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Call for local moves on private investment
By Feng Jianmin |
December 28, 2012, Friday
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Print Edition
Print Edition
CHINA'S local governments are encouraged to introduce detailed measures and policies to spur private investment which has taken an increasingly bigger share in investment projects in the country this year.
Private investment took up 62 percent of total social investment in the first 11 months of this year, 2 percentage points higher than the same period last year, the State Council, China's Cabinet, said in a statement yesterday.
The local governments are urged to step up information sharing, deepen preferential taxes and fiscal support, and give the same treatment to private companies as they would state-owned ones.
Private funds have been dominant in a majority of industries such as agriculture, manufacturing, retail and wholesale, hotel, and property development, the statement said, after the State Council dispatched a team comprising officials from 13 central government departments to inspect private investment in six provinces including Jiangsu and Guangdong.
The team focused on the implementation of rules that were released in May 2010 to encourage private investment in industries previously dominated by state-owned companies, and urged local governments to provide more support for private investment.
In 2010, China opened a range of government-run industries to the private sector for investment.
Private investment took up 62 percent of total social investment in the first 11 months of this year, 2 percentage points higher than the same period last year, the State Council, China's Cabinet, said in a statement yesterday.
The local governments are urged to step up information sharing, deepen preferential taxes and fiscal support, and give the same treatment to private companies as they would state-owned ones.
Private funds have been dominant in a majority of industries such as agriculture, manufacturing, retail and wholesale, hotel, and property development, the statement said, after the State Council dispatched a team comprising officials from 13 central government departments to inspect private investment in six provinces including Jiangsu and Guangdong.
The team focused on the implementation of rules that were released in May 2010 to encourage private investment in industries previously dominated by state-owned companies, and urged local governments to provide more support for private investment.
In 2010, China opened a range of government-run industries to the private sector for investment.
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