China to support private investment, take forward projects with multiple effects to boost effective investment(1)

BEIJING, June 15 (Xinhua) -- China will support private investment and take forward projects that deliver multiple effects as part of the efforts to better spur effective investment, consumption and employment, according to a decision made at the State Council's Executive Meeting chaired by Premier Li Keqiang on Wednesday.

The meeting highlighted the imperative to keep to the overall thinking and policy orientation set out at the Central Economic Work Conference and in the Government Work Report, stay committed to ensuring stable growth at the current stage, and pursue long-term goals for sustained and sound economic development.

It is crucial to grasp the window of opportunities and conduct range-based regulation. Stronger policy measures will be taken whenever and wherever needed to stabilize economic activity, without resorting to excessive money supply or compromising long-term interests. These measures are aimed at supporting market entities and jobs, maintaining price stability, and keeping a sound overall economic performance.

The meeting pointed out that efforts to expand effective investment should prioritize projects that will not only strengthen areas of weakness and facilitate structural adjustments, but also boost consumption and create jobs, hence hitting multiple targets with one shot and mobilizing more stakeholders.

As the private sector contributes more than half of total investment, it is important to work unswervingly both to consolidate and develop the public sector and to encourage, support and guide the development of the non-public sector, and step up policy support. Market-based and reform measures will be taken to spur private investment.

"The economic situation remains serious and complex. For China, steady growth is of vital importance. Swift and decisive steps must be taken, without compromising long-term development prospects. The government must not just focus on one respect of work. We need to design our policies in a way that meets various challenges at the same time, efficiently coordinate all resources to form synergy, and strive to deliver multiple effects with one policy," Li said.

"Effective investment should be fully leveraged to maintain steady growth and boost employment, and private investment and the building of underground multi-purpose utility tunnels are two important levers," Li added.