22 September 2018

Vice premier puts spotlight on private capital in China’s east

China’s eastern provinces need to press on with industrial upgrades to become models for the rest of the country, Vice Premier Zhang Gaoli {張高麗} told local governments at an internal economic forum Monday, capping a four-day trip to Shanghai and Zhejiang province.

Zhang said a major factor in the overhauls will be private investment, which can help drive growth, advance market reform and create jobs. He told local governments to streamline administrative approvals and create an open and fair environment for private capital to operate. 

Eastern provinces should also nurture some niche industries, increase the quality and efficiency of their economies, encourage innovation and support technology startups, he said. 

In addition, governments should improve environmental protection and cut pollution, Zhang told the assembled officials from Shanghai, Jiangsu, Zhejiang, Anhui and Hubei provinces. 

Before his trip ended Monday, Zhang visited Alibaba Holdings Ltd.’s headquarters in Hangzhou, the international container port in Pudong and the newly established free trade zone in Shanghai.

Zhang expects the country’s economy to remain stable this year and the mainland to meet its economic growth and social development targets.

–Contact HKEJ at [email protected]



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