Private firms encouraged to play bigger role

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Last updated at: (Beijing Time) Thursday, December 25, 2003

Private firms encouraged to play bigger role

The Chinese government is to allow individual and private enterprises greater market access in 2004, a senior government official has announced.

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The Chinese government is to allow individual and private enterprises greater market access in 2004, a senior government official has announced.

Wang Zhongfu, director-general of the State Administration for Industry and Commerce, said the policy overhaul would allow all enterprises to compete equally.

Wang said the government would encourage these enterprises to play an active role in the tertiary industry, especially in socialservices and labor-intensive fields, acquire stocks in state-owned enterprises, participate in China's western development campaign and the rejuvenation of industrial bases in China's northeast, and invest in infrastructure facilities and public works.

He said the number of registered private enterprises was 2.97 million at the end of November, involving total registered capital of 3,347 billion yuan (403 billion US dollars); the number of registered individual-owned enterprises had reached 23.59 million, involving total registered capital of 413.4 billion yuan (49.8 billion dollars).

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