China to allow private capital into more state projects

126080260_13913216794451n

China will speed up the development of mixed-ownership economy by letting non-state capital into more state projects, including those in oil, railways and telecoms, according to a government work report delivered by Premier Li Keqiang on Wednesday.

“We will formulate measures for non-state capital to participate in investment projects of central government enterprises,” Li said at the opening of the annual session of the National People’s Congress, China’s top legislature.

Non-state capital will be allowed to participate in a number of projects in areas such as banking, oil, electricity, railway, telecommunications, resources development and public utilities, according to the report.

The government pledged to reform the railway investment and financing system, and to open competitive operations in more areas to encourage full participation of private capital.

The government also announced some reform moves targeted at the country’s state-owned enterprises (SOEs).

“We will improve the system for managing state-owned assets, clearly define the functions of different SOEs, and carry out trials of investing state capital in corporate operations,” Li said.

A reform masterplan released after a key plenum of the Communist Party of China Central Committee in November pledged to let market play a decisive role and recognized the private sector’s role in fostering growth and creating jobs.

The November document said China shall actively develop a mixed ownership economy, allowing more SOEs and other firms to develop into mixed-ownership companies.

China’s top oil refiner Sinopec announced in mid-February that it would bring in social and private capital to jointly market and sell its oil products, the first opening up of the largely monopolized sector.

 

 

 

Source : Xinhua | March 5, 2014

Advertisements

About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
This entry was posted in Business, Economy, Global Sourcing and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s