Reform of financing & investment system

Updated 2017-07-11 09:59:37 China Daily

Nation plans to further liberalize business environment to create a fairer and more enhanced rule-based market

Private firms are happy to see that investment restrictions are to be further lifted, as China aims for further steps in reforming its investment and financing system, encouraging social investment participation with more compliant requirements, including for project planning and fire prevention.

The State Council's executive meeting, chaired by Premier Li Keqiang on July 5, decided to further lift restrictions on private investors, while more measures to simplify project approvals are in the pipeline.

The meeting also urged that more high-quality assets be used in Public Private Partnerships (PPP) to attract a greater number of social investors, as well as using returns in such projects for new programs in infrastructure, public services, poverty alleviation, and the Made in China 2025 strategy, according to a statement after the meeting.

Chen Bing, head of a juice production company based in Suzhou, Jiangsu province, was excited to learn of the latest development. The 34-year-old is planning to open another juice production plant in another city in Jiangsu, but was hesitant as opening any new plants means getting a raft of approvals for fire prevention equipment and sanitary facilities.

"I am just afraid that it will take a very long time before the plant really starts operations, which may change our profit outlook," he said.

Xiao, a construction design engineer who has been working with the city planning department of Beijing for over a decade and requested that her full name not be used, said she appreciated the lifting of restrictions. "On some occasions, it can take a long time and it is complicated for an investor to meet the demands on fire prevention and project planning when building a new factory plant."

One project, she recalled, in particular was a private company that manufactures sewage treatment facilities in Beijing. The project, which started construction last year, failed to meet fire protection requirements during construction. It took the company more than a year to make adjustments and start operations.

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