China promises more access to oil, telecoms, power markets

BEIJING: China’s government promised Monday to open its oil, telecom and power markets wider to private competitors as the ruling Communist Party tries to shore up growth in the slowing, state-dominated economy.

The Cabinet also promised to give private companies equal treatment with state-owned enterprises in more industries. The statement gave no indication whether the changes apply equally to foreign companies.

The promise adds to a string of market-opening measures and tariff cuts meant to help revive economic growth that slowed to a three-decade low of 6% in the latest quarter. It comes amid a tariff war with Washington over Beijing’s technology ambitions and trade surplus.