State Council gives up approval power

The State Council, China's cabinet, said it will give up its power to regulate investments which do not involve government funds. The body said it will operate under the principle of "whoever invests makes the decision, earns the income and bears the risks". The State Council also released a list of 13 categories of investment projects which will require its approval. Analysts said that lower levels of government involvement would encourage more private investment and would give banks more control over loans.