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China seeks investment to spur growth: official

Source:   Time:

BEIJING, June 12 (Xinhua) -- The Chinese government is encouraging investment in many areas for the sake of economic growth, as investment still plays a critical role for the country,an investment official said Thursday.

Speaking at a news conference, Huang Min, head of fixed-asset investment department with the National Development and Reform Commission (NDRC), said more non-public capital is welcome in areas that could stabilize the economy.

"To get things done, we still need investment in many areas," Huang said, noting huge investment opportunities in the economy.

He said the current economic slowdown is still within expectations and government investment activities will continue for quite a long time.

The NDRC, China's top economic planner, has invited social capital to invest in a list of 80 projects in construction and operation of railways, roads, harbors, wind power stations and oil pipelines in its latest move to bring private funds to infrastructure investment.

Most of the industries used to be dominated by state capital and were off-limits to private and foreign investors.

China is seeking a new growth model less reliant on exports and investment and more on domestic consumption. As a result, growth has slowed steadily over the past two years to 7.4 percent in the first quarter of this year.

The private sector accounted for 63 percent of fixed-asset investment last year, according to the National Bureau of Statistics.

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