BEIJING -- The draft of China's first basic law specifically focused on the development of the private sector will be submitted to lawmakers for its initial reading on Saturday.

This was announced by Wang Xiang, spokesperson for the Legislative Affairs Commission of the National People's Congress (NPC) Standing Committee, at a press briefing on Thursday.

The formulation of the draft private sector promotion law elevates principles, overarching requirements and key measures for promoting the growth of the private economy into legal norms, Wang said.

The law will be of great significance for further optimizing the environment for private sector development, accelerating the formation of a new development paradigm and driving high-quality growth, he added.

The draft was posted on the websites of the Ministry of Justice and the National Development and Reform Commission to solicit public opinion from early October to early November.

The Standing Committee of the 14th NPC will convene its 13th session from Dec 21 to 25 in Beijing.