Harbin has been chosen as one of the 13 reform demonstration cities for private economic development in Northeast China, according to a document issued recently.

The document, issued by the National Development and Reform Commission and the Ministry of Industry and Information Technology stated that Harbin will carry out reforms to current policies and the financial system.

The document urged all demonstration cities to further promote reforms to private economic development, improve development systems and optimize the environment for economic development through structural reforms.

Meanwhile, the document said that demonstration cities should break through weak areas that restrict private economic development and create a new model for the private economic development of Northeast China.

In particular, Harbin is urged in the document to abolish unreasonable regulations and stop the charging of unreasonable fees, enhance the construction of public-private partnership projects, and build internet platforms between government departments and small businesses.

Private capital can now be used to set up private banks, and financial institutions are encouraged to issue financial bonds to set up a fund for the development of small and medium-sized companies.

Other northeastern cities which have been chosen as reform demonstration cities for private economic development include Dalian, Anshan, Yingkou, Liaoyang, Panjing, Changchun, Tonghua, Baishan, Liaoyuan, Mudanjiang, Qitaihe and Tongliao.