One of China’s largest provinces is attempting to attract foreign private equity firms with aims to radically increase the number of firms investing in the highly-coveted region.

In an interview with Financial News, Johnson Lee, the Director General for foreign trade and economic relations for the southwesterly Chongqing province, said: "In the course of building our financial centre we highly welcome the entry of private equity. The development of private equity suits our strategy in building the economy in the area. As Chongqing is undergoing an urbanisation and industrialisation process it requires lots of capital which provides opportunities for private equity."