China should give a "green light" to private investment in areas such as infrastructure, telecommunications and energy, said Liu Zhendong, vice chairman of the Beijing Federation of Industry and Commerce, who is also a member of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC), on Monday.

"It is necessary to expand private investment to stabilize economic growth and release growth potential," said Liu, when delivering a speech on behalf of the All-China Federation of Industry and Commerce at the second plenary meeting of the fifth session of the 13th CPPCC National Committee.

Liu said the country should establish information disclosure platforms for investment projects and policies at all levels, and encourage private capital to enter areas of new technologies, new industries, new infrastructure, medical care, pensions and environmental protection.

He also emphasized that China should set up a "red light" to update the negative list for market access, strengthen market supervision in accordance with the law, prevent the disorder expansion of capital and maintain fair competition in the market.

Optimistic about growth prospects

The vast majority of private companies are firmly optimistic about the long-term growth prospects of the Chinese economy, as the country has a complete industrial system, strong manufacturing capabilities and huge market space, said the CPPCC member.

"Good policy is a source of confidence," said Liu, explaining that a proactive fiscal policy should be more precise and give full play to the leveraging effect of local special debts on private capital, while a prudent monetary policy should focus on "easy credit" and support reasonable and sufficient liquidity to better cover private enterprises.

Great efforts to solve difficulties for SMEs

Liu said China should work to solve difficulties in the growth of small and medium-sized enterprises (SMEs).

The country should strictly implement various support policies for enterprises, build a digital services platform for procuring bulk commodities for SMEs, reduce the cost of manufacturing enterprises, and expand the existing preferential tax and fee policies to cover SMEs in the life services industry, said Liu.

Liu also said that great efforts should be made in solving problems of over-frequency inspection of enterprises, arbitrary fines and charges, as well as withdrawal of loans in some areas, which have affected normal production, operation and even the survival of enterprises.

China should increase support for SMEs' innovation, vigorously strengthen the construction of public services platforms for key technologies and promote the sharing of platforms, data and resources, and accelerate core property rights authorization, Liu added.