US experts welcome China's new economic initiatives

CHICAGO -- A recent meeting of China's State Council indicated that Beijing would open up new sectors for private investment and turn more focus on economic development in inner regions, several US experts said.

The initiatives would "help further growth in China and has positive economic impact in both China and the US," said Elizabeth Harrington, a former board member of the CME Group, and the US publisher of Hurun Report, a monthly magazine best known for its "China Rich List".

"It's a win-win situation for both countries," she said.

Guy Alitto, an associate professor in history and East Asian languages and civilizations at the University of Chicago, said that Chinese Premier Li Keqiang's recent statement was "certainly important."

"Premier Li's statement reflects the 'smart move' at this stage of China's economic development," he said.

Siva Yam, president of the US-China Chamber of Commerce, said it was "only logical" for the Chinese government to turn its focus on inner regions and develop the entire country.

"The coastal regions have advantage over the less developed inner areas, and it's important to change the artificial imbalance," he said.

Last week, the Chinese government vowed to implement supportive policies for private investment to spur economic growth and industrial upgrades.

China will further remove entry barriers restricting the growth of private investment, according to a statement released after a State Council executive meeting presided over by Premier Li.

China will soon launch demonstration projects with private capital participation, the statement said, adding that the projects would be in such sectors as finance, petrol, power, railway, telecommunication, resource development and public utilities.