BEIJING, Nov. 29 (Xinhuanet) -- The just-concluded Third Plenary Session of the 18th Communist Party of China Central Committee and its decision on major reforms have outlined the blueprint for China's future development.
The plenum and its detailed document on "major issues concerning comprehensively deepening reforms" are of great significance and could bring more chances to private capital, according to Wang Yuanhong, a chief economist from the State Information Center, a government think tank.
"Private capital now accounts for as much as 60 percent of total investment, which means that it has actually surpassed the (state-owned economy) state investment,” Wang said.
If the government can really push forward the decentralization, there is great room for the private capital to enter businesses that are once either managed by governments or dominated by state-owned companies, Wang said.
Wang stressed that more specific measures are required in order to break down the “glass doors” and “ceilings” which are limiting the private capital.
He said that the local governments and the state-owned enterprises should redefine their roles in market-based reforms, by establishing the restraint and guarantee systems.
There are three key points to attract the private capital: equal status, confidence and profits, he pointed out.
“Only when the reforms can meet the three key points, I think the private capital can play its role for real,” he said.
At the same time, the governments should still play a role to mobilize market players to enhance public services, Wang said.
Governments should be reformed to facilitate market activities and provide sufficient oversight, he stressed
Just before the plenum, local governments across China were soliciting private investment and expertise in sectors ranging from transportation to sewage treatment to improve public services and infrastructure.
Beijing announced in late July its decision to seek one third of investment in a slew of public projects from the private sector.
According to the Beijing Municipal Commission of Development and Reform, the government plans to raise 130 billion yuan from private investors for 126 projects ranging from public transportation to waste disposal and heating.
East China's Jiangxi Province plans to seek 162.4 billion yuan in private funding to finance 200 infrastructure and utility projects. Private capital will account for more than 40 percent of total spending.
Private capital has also been used in building roads on the rugged terrain in southwest China's Sichuan Province. Local government statistics show that as of August, a total of 260 billion yuan in private investment has funded construction of 3,154 km of highway in the province.
Related:
Xi expounds new judicial reform measures
BEIJING, Nov. 15 (Xinhua) -- The new judicial reform measures put forth in a key document of the Communist Party of China (CPC) are aimed at preventing miscarriage of justice and better protecting human rights, President Xi Jinping has said. Full story
Key reform decision settles market-government relationship: Xi
BEIJING, Nov. 15 (Xinhua) -- The Communist Party of China (CPC) has to acknowledge the market's decisive role in allocating resources as it is proven to be the most effective, said President Xi Jinping when explaining a key document about reforms. Full story
China issues detailed reform roadmap
BEIJING, Nov. 15 (Xinhua) -- The full text of the Communist Party of China (CPC) Central Committee's decision on major issues concerning comprehensively deepening reforms was issued Friday, providing a roadmap for China's further development.Full story
Leading group formed to ensure reform smoothness: Xi
BEIJING, Nov. 15 (Xinhua) -- President Xi Jinping said the leading group for overall reform is designed to ensure smoothness of the country's reform, according to the full text on a key Communist Party of China (CPC) document unveiled Friday. Full story
Equal modernization fruits for urban, rural residents: Xi
BEIJING, Nov. 15 (Xinhua) -- The Communist Party of China (CPC) will promote the urban-rural integration drive so as to ensure that rural residents equally share the benefits of modernization, said Xi Jinping when explaining a key document on reform. Full story
China issues detailed reform roadmap
BEIJING, Nov. 15 (Xinhua) -- The full text of the Communist Party of China (CPC) Central Committee's decision on major issues concerning comprehensively deepening reforms was issued Friday, providing a roadmap for China's further development.Full story
Xinhua Insight: Chinese land reform at crucial stage
BEIJING, Nov. 8 (Xinhua) -- Anticipation of land reform is running high in China, where a unique land system has hobbled urbanization.
Whether farmers will be granted the right to more money through trading their land is key to revitalizing the rural economy and speeding up urbanization the government has been pushing for years. Full story
New urban-rural relations to take shape: communique
BEIJING, Nov. 12 (Xinhua) -- An new, integrated system of urban-rural relations will allow people living outside cities equal participation in modernization and better property rights, says a communique following the Communist Party of China (CPC)'s key session on reform.
Improvements must be made to promote agriculture, and urban development must lead to rural, according to the communique adopted by the third plenary session of the 18th CPC Central Committee held from Nov. 9 to 12 in Beijing. Full story
|
