Li Keqiang presided over the State Council Executive Meetings on October 8th, confirming the simplification of investing projects approved by governments. The Meetings also decided that local companies should not increase capacities in overcapacity industry, including steel, coal and electrolytic aluminum. In principle, newly increased traditional oil-fueled auto companies are not permitted.
The meeting pointed out that, the government will further decentralize approved projects, based on the simplification of investing projects in 2013 and 2014, which is an important measure to comprehensively deepen reform and promote government function transformation. It will help inspire enthusiasm from all aspects and promote the reasonable and effective investments of market parties. The meeting decided to decentralize the approval authority of investing projects with distinct standards, according to experience in recent years. Investing projects in Container Terminals, Inland waterway navigation-power junctions, vehicle engines, urban mass rail transits are other investment projects can be approved by provincial governments according to national plans and entering standards. Railway, bridge and tunnel projects invested by China Railway Corporation are decided by themselves. Enhance private investments in social areas such as health care, education, culture and sporting. For seriously overcapacity industries, such steel, coal and electrolytic aluminum, no provinces are allowed to increase capacities. Besides, strictly implement regulatory responsibilities and strengthen thresholds of land resources saving, energy saving, water saving, technologies and safety. Projects with great environmental impacts and high risks will meet strict approvals.
