(Yicai Global) Dec. 23 -- China will further optimize its business environment to unleash the vitality of private firms and boost fair competition, according to an official document published yesterday.

Under guidelines jointly released by the Central Committee of the Communist Party of China and the State Council, more sectors will be opened up to private firms.

For instance, private companies will be encouraged to provide basic telecommunication services through equity participation, and engage in power generation and distribution as well as electricity selling in the form of controlling shareholders or through equity participation.

They may also enter the oil and gas exploration, development, refining and marketing sectors as well as the construction of infrastructure facilities related to the storage and transmission pipelines for oil, natural gas and refined oil products.

Eligible private firms may import crude oil and export refined oil products, according to the document, and the financial services, infrastructure and social undertakings sectors will become more accessible.

The government will also further ease private firms' tax burden and enhance financial institutions' capabilities to serve private enterprises.

Private companies are also encouraged to go public or issue bonds, while regional equity markets targeting private firms will get support.

The guidelines also mentioned the optimization of the legal environment, stressing the protection of private firms by law enforcement and justice departments as well as the protection of legal property of private enterprises and entrepreneurs.

It also encouraged private firms to improve corporate governance, enhance technical innovation and industrial upgrading, and participate in the implementation of major national strategies such as the Beijing-Tianjin-Hebei integrated development and the Yangtze River Economic Belt.