China to Further Lower Curbs on Telecom and Military Industry for Private Businesses
Chen Juan
DATE:  Nov 06 2018
/ SOURCE:  Yicai
China to Further Lower Curbs on Telecom and Military Industry for Private Businesses China to Further Lower Curbs on Telecom and Military Industry for Private Businesses

(Yicai Global) Nov. 5 – In line with China's stated intention of encouraging the development of private enterprises, the country will speed up designing policies and measures for small- and medium-sized enterprises which will include tax cuts and more public service platforms, Miao Wei, the minister of the Ministry of Industry and Information Technology, said in an interview.

It will further lower market curbs on private capital in the fields of telecom and military industry, he added.

Private companies already in the basic telecom service business have achieved positive results, Miao told Xinhua News Agency, adding that in a document issued in April this year, China also encouraged private businesses to engage in new technologies and services such as the Internet of Things.

The MIIT will further lower market curbs and encourage private capital to enter the telecom and military industry fields and introduce private funds in basic telecom services, he informed.

It will provide guidance and support for private companies to join in the integration of military and civilian industry and will build a platform for private businesses to present, commercialize, and exchange their advantageous tech innovations in military and civilian fields, Miao said. The ministry will promote advanced military technology that can be modified for civilian use, and strengthen the exchange between buyers and sellers. It will lead private companies to join in national defense development and encourage them to use advanced military technology for expansion, he added.

The MIIT and the Ministry of Finance will continue to promote the products of the National SME Development Fund, improve the fund management structure, and expand the scale of equity investment in the seed period and for start-up SMEs, in addition to further opening up the investment field, according to Miao.

Editor: Bivash

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Keywords:   Private Enterprise