The State Council, China's cabinet, on Sunday released new regulations for the government's investing activities, addressing a wide range of issues from restrictions on government investment to guiding principles to specific procedures, in a bid to improve efficiency.
The government should focus on investment in areas such as public welfare projects, infrastructure, agriculture and rural areas, as well as environmental protection, major scientific and technological advances, social management, national security and other public projects, according to the regulations.
"[Government investment] should mainly focus on non-profit projects," according to the document, which was published by the Xinhua News Agency.
The regulation also stated that government investment activities should be based on scientific decision-making, proper management, performance-oriented principles and open, transparent procedures.
China will also strengthen oversight on the budget for government investment and the government, and its relevant departments are barred from raising investment funds through illegal borrowing, according to the regulation.
Government investment should also treat other investing entities equally and should not set discriminatory conditions.
Apart from improving the efficiency of government investment, the regulation is also intended to stimulate social investment vitality, the State Council said.
