China is planning to strengthen its legislation concerning the economy this year to accelerate the creation of a new pattern of development and deepen reform across the board, an annual work report said.

The report on the work of the Standing Committee of the National People's Congress, the country's top legislature, was submitted for review to the ongoing second session of the 14th NPC on Friday.

To reach the goal, Chinese legislators will formulate a private sector promotion law, and also work on drawing up a financial stability law, a law on rural collective economic organizations and a value-added tax law, according to the report.

Several other items of legislation, including the Mineral Resources Law, the Enterprise Bankruptcy Law and the Unfair Competition Law, are also expected to be revised, it added.

Zhao Leji, chairman of the NPC Standing Committee, said while delivering the report to national lawmakers that these moves are to improve the socialist legal system with Chinese characteristics.

"In following the principle that laws are made for the people and by the people, we'll make constant efforts to legislate in a more scientific, democratic and law-based manner," he added.

Chen Jie, a deputy to the 14th NPC from Jiangsu province, welcomed the formulation of a private sector promotion law, noting that this is necessary and urgent to help China advance high-quality economic development.

"Stronger legal support is conducive to the healthy growth of the private economy and to protect the legitimate rights and interests of private entrepreneurs," she said.

Chen added that such a law would also contribute to regulating administrative behavior, promote the building of a sound business environment and stimulate the market.

Lu Qingguo, another NPC deputy and also chairman of Chenguang Biotech Group, said he suggested that the NPC Standing Committee should formulate a specialized law on the private sector, so he was glad to see such an item in this year's legislative plan.

He highlighted the importance of clarifying the position of private enterprises in the formulation of the law, calling for the stronger protection of private property.

Zhang Jijiao, a national political adviser, said that making such a law will be good news for small and medium-sized enterprises, especially those that have been affected by the epidemic in recent years, adding that "they need the law to assist their future development".

In addition, the report added that a number of laws to ensure people's well-being, such as those on public health emergency response and social assistance, are also about to be drawn up.

Zheng Jinran, Zhao Yimeng and Yang Ranalso contributed to this story.