(Yicai Global) May 18 -- China will accelerate the development of its western regions to boost the integration of prosperity, according to a new guideline.

The government will enhance infrastructure, business environment, public services, and living standards, the Communist Party of China Central Committee and the State Council wrote in the document, which contained 36 specific measures, published yesterday.

The country has had the 12 provinces, which house about 25 percent of the population but also more than 71 percent of the total area, in mind for long. During the political meetings of Two Sessions last year, the government proposed new measures to open up the western regions. Former general-secretary Jiang Zemin had already suggested the "great western development" in 1999.

The most prominent feature of the new guideline is its emphasis on the balanced development of eastern and western China while stressing the importance of the country's western regions in the Belt and Road Initiative, Xi Jinping's signature investment program, Securities Daily reported, citing Bai Ming, deputy director of a market research institute under the commerce ministry.

The guideline calls for new tech companies to be set up in the region, as well as government-backed venture capital funds. Qualified enterprises should be supported to issue shares both domestically and abroad, as well as raise funds via bonds or other securities.

The document also suggests that logistics and transportation links be strengthened, new pilot free trade zones established, and cross-border finance and tourism promoted.

Editor: Emmi Laine