Business / Markets

China facing up to 'deepwater area' reforms

(Xinhua) Updated: 2014-07-01 17:36

Vitality boosted

Beijing has announced a series of policies to attract private capital into construction of urban infrastructure, culture and elders care.

Private companies are already feeling the change.

"Sound Group has sewage and solid waste treatment projects in many domestic cities, but has had very few in Beijing," said Wang Kai, chief finance officer of Sound Global, a subsidiary of private water treatment company Sound Group.

Since late last year, Sound Group has made bids of four water treatment projects in Beijing and won one tender. "Such progress is unprecedented," said Wang.

Zhao Hong, vice president of the Beijing Academy of Social Sciences, said Beijing's measures have contributed to building a fair, transparent market.

State-owned enterprises (SOE) and assets management are one of important reform targets. Shanghai, Tianjin, Anhui, Guizhou, Hubei, Chongqing and Sichuan provinces or municipalities have unveiled their SOE reform guidelines.

By the end of 2017, 90 percent of state-owned capital will focus on key industries and mixed-ownership SOEs will occupy a large proportion according to the Tianjin plan. Southwestern Chongqing plans to change two-thirds of SOEs into mixed-ownership ones in the next three to five years.

Growth quality

In line with the country's efforts to transform the economic growth model, April saw eastern Shandong province unveil a revised scheme for evaluating the quality of development for 17 cities.

The scheme follows a 100-point framework. The number of points dedicated to gross domestic product growth has been slashed from 60 in 2012 to 25 now, while new items such as PM2.5 density and reduction of excessive capacities have been added.

The change from the previous GDP-oriented evaluation system to a comprehensive and scientific one with multiple indexes, shows the government's change of outlook on development and its determination to further reforms, according to Xu.

China facing up to 'deepwater area' reforms

China facing up to 'deepwater area' reforms

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