CPPCC Vice-Chairman Urges More Investment from Private Sector

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Last updated at: (Beijing Time) Thursday, June 13, 2002

CPPCC Vice-Chairman Urges More Investment from Private Sector

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China should encourage investment from the domestic private sector as well as from overseas, Jing Shuping, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said Thursday.

He made the remark at the 2002 Asian Venture Forum in China, hosted by the Asian Venture Capital Journal.

Investment from the domestic private sector had contributed a lot to solving unemployment issues in China, employing about 100 million people over the past 20 years, he said.

"China still needs to create 100 million job opportunities in the future, most of which will be provided by the private sector."

Jing stressed the importance of safeguarding the legal rights and interests of private investors, saying that China needs to improve its legal system to protect individual property. The reform of investment and financing systems must also be accelerated.

Apart from a modern financial system, China also needs to speedup the establishment of a venture capital mechanism, which is essential for improving the overall national strength and maintaining rapid economic growth, Jing said.

The government should extend its support to founding the venture capital mechanism with both foreign experience and domestic conditions taken into consideration.

Besides the legal system, the establishment of a venture capital mechanism also calls for relevant policies in the fields of finance, taxation, credit, governmental purchase, personnel training and intellectual property rights, along with improvement of intermediary organizations, he said.

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