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State Council to further promote private investment

Updated: Sep 15,2017 8:30 PM

The State Council has released a guideline on further unleashing the force of private investment and promoting the sustainable and healthy development of the economy.

The growth of private investment in China has gained strength in recent years, while issues such as monopolized industry’s low level of market openness, the financing difficulty of private enterprises, and lack of vitality of private investment are yet to be fundamentally improved.

To tackle this, every region and department have been urged to push forward the administration streamlining reform, making sure administrative licensing items delegated to government departments at lower levels are being put in place and are well implemented, according to the document.

The government also asked thorough inspection on the approval items of the construction of private investment funded project, promptly process approval of procedures for qualified private enterprises while helping those which doesn’t meet approval conditions.

Meanwhile, the document urged promoting industrial transformation and upgrades, encouraging private enterprises to enter industries, including rail transportation equipment, internet plus, big data and industrial robot, as well as attracting private enterprises to establish national demonstration areas for the “Made in China 2025” plan.

Private investment is also encouraged to participate in public-private partnerships (PPP) project, with the aim of promoting the construction of basic infrastructure and public service sectors.

In addition, the government urged reducing enterprise operational costs, and providing private enterprises with favorable financing services.