Wen urges policy implementation for private capital

BEIJING - Premier Wen Jiabao on Monday urged related authorities to ensure the implementation of policies designed to encourage private capital so as to create a "fair, transparent and predictable" environment for various market entities.

Recognizing the role of the non-public sector in economic development, Wen called for equal rights concerning the use of production materials, fair opportunities to participate in competition and the same legal protection that the private sector enjoys, according to a statement released after a State Council meeting.

To revitalize the private sector, China this year rolled out a slew of specific policies for luring private funds in sectors such as railways, municipal administration, energy, telecommunication, finance, health and education.

Wen urged the launching of key projects in the sectors with private investment participation, adding that policymakers should closely track their progress and improve existing policies.

In response to private enterprises' problems concerning entry rules and standards, Wen said authorities should conduct research to solve their issues.

He said China will further reforms in the administrative approval system and step up guidance for the sector, adding that the State Council will organize targeted checks on policy implementation in the sector.

Also at the meeting, Wen said the central budget will offer funding support to facilitate technological upgrades and transformation in key industries to sharpen their competitive edge.