Guideline calls for opening up more sectors to private firms
Print Edition
CHINA is taking a major step to open up sectors ranging from oil and gas to telecommunications and railways, easing market regulations and lowering financing costs for private companies.
It will optimize its business environment to unleash the vitality of private firms and boost fair competition, according to an official document published yesterday.
Under the guideline jointly released by the Central Committee of the Communist Party of China and the State Council, more sectors will be opened up to private firms.
For instance, private firms will be encouraged to provide basic telecommunication services through equity participation, and engage in power generation and distribution as well as electricity selling in the form of controlling shareholders or through equity participation. They may also enter the sectors of oil-gas exploration, development, refining and marketing as well as the construction of infrastructure facilities related to the storage and transmission pipelines for oil, natural gas and refined oil products.
Eligible private firms may engage in crude oil import and the export of refined oil products, said the guideline.
In addition, broader access are expected to be seen in the sectors of financial services, infrastructure and social undertakings. To boost the development of private firms, the government will further ease the tax burden of private firms, and enhance the capability of financial institutions to serve private enterprises.
The government is lowering the financing costs further for smaller private companies and is seeking to set up financial institutions that provide services mainly to these firms.
To help companies raise funds, it will also back the bond issuance of these companies and lower the threshold for new convertible bonds. It will also draw new investors by allowing funds held by asset management and insurance firms to invest in private equity funds to ease the struggles faced by some private companies.
The guideline also mentioned the optimization of legal environment, stressing the protection of private firms by law enforcement and justice departments as well as the protection of legal property of private enterprises and entrepreneurs.
It also encouraged private firms to improve corporate governance, enhance technical innovation and industrial upgrading, and participate in the implementation of major national strategies such as the Beijing-Tianjin-Hebei integrated development and the Yangtze River Economic Belt.
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