China announced yesterday it will open a number of government-run industries to the private sector, including water projects, power generation, mining and logistics, state media reported. Private firms will be permitted to invest in existing companies or establish new firms. The report also said that China plans to improve financing services and simplify administrative procedures for private firms’ involvement in the currently state-owned industries. In March, the State Council also said it would open up the sectors of education, welfare, transport infrastructure, telecommunications and energy, public utilities, scientific and technological programs for national defence, affordable housing construction and cultural industries. The report also encouraged private companies to boost overseas investment and international operations outside China, in order to develop leading Chinese brands and multinational corporations.
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