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Defense sectors to get private investment
Source: Xinhua |
July 20, 2012, Friday
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Print Edition
Print Edition
CHINA has pledged to further open its defense-related industries to private capital in a "fair and safe manner," an investment guideline revealed yesterday.
Private investors and state-owned military enterprises will receive equal treatment in multiple areas, including licensing and taxation, said a guideline jointly created by the central government's defense industry supervisor and the General Armament Department of the People's Liberation Army.
However, the guideline will only be applied to private investors on the Chinese mainland.
Weapon development and production, the restructuring of state-owned enterprises and dual-use technologies are among the areas where private investment will be encouraged.
The guideline pledged to push forward open competition in military procurement, under which public bidding will be arranged for unclassified and minor projects.
In the 2010 version of the country's catalogue of defense industries designated for social capital, no investment ratio limit was set for a list of items, including spacecraft and special materials for weapon manufacturing.
China's military budget for 2012 is 670 billion yuan (US$105 billion).
Private investors and state-owned military enterprises will receive equal treatment in multiple areas, including licensing and taxation, said a guideline jointly created by the central government's defense industry supervisor and the General Armament Department of the People's Liberation Army.
However, the guideline will only be applied to private investors on the Chinese mainland.
Weapon development and production, the restructuring of state-owned enterprises and dual-use technologies are among the areas where private investment will be encouraged.
The guideline pledged to push forward open competition in military procurement, under which public bidding will be arranged for unclassified and minor projects.
In the 2010 version of the country's catalogue of defense industries designated for social capital, no investment ratio limit was set for a list of items, including spacecraft and special materials for weapon manufacturing.
China's military budget for 2012 is 670 billion yuan (US$105 billion).
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