The Guangdong provincial government is taking steps to strengthen its efforts to support the development of private investment. In a recent move, the government issued a series of implementation plans aimed at actively promoting private investment, allowing it to play a bigger role in the transformation and upgrading of the manufacturing industry and promoting the revitalization of rural industries in the southern province. This is according to Hu Hong, deputy secretary-general of the Guangdong government, who made the remarks at a meeting in Guangzhou on Monday.
“Non-government investment has been an indispensable and important force in building Guangdong into a province with strong and high-quality manufacturing industrial development and promoting high-quality development in 100 counties, 1,000 townships, and 10,000 villages in Guangdong,” Hu said.
To encourage and support the development of private investment and the non-governmental economy, Guangdong has introduced a series of measures focused on addressing concerns about private investment, said Hu. These measures include improving the government’s credibility and commitment mechanism, establishing a monitoring and early warning system for government integrity, and continuing to rectify the dishonest behavior of new officials ignoring the old accounts of their predecessors.
Hu also promised to further reduce the cost of private investment and financing and strengthen follow-up services for private investment projects in the months to come. The government has urged departments at all levels to focus on the implementation of policies to promote private investment, expand its scale, optimize its structure, and improve its quality and efficiency to give private entrepreneurs the confidence to invest and expand.