Guangdong strengthens support for private investment

The Guangdong provincial government recently issued a series of implementation plans to further strengthen its efforts to support the development of private investment.

The move aims to actively promote private investment, allowing it to play bigger part in the transformation and upgrading of the manufacturing industry and promoting the revitalization of rural industries in the southern province, said Hu Hong, deputy secretary-general of the Guangdong government.

"Non-government investment has been an indispensable and important force in building Guangdong into a province with strong and high quality manufacturing industrial development and promoting high-quality development in 100 counties, 1,000 townships and 10,000 villages in Guangdong," he said.

Hu made the remarks at a Guangzhou on Monday.

To encourage and support the development of private investment and the non-governmental economy, Guangdong has also introduced a series of measures focused on addressing possible concerns about private investment, Hu said.

"We have improved the government's credibility and commitment mechanism, proposed the establishment of a monitoring and early warning system for government integrity and continued to rectify the dishonest behavior of new officials ignoring the old accounts of their predecessors," he said.

Meanwhile Hu promised to further reduce the cost of private investment and financing and strengthen follow-up services for private investment projects in the months to come.

Government departments at all levels have been urged to focus on the implementation of policies to promote private investment, expand its scale, optimize its structure and improve its quality and efficiency to give private entrepreneurs confidence to invest and expand, he added.