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China vows investment, financing overhaul

China will reform its investment and financing system to stimulate market vitality amid the economic downturn, according to a document released on Monday by the central authorities. The government will cut red tape, improve supervision and encourage enterprises to invest, said a guideline jointly released by the Communist Party of China Central Committee and the State Council. The nation will enhance private investment management, reinforce public investment, diversify corporate financing channels and accelerate the transformation of government functions, the guideline said. The document marked the latest effort by the central authorities to resolve entrenched funding difficulties for small companies and encourage better use of private capital.