Giant State firms need private investment

By Wei Tian (China Daily)

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08:24, February 13, 2012

BEIJING - Chinese Premier Wen Jiabao pledged to adopt further measures to encourage private investment in monopoly industries to address problems with China's economic structure.

In response to economic turmoil, Wen said the government this year will further support the real economy, small-and medium-sized enterprises (SMEs) in particular, and push forward reform of monopoly industries. 

The government should also better handle issues related to living standards, tackle unfair income distribution and corruption, and address public concerns about inflation and the affordability of housing, Wen said. 

The premier made the remarks in meetings held last week to solicit opinions from representatives of different sectors of society on the draft of the government work report, which is to be delivered at the annual session of the National People's Congress, China's top legislative body, next month.

Wen said private capital should be encouraged to flow to fields such as finance, energy, transport and social services, "which can not only alleviate the difficulties of economic development but also accelerate the development of these causes," he said. 

Details of policies supporting private investments must be drawn up within the first half of this year, Wen said. 

Zhou Tienong, vice-chairman of China's top legislative body, said reform of monopoly industries has lagged far behind and resulted in unfair competition. 

Although there are already policies in place allowing the involvement of private capital in financial markets, those applying to do so were often rejected because of the high requirements, said Zhou Dewen, chairman of the Wenzhou Small-and Medium-sized Enterprises Development Association.

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