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|Friday, February 23, 2001, updated at 19:23(GMT+8)|
Autonomy for Private Sector ExpandedPrivate enterprises and scientific research institutes are entitled to the same conditions as their State-and collective-owned counterparts when applying for export autonomy as of January 1, 2001, according to a circular of the Ministry of Foreign Trade and Economic Cooperation.
According to Beijing Review úČthe circular said that private enterprises with registered capital above 5 million yuan and private scientific research institutes and high-tech and electromechanical enterprises with registered capital above 2 million yuan are all qualified to apply for export autonomy. As well, other criteria involving sales income and volume of export will be revoked.
This measure certainly will facilitate fair competition between enterprises of various types of ownership and push private businesses to take part in international competition.
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