The State Development Planning Commission (SDPC) Tuesday published a list of China's top-ten investment events of 1999.

SDPC spokesman Zheng Xinli said that the publication of this list is for the purpose of guiding and encouraging public investment this year.

The implementation of China's first securities law, the approval of the public bidding law by the National People's Congress (NPC), the State Council's national working conference on the quality of infrastructure construction, the additional issuance of 100 billion yuan in T-bond, and the interest rate cuts instituted by the People's Bank of China led the list.

Another noteworthy event was the establishment of China's four asset management companies which are responsible for debt-to-equity swaps.

All of these events reflect the important role played by investment in expanding domestic demand, and the positive progress made in the country's reform of the investment and financial system.

The spokesman said that investment is still key to realizing China's GDP target set for this year, but added that the government will take steps to play down the role of T-bond by encouraging investment from enterprises and the general public.