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China to allow more private fund in energy, telecoms, infrastructure

Updated: Oct 24,2014 11:34 PM     Xinhua

BEIJING — China plans to attract more private investment in key sectors including energy and telecoms through policy support and fairer investment environment, Premier Li Keqiang said on Oct 24.

Lower thresholds and fewer monopolies will provide opportunities and profits for private investors, said Li, while chairing a State Council meeting.

More social funding in key sectors will stimulate the market, guarantee basic investment and stabilize growth, Li said.

Hydropower and nuclear power will be open to private investors as will transmission channels, trunk grid, distributed generation connections and charging equipment for electric vehicles, Li said.

Telecoms will allow investment in construction and operation of broadband, space facilities for civil use like GPS navigation and remote sensing satellites, the premier said.

Li encouraged investors to consider agriculture and water conservation with equal policy support for state-owned and private ownership investment along with all kinds of infrastructure.

The meeting highlighted the cooperation between government and private wealth through innovation in loans, credit guarantees and insurance for long-term, low-cost and stable capital support.

The premier also wants to see an industrial venture investment fund as well as equity financing.

The meeting also passed a general plan for rebuilding southwest China’s Ludian County, where a 6.5-magnitude quake on August 3 killed over 600 people.

A three-year plan will restore housing, public management, infrastructure, the natural environment and industry in Ludian with more capital support and less taxes and dues.