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February 24, 2017

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China to encourage private investment in social sectors

CHINA is to widen market access to medical care, education, caring for the elderly, culture, sports and other social undertakings for private capital.

An array of new policies will soon be issued to enable a bigger role for private investment in the social sectors. These measures were approved at a State Council’s executive meeting, chaired by Premier Li Keqiang.

Last year, China continued to make efforts in boosting private investment. The new measures are the latest push to move funding to particular sectors where new economic drivers are burgeoning.

More private investment in the education, medical care, sports, culture and entertainment sectors will greatly diversify service supplies, which is also part of the country’s supply-side economic reform.

“China’s economic and social development are still progressing unevenly, with weak links mainly in areas like the service sector. It is necessary to boost development from the supply side in order to meet growing public demand,” Li said.

He stressed the country’s social sectors have huge investment potential.

Private investors will be encouraged to work with the government in medical care, nursing homes for the elderly, education, culture and sports.

Public-private partnership will be widely encouraged. The government also encourages setting up investment funds based on private investment.

Financing channels will also be provided in helping micro and small businesses to invest in these sectors.

The government calls for stronger protection of intellectual property rights as well as a more comprehensive risk-control system compatible with great openness. Favorable policies in land use and relaxed taxation for private investors will be put in place.

Internet Plus will be widely applied in the medical care, nursing homes and tourism to balance information sharing and credit rating.

Li stressed that non-essential services, which are still heavily regulated, need to be open to private investment.


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