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Plan to tap private funds
( 2003-07-08 10:29) (China Daily HK Edition)

China is drafting a comprehensive regulation to reform the investment process to allow more private funds into the State-controlled economic sectors.

The draft is now being finalized, an official with the Policy and Regulation Department of the State Development and Reform Commission (SDRC) told China Daily yesterday, adding that it was too early to reveal details. Insiders, however, predicted the new rules could be announced as early as the end of the year.

The essence of the reform is to make better use of private funds and domestic savings to fuel economic reform through smoother channels of investment, financing and withdrawal.

Investors, no matter they are State-owned, private or foreign, will also be ensured of a role in project construction, operation and management.

Liu Huiyong, vice-president of the China Investment Society, said the reform is moving in a positive direction. The policy, which aims to stimulate social investment, is expected to contribute 8 trillion yuan (US$966 billion) to China's gross domestic product in 20 years, Liu predicted.

Market sources have estimated that there are about 12 trillion yuan (US$1.4 trillion) of idle private funds in China - ironic, when many enterprises are crying for funding yet often cannot get it from banks or other financial institutions.

Government officials have also realized the flaws in the current investment and financing system.

"China is not really short of funds," said Wu Xiaoling, vice-governor of the central bank. "The key is efficiency of fund application. Irrational allocation of the resources is a fundamental cause for the poor efficiency in fund usage."

Experts have been calling for repositioning public finances in the overall economy and offer more incentives for private investors in less-sensitive and more-profitable sectors.

Ma Kai, director of SDRC, said in May that the government would make more room for other investors, including foreign investors.

Ma said the State would encourage social investment in operational projects, or projects that are profit-oriented, and focus government investment on resource-type projects.

Private investors are expected to have more opportunities to invest in the water, transportation, power, environmental protection and entertainment industries, said an SDRC official who has participated in drafting the new investment rules.

   
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