Top economic planner vows to stabilize private investment

BEIJING - China's top economic planner vowed on Thursday to stabilize private investment as its growth weakened to 5.7 percent year on year in the first quarter.

Private investment is stable in general accounting for around 64 percent of the total fixed-asset investment in each of the past two years, and 63 percent in 2013, according to the National Development and Reform Commission, the planner.

Governments of all levels should cut red tape for private investment projects, ensure a fair business environment and avoid discrimination, the top planner said at a meeting jointly convened with All-China Federation of Industry & Commerce.

The meeting said that China should loosen market access to encourage private investment. Private capital should be allowed to enter industries and areas that are not prohibited by law, as well as fields that are open or about to open to foreign capital.