Checks on local governments as private investment slows
Print Edition
THE State Council, China’s Cabinet, is planning to dispatch inspectors in mid-July to regions that have huge private investment but see a sharp slowdown.
The inspection teams will consist of officials from the National Development and Reform Commission and other relevant departments, according to a notice released by the General Office of the State Council yesterday.
The notice did not specify which provincial-level regions will be targeted.
The State Council will also inspect the implementation of measures streamlining administration, overhauling market regulations and optimizing government services in the second half of 2016.
Official data showed that private fixed-asset investment rose 3.9 percent year on year in the first five months of 2016, compared with an 11.4 percent growth in the same period of last year.
A State Council executive meeting on June 22 revealed some local governments’ failure to fully implement the pro-private investment measures as was found during official surveys in May.
Private firms were treated unequally, having difficulty raising funds and suffering from heavy financial burden, according to the surveys.
Yesterday’s State Council notice asked local governments to mend their ways and do as required by a string of documents released since the incumbent central government was formed.
The notice reiterated commitments to widen market access, create a level playing field and reduce financial burden for private investors.
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