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China to open new areas to private investors, says Xinhua

Published on Apr 23, 2014 11:06 PM

BEIJING (AFP) - China will launch 80 new pilot projects allowing private investment in areas previously dominated by state-run firms, official media reported on Wednesday.

The report follows an earlier Communist Party pledge to let markets play a greater role in allocating capital, seen as a key step towards rebalancing the world's second-largest economy to ensure sustainable growth.

The pilot projects cover areas including transport infrastructure, oil and gas pipelines, renewable energy and the coal, chemical and petrochemical sectors, Xinhua news agency reported, citing a meeting of the State Council, or cabinet.

"The move aims to accelerate reform of the country's investment," Xinhua cited a council document as saying. "The projects will be open to public bidding, and the government encourages the participation of private capital in the construction and operations of those projects."

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