Premier urges reforms to boost private investment

Premier Li Keqiang on Wednesday stressed further reforms to boost private investment.

Surveys show local governments have improved the environment for private investment, especially through streamlining administration and delegating power to lower levels, according to a statement issued after a State Council executive meeting chaired by Li.

But outstanding problems were also spotted, for example, some policies were not implemented fully, private firms were not treated equally with state-owned enterprises in market access, resource allocation and government services, and they had many difficulties in raising funds, it said.

It is quite important to increase private investment and develop the private sector, as they can help steady economic growth, provide jobs, facilitate structural reform, and aid development, it added.

Investors must be made more confident through further reforms and the effective execution of policies, it said.

More should be done to deal with the government-market relationship, it said. The State Council vowed to cancel more administrative approval procedures and give more power to the market.

Regulations and policies on private investment will be improved, and some sectors will be made more open to private investment, such as civil aviation infrastructure, basic telecommunication operation, and exploration and development of oil and gas, it said. Endi