The regulations promoting the development of the private economic sector in Beijing, the capital city of China, went into effect as of Monday.
According to the regulations, approved by the municipal legislature, the municipal government will set up a social credit system providing credit information on private enterprises and individual units of industry and commerce who are in need of financing.
The regulations permits associations in the private sector or individual units to set up service organizations that aim to provide financing guarantees for private enterprises and individual units.
The city is vigorously promoting the development of the private sector and its senior commerce officials said recently that state-owned capital will be withdrawn from the commercial sector except for a few trades.
Statistics show that the number of small industrial or commercial businesses in Beijing reached 245,000 by the end of 2000, with a total registered capital of 2.7 billion yuan (US$325 million).
(People's Daily 10/02/2001)
