China to further push private investment

The Chinese government on Friday vowed to ensure implementation of supportive policies for private investment to spur economic growth and industrial upgrades. China will further remove entry barriers restricting the growth of private investment, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang. Participants at the meeting heard a report from the All-China Federation of Industry and Commerce on implementation of government measures designed to encourage private investment. According to the report, private firms still face barriers in market access. Some government rules are too vague to follow, and many laws and regulations concerning private capital need to be eased. The meeting called for related authorities to study the report and improve existing policies as soon as possible. China will soon launch some demonstration projects with private capital participation, said the statement, adding that the projects will be in the finance, petrol, power, railway, telecommunication, resource development and public utilities sectors. The Chinese government will also further reforms in the administrative approval system to improve services for private firms, it said, adding checks on policy implementation will be strengthened.