Investment still critical for China
Print Edition
THE Chinese government is encouraging investment in many areas to grow the economy, as investment still plays a critical role for the country, an investment official said yesterday.
Speaking at a news conference, Huang Min, head of fixed-asset investment department with the National Development and Reform Commission, said more non-public capital is welcome in areas that could stabilize the economy.
“To get things done, we still need investment in many areas,” Huang said, noting huge investment opportunities in the economy.
He said the current economic slowdown is still within expectations and government investment activities will continue for quite a long time.
The NDRC, China’s top economic planner, has invited social capital to invest in 80 projects in construction and operation of railways, roads, harbors, wind power stations and oil pipelines in order to draw private funds to infrastructure investment.
Most of the industries used to be dominated by state capital and were off-limits to private and foreign investors.
China is seeking a new growth model less reliant on exports and investment and more on domestic consumption. As a result, growth has slowed steadily over the past two years to 7.4 percent in the first quarter of this year.
The private sector accounted for 63 percent of fixed-asset investment last year, the National Bureau of Statistics said.
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