China has more than 1 billion mobile phone users, which makes it the world's biggest telecommunications market. [Photo/China Daily]

With the aim to spur the slowing economy, China plans to unveil a detailed policy on allowing private capital in the telecommunications sector, the top industry regulator said Wednesday.

The regulator is drafting a plan, which will be released "very soon," said Zhang Feng, a senior official with the Ministry of Industry and Information Technology yesterday.

Private investors will be able to invest in eight areas, including mobile communications resale, broadband services, value-added telecom services and basic operating services, the ministry said.

"With the new investment from private capital, the service level and share structure of the whole industry will be greatly improved," Zhang said during a broadcast conference yesterday.

Presently, private investment is restricted in the Chinese telecommunications sector, which is regarded as a national strategic industry.

China has more than 1 billion mobile phone users, which makes it the world's biggest telecommunications market.

During the conference, the ministry also pledged to push the development of the Broadband China project, which will help carriers improve broadband speed and cut their service cost.

The faster fiber-optic network now reaches 23 million families across the country and by the end of this year it will cover 35 million families nationwide, according to the ministry.