China's top planning agency has acknowledged the latest guidance aimed at opening various industries to domestic private investment has fallen short of market expectations, and vowed more reforms.

The National Development and Reform Commission yesterday said China has issued a complete set of 42 documents to encourage private investment in state-dominated industries ranging from banking to railway as well as in the restructuring of SOEs. It's part of government efforts to boost the economy, which grew at 7.6 percent in the second quarter, the slowest pace in three years.

But critics, including scholars and some private businesses, said the rules are not practical enough. They said restrictions still prohibit private sector participation.

"There are still some gaps behind the warm expectations for improving the business environment for private-sector companies," the commission said in a statement, adding that it will keep improving policies and deepening reforms.

In the next stage, the NDRC said it will do some "visible" and "encouraging" things to boost investor confidence. This will apply especially in the railway, public utilities, energy, telecommunications and education fields.

The debt and scandal-laden Ministry of Railways in May encouraged private investors to bid for contracts, allowed its subsidiaries to list and welcomed pension funds to invest in railway companies.

Related

• Modest price hikes acceptable, NDRC says
• NDRC intervenes in cooking oil price hikes

Go to Forum >>0 Comment(s)