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East China's Zhejiang Province is encouraging the development of private enterprises by simplifying approval procedures.
An official with the provincial development planning commission said that Zhejiang launched a new private enterprise management policy this year to replace the original approval system with a new records system.
Chinese citizens wishing to invest in Zhejiang no longer have to submit approval suggestion or project research reports to the local government; instead, they can go in person to designated offices or log onto related websites, incorporating their applications into local government records.
Zhejiang boasted more than 300,000 private enterprises in 2002,and the investment from private sources in the province amounted to 231.6 billion yuan (US$28 billion).
Private economy in Zhejiang has grown rapidly in recent years, thanks to the provincial government's favorable policies, said the official, adding that private firms now cover all spheres, including infrastructure construction, technology, education, banking, insurance, and foreign trade, instead of confining to the manufacturing and service trades.
(Xinhua News Agency January 6, 2004)
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