On August 4, the Regulation on Promoting Economic Development of the Private Sector was passed by the 11th Standing Committee of the National People's Congress. The 21st rule states that Beijing encourages privately owned industries and people outside the city to invest here. The quota limits on becoming a Beijing resident must not restrict those who run enterprises contributing greatly to Beijing; nor those who run businesses in partnership or who have been corporation representatives for a long time. Spouses and one under-aged child will also be included. All of the above people are allowed to become permanent Beijing residents.

A senior official on the Beijing Law Committee of the National People's Congress says that the rule has a strong appeal for investors outside Beijing. It is also an effective way to attract them to stimulate the development of Beijing's private sector. The rule only sets out the principals, but authorizes details and a complete set of regulations for city district governments.

Furthermore, the rule will be a great stimulant for finance, credit, insurance services, self-running imports and exports for private enterprises and industries promoting healthy development of the private sector. This rule will also guarantee their legal rights.

(21DNN.com.cn 08/14/2001)