China to boost private investment in energy sector

Beijing signaled Wednesday that it will increase private investment in the energy sector, in an effort to combat a slowdown in the world’s second-largest economy, Reuters reported. Government agencies are drafting guidelines to encourage private investment across industries, especially the state-controlled electricity, oil and natural gas sectors, and are expected to release them by June, according to an article by state media. It is unclear whether foreign companies will be allowed to invest in these sectors. The National Development and Reform Commission, China’s top economic planner, separately announced about 100 new projects on Monday, mostly in the energy sector. The push follows news of slower economic growth and a pledge by China’s top leaders in March that they would be more open to private capital in industries previously reserved for the state.