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[BEIJING] China will further open up sectors such as telecommunications, airports and oil and gas exploration to private firms, China's cabinet said on Wednesday, in an effort to halt a record slide in private investment growth.
Chinese policies to encourage private investment had been beset by problems, the cabinet said in a statement following a meeting led by Premier Li Keqiang, following a nationwide investigation of challenges faced by private firms.
China would introduce measures to improve private investment, including dealing with issues such as unfair competition, a lack of market access and difficulty getting financing, the cabinet said.
Investment by private firms slowed to a record low for the January-May period, with growth cooling to 3.9 per cent from 5.2 per cent in Jan-April and double digits last year. Private investment accounts for about 60 per cent of overall investment in China.