With the enactment of the Private Economy Promotion Law, the situation for the promotion of the rule of law of the private economy has undergone significant changes. The Private Economy Promotion Law has become the foundational legislation in the private economy sector, reshaping the framework of private economic legal regulations The promotion of the rule of law has evolved from legislative advocacy to enforcement and judicial facilitation, shifting theoretical focus from legislative theory to interpretive theory, thereby realigning priorities in the rule of law of the private economy. The role of economic law has transitioned from key participant to core driver, as the private economy increasingly relies on its facilitative function. Under this new situation, clarifying the economic law approach to promoting the private economy is timely. However, academic discourse still harbors misconceptions or ambiguities regarding economic law’s promotional role. These misconceptions primarily involve three aspects: Firstly, at the normative level, the economic law promotion of private economy development under the new situation is simplified into the implementation of the Private Economy Promotion Law; Secondly, at the functional level, there is a tendency to deny or abandon the support-for-the-weak function of the Private Economy Promotion Law; Thirdly, at the institutional level, there is a tendency to downplay the institutional tendency of the Private Economy Promotion Law to solve special problems of the private economy rather than common problems at the institutional level. In reality, while economic law’s promotion revolves around the implementation of the Private Economy Promotion Law, it extends beyond mere enforcement. Reducing economic law’s promotional role to the implementation of this law would fall into the cognitive trap of hasty generalization, appearing to oversimplify complex issues. Both correction and support are core functions of the Private Economy Promotion Law, neither of which should be neglected. Denying or abandoning the supportive function would artificially castrate the law’s promotional role, risking functional constraints. The Private Economy Promotion Law has a distinct tendency to address specific issues, which aligns with its status as a fundamental law in this domain. Undermining this issue-specific institutional orientation would contradict the problem-oriented legislative approach foundational to domain-specific jurisprudence, raising concerns about self-negation of value. Therefore, future efforts should center on advancing the implementation of the Private Economy Promotion Law and its supporting regulations, adhering to a normative framework that prioritizes promotive economic law while complementing it with restrictive economic law. Following a functional approach that advances both correction and support, we must focus on refining targeted promotional systems for the private economy. This involves constructing a multi-dimensional economic law pathway—from norms to functions to institutions—strengthening the promotion of the private economy under new conditions, and thereby fostering high-quality development in the private sector.