国内英语资讯:China releases regulation on government investment_时事

国内英语资讯:China releases regulation on government investment

These public sectors, it said, include social services, public infrastructure facilities, agriculture and rural sectors, ecological and environmental protection, significant technical advancement, social management and national security.

To optimize the scope and structure of government investment, the regulation says a mechanism of regular assessment and adjustments will be established.

NO VANITY PROJECTS

The regulation also clarifies major principles and basic requirements of government investment, stressing the need of making rational investment decisions, having standardized management, being result-oriented, staying open and transparent as well as aligning with economic and social development and public finance.

In addition, the government and relevant departments are prohibited from raising investment funds through illegal borrowing and should treat all investors equally when allocating government investment funds.

The regulation also stipulates and optimizes the decision-making procedures for government investment, standardizes the approval mechanism for government investment and consolidates the binding effect of investment estimates.

Vanity projects and provisional investment ideas must be prevented, according to the statement.

For major projects, procedures such as evaluations by intermediary service agencies, public participation, expert assessment, and risk evaluations must be performed, the regulation stipulates.