improving credit information sharing as solutions to current challenges. In line with this, the People's Bank of China has been adjusting its monetary policy to support small and medium-sized private enterprises better, aiming to improve their financial services continuously.

By the end of 2023, loans to private enterprises surpassed 41.2 trillion yuan, up 950 billion yuan from the previous year; bond financing tools supported 140 private enterprises with 243.8 billion yuan in credit-enhanced bonds; and inclusive small and micro-loans hit 29.4 trillion yuan, marking a 23.5% increase year-on-year.

"This year, I'll concentrate on addressing the private economy's challenges, like arrears and delayed payments to private enterprises," said Chen. Nationwide, these issues persist, causing operational difficulties and eroding confidence in private businesses, leading to widespread triangular debt and harming the local business climate.