China to further 'stimulate' private investment

BEIJING -- China will further relax controls over market access for nongovernmental investment and stimulate it, according to a government work report to be reviewed by the annual legislative session.

"In the current stage, the role investment plays in promoting economic growth can not be underestimated, and the share of the governmental investment is decreasing," the report said.

China has both investment capability and investment demand, but the key is to make investment in the needed sectors, optimize the structure of investment, and improve its performance and returns, it said.

China will also strive to foster an environment in which economic entities under different forms of ownership could "compete on a level playing field and enjoy equal legal protection", said the report.

"We should unwaveringly consolidate and develop the public sector of the economy and encourage, support and guide the development of the non-public sector," it said.