China's Private Investment Surge: China to strengthen its economic vitality

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China's top economic advisors say the nation will step up efforts to boost private investment, and strengthen economic vitality. The National Development and Reform Commission says China's private investment numbers are on a hot streak, and that now is the best time to take this momentum to a new level. CGTN's Mark Fontes explains.

Upbeat growth for China's private investment in the first seven months of the year.

An 8.8 percent year-on-year increase from January to July is a 0.9 percent improvement from the same period in 2017.

Private investment now accounts for over 62 percent of China's overall investment.

Meanwhile, officials say China's private investment structure has also been optimized.

HAN ZHIFENG, DEPUTY DIRECTOR DEPT. OF FIXED ASSET INVESTMENT, NDRC "Manufacturing has been the key sector for private investment, accounting for 80 percent of it. From January to July, private investment in manufacturing increased 8.6 percent, which is 3.7 percentage points higher than that of last year."

The National Development and Reform Commission says China will now recommend a series of projects in key sectors, such as transportation, energy, and environmental protection.

OU HONG, DIRECTOR DEPT. OF FIXED ASSET INVESTMENT, NDRC "There are 200 projects in key sectors for private investors. Among them, 17 projects have been jointly introduced by the Civil Aviation Administration and the NDRC."

Meanwhile, the commission says great efforts will also be made to cut taxes and fees, provide better financial services and build a social credit system.

Experts say it's all part of a bid to create a sound business environment for private investors. Mark Fontes, CGTN, Beijing.