BEIJING, Mar. 12 (Xinhua) -- In order to implement the policy measures encouraging private investment, China is expected to launched a number of projects for attracting private capitals in the fields of branch railway, oil & gas and telecommunications in 2018, according to the Xinhua-run Economic Information Daily.
To create favourable environment for the development of private enterprises, the country will also speed up the process of cleaning up, amending and abolishing the regulatory documents that are not conducive to property protection, promoting law-based administration, and guarding for arbitrary law enforcement.
In December 2016, the National Development and Reform Commission (NDRC) issued several policy measures promoting private investment development, further opening fields including medical treatment, senior care, education, telecommunications and oil & gas, to attract private investment.
In a meantime, China is expected to achieve major breakthrough in transportation, telecommunication, oil & gas and other fields in 2018, to further attract private investment, industrial insiders said.
In 2017, China deepened economic structural reform and encouraged the development of private economy in four aspects. China for the first time proposed that efforts should be made to create a legal environment safeguarding entrepreneurs' lawful rights and interests in accordance with law, a market environment promoting fair competition and honest operations, and a social atmosphere respecting and encouraging entrepreneurship.
Besides, China successively released a series of favourable policies for intellectual property protection, private investment and overseas investment, which played a significant role in further stimulating the vitality of private investment, encouraging and guiding private investment upgrading.
Driven by multiple measures, relevant data of the private economy improved significantly compared to before. According to the statistics released by NDRC, China's private investment topped over 38 trillion yuan in 2017, up 6 percent year on year, 2.8 percentage higher than that of 2016.
Private investment in high technology, medical treatment, and other fields soared during the period, private investment in computer communications, electronic equipment manufacturing, health and social work grew by 29.8 percent and 25.4 percent respectively, and private investment in fields including water environment and public facilities management grew by over 20 percent.
Private investment growth recovery in 2017 was due to a rebound in domestic economic growth and overseas economic recovery. The domestic economy is expected to grow steadily in 2018. If overseas demand continues to recover, private investment will grow still, said Qu Shenning, an associate researcher at the Institute of Industrial Economics of CASS.
While the central government have been intensifying policy support to encourage private investment, local governments have successively released policies to promote the high-quality development of private investment.
In 2017, private investment in China stabilized and picked up, and soared in emerging industry. Multitudes of outstanding private enterprises emerged in the fields of intelligent manufacturing, new materials, biotechnology and financial technology. However, problems such as the poor business environment for private investment were yet to be solved fundamentally.
In terms of industries, private investment in manufacturing grew by 4.8 percent, 2.4 percentage lower than the country's average growth rate. In terms of regions, private investment in the western region and the northeastern region in the country grew by 3.9 percent and 3.2 percent respectively, 2.1 percentage and 2.8 percentage lower than the country's average growth rate.
NDRC said that it would focus on promoting manufacturing transformation and upgrading, and reducing enterprises’ operation cost and solving the financing problems, and continue to optimize the business environment for private investment. Meanwhile, efforts will be made to promote entrepreneurship and speed up the implementation of property protection policies, to boost the investment confidence of private enterprises. (Edited by Ma Xin, maxin11@xinhua.org, Yang Yifan, yangyifan@xinhua.org)
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