China will open its defense sector to private investment by relaxing market access for military products, the official Xinhua news agency reported Thursday.
The measures include easier approval procedures, improved pricing for military products and a friendly tax policy, the report said, citing the People’s Liberation Army General Armament Department.
The department said it will launch a website for military procurement and regularly publish information on demand for weapons and other equipment.
Also, it will ensure a fair market competition to encourage private enterprises to participate in the research, production and maintenance of military equipment.
China has been studying private investment in its defense sector since 2010.
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