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China to Promote Private Businesses Overseas Development
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The Chinese government will take measures to facilitate the overseas development of domestic private enterprises.

At a meeting in Beijing Thursday, Vice Premier Wu Yi urged the relevant departments of the State Council to help private companies solve difficulties and problems overseas.

Minister of Commerce Bo Xilai said at the meeting that China will simplify the certification procedure and push forward private capital to invest abroad.

Bo noted that the ministry will give private businesses equal treatment as other businesses by easing control over bidding for overseas projects and providing labor services to the overseas market.

The ministry will create a sound environment for private firms to develop overseas by signing more bilateral agreements with other countries in trade, economic cooperation, tax collection and other related areas, said Bo.

Huang Mengfu, chairman of the All-China Federation of Industry and Commerce, said that Chinese private companies are ready for overseas development and are becoming a major force.

It has become the strategy for many private companies and most of their overseas investment has reaped rewards, said Huang.

(Xinhua News Agency May 19, 2006)

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