BEIJING - China has announced guidelines to encourage private investment in a wide range of sectors including elder care, education, culture and sports, in a document released by the General Office of the State Council.

Private capital in these areas plays a stabilizing role, brings new momentum to economic development, promotes economic upgrades and helps coordinate economic and social development, the guidelines said.

Restrictions on private investment will be eased and procedures for private businesses will be streamlined, it stressed.

Financing channels for public service projects should be broadened to include the bond market, collateral financing and industrial investment funds that operate under market mechanisms.

Private investors will find favorable policies in land use and taxation and market supervision will be improved.