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State Council to boost more investment in social sectors

Updated: Mar 16,2017 5:14 PM

The State Council has released a circular to increase supply-side structural reform and boost investment activities in social sectors such as medical care, elderly care, education, culture, sports and other social undertakings.

According to the circular, the government will carry out detailed plans to encourage more private investment in the social sectors with corresponding administrative hurdles being streamlined.

The government will simplify the approval procedures and achieve cross-department approval to widen market access.

Guidelines for financing channels in the social sectors will be released, the circular said. The National Development and Reform Commission will actively support qualified enterprises to issue stocks, debt-financing tools of non-financial enterprises and asset-backed securities.

Financial institutions are encouraged to develop financing products that benefit enterprises in social sectors, and provide more services to medium and small businesses.

More newly added land could be used for the social sectors, and favorable policies in land use and relaxed taxation for private investors will be put in place.

To promote the innovative development of social sectors, the government will promote Internet Plus services, bring more benefits to ordinary people, such as developing online education, building online fitness platforms, and setting up pilot remote medical services for the elderly.

In addition, the government will strengthen the regulation of social sectors. It will register the credit information of personnel in social sectors, cultivate and set up industry associations and improve the monitoring system in the social sectors, according to the circular.