China to support private firms, boost private investment

China's top economic planner vowed to take multiple measures to ramp up the development of private firms and promote private investment, said an official on Thursday.

Specific policies will apply in six areas, such as advancing key projects, facilitating financing for private firms, and optimizing the investment environment, Meng Wei, spokesperson for the National Development and Reform Commission, told a press conference.

The commission will select significant national projects with a qualified level of investment return and relatively mature conditions to attract private capital in various ways.

Meng said the commission would further guarantee the use of land, sea, energy, water, capital, and other factors of private-sector projects important for economic and social development, industrial upgrading, or with a massive investment scale.

Efforts will be made to encourage high-quality projects to develop infrastructure real estate investment trusts (REITs) and connect private investors with financial institutions to ease financing.

Meng noted that the commission would guide and assist private firms in targetting new growth opportunities, improve decision-making in investment, and control the scale of debt financing to avoid risks.

Work will also be done to create a fair, transparent, and law-based development environment for enterprises under all forms of ownership and promote high-quality growth of private investments. ■