The regulations promoting the development of the private economic
sector in Beijing, the capital city of China, went into effect as
of Monday.
According to the regulations, approved by the municipal
legislature, the municipal government will set up a social credit
system providing credit information on private enterprises and
individual units of industry and commerce who are in need of
financing.
The regulations permits associations in the private sector or
individual units to set up service organizations that aim to
provide financing guarantees for private enterprises and individual
units.
The city is vigorously promoting the development of the private
sector and its senior commerce officials said recently that
state-owned capital will be withdrawn from the commercial sector
except for a few trades.
Statistics show that the number of small industrial or commercial
businesses in Beijing reached 245,000 by the end of 2000, with a
total registered capital of 2.7 billion yuan (US$325 million).
( 10/02/2001)