On July 24, the National Development and Reform Commission issued a circular on further promoting private investment and striving to mobilize the enthusiasm of private investment.
in private investment (1) Fully understand the importance of promoting private investment. General Secretary Xi Jinping pointed out that the CPC Central Committee has always adhered to the "two unshakable" and "three unchanged", and has always regarded private enterprises and private entrepreneurs as its own people. It is necessary to stimulate the vitality of private capital investment, encourage and attract more private capital to participate in the construction of major national projects and key industrial chain supply chain projects, so as to make greater contributions to building a new development pattern and promoting high-quality development. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we should fully implement the spirit of the 20th National Congress of the CPC, do a good job in promoting private investment and fully mobilize the enthusiasm of private investment in accordance with the requirements of the Central Economic Work Conference and the Report on the Work of the Government.
(2) To clarify the objectives of promoting private investment. Give full play to the important role of private investment, strive to maintain the proportion of private investment in fixed assets investment at a reasonable level, promote the further optimization of private investment environment, further enhance the willingness of private investment, and further enhance the vitality of private investment. The provincial development and reform commissions should clarify the working objectives of the proportion of private investment in the region and the growth rate of infrastructure investment in private investment, decompose key tasks, formulate specific measures, consolidate the responsibilities of all parties, and promote the implementation of various tasks.
2. Focus on key areas and support private capital to participate in major projects
(3) Define a number of key sub-sectors to encourage private capital to participate. In the fields of transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern facility agriculture, our committee will select a number of sub-sectors with large market space, strong development potential, in line with the requirements of major national strategies and industrial policies, and conducive to promoting high-quality development, and encourage private capital to participate actively; To organize and sort out the development plans, industrial policies, investment management requirements and financial support policies of relevant sub-sectors, and publish them to the public to help private enterprises make better investment decisions. Provincial development and reform commissions should consult with relevant local departments to supplement and improve relevant local policies, strengthen publicity and interpretation, and guide private investment to take root.
(4) Combing the list of projects attracting private capital in an all-round way. Provincial development and reform commissions should carefully select projects with clear investment return mechanism, good investment return level and suitable for private capital promotion from major national projects and short-board projects, and form a list of major projects to be recommended to private capital. We should actively organize relevant parties in the region to select key industrial chains and supply chains suitable for private capital participation according to local conditions, and form a list of industrial projects to be recommended to private capital. It is necessary to organize and sort out the franchise projects that are fully paid by users, and form a list of franchise projects to be recommended to private capital.
(5) Do a good job in the docking of private investment services. Provincial development and reform commissions should incorporate the working mechanism of encouraging private investment into the coordination mechanism of promoting effective investment in important projects, clarify the focus of work, refine support policies, strengthen coordination and linkage, and strengthen service guarantee. Based on the above-mentioned list of major projects, industrial projects and franchise projects to be recommended to private capital, investment and financing cooperation docking should be carried out through various ways such as holding project promotion meetings, publicly releasing information on the basic situation, participation methods and return mechanism of the project, and doing a good job in policy interpretation, business docking and implementation of conditions, so as to create conditions for the landing of the project. When selecting project investors, social capital parties or cooperative units, relevant parties encourage the selection of private enterprises with high technology level, strong innovation ability and good comprehensive strength.
(6) Build a unified platform for promoting projects to private capital. Relying on the national online approval and supervision platform for investment projects, our committee will establish a unified platform for promoting projects to private capital, publish information on project promotion and supporting policies, so as to facilitate private capital to obtain relevant project information more conveniently. Attract more private capital to participate in the construction of major national projects and short-board projects, key industrial chain supply chain projects, and fully user-paid franchise projects. Online approval and supervision platforms for local investment projects should improve their functions, strengthen their services, update project lists in a timely manner, and dynamically release information on local policies, promotion activities and project progress, so as to provide better support for a unified platform for promoting projects to private capital.
(7) Guiding private investment to make scientific and rational decisions. Provincial development and reform commissions should adopt various ways to publicize and interpret the Reference Outline for the Compilation of Feasibility Study Report of Enterprise Investment Projects (2023 Edition) to private enterprises, guide them to attach great importance to feasibility study, continuously improve the scientificity and accuracy of investment decision-making, and achieve long-term healthy and sustainable development. Private enterprises are encouraged to focus on industry, refine their main business and enhance their core competitiveness, so as to avoid one-sided pursuit of hot spots, blind expansion of investment and increase operational risks. We should guide private enterprises to do their best, consciously strengthen credit management, reasonably control the scale and proportion of debt financing, avoid high-leverage investment beyond their own capabilities, and prevent major risks such as capital chain rupture.
3. Improve the safeguard mechanism to promote the implementation
of private investment projects (8) Establish a database of key private investment projects. In accordance with the principles of clear standards, rigorous procedures, objectivity and impartiality, and on the basis of the recommendation of provincial development and reform commissions, the Commission will screen qualified private investment projects through professional evaluation, establish a national key private investment project bank, and strengthen the financing guarantee and factor guarantee of key private investment projects. Provincial development and reform commissions should establish provincial key private investment project banks, strengthen financing guarantee and factor guarantee for warehousing projects, and recommend key private investment projects to the Commission on this basis.
(9) Optimizing financing support for private investment projects. The Commission will recommend the projects in the national key private investment project bank to the relevant financial institutions in accordance with the idea of "recommending a batch of projects as they mature"; the relevant financial institutions will independently evaluate, make decisions, bear risks and independently select qualified projects to provide financial support in accordance with the principles of marketization and legalization. The Commission will strengthen docking with relevant policy-oriented development banks, state-owned commercial banks and joint-stock banks, rely on the national online approval and supervision platform for investment projects, timely share information on the pre-formalities of private investment projects, as well as whether to obtain financial support such as investment within the central budget, and guide the increase of financing support. Relevant financial institutions provide timely feedback to the Commission on the provision of financial support such as bank loans or equity investment to key private investment projects and other private investment projects. Provincial development and reform commissions should take the initiative to strengthen the docking with banks, insurance and other financial institutions, and actively help private investment projects to solve financing difficulties.
(10) Strengthen the factor guarantee of key private investment projects. The National Development and Reform Commission will incorporate the national key private investment project bank into the land guarantee mechanism for major national projects, and consult with the Ministry of Natural Resources to strengthen the land guarantee for projects; the provincial development and reform commissions shall consult with the local natural resources departments to help solve the land guarantee problems for key private investment projects in the region. Provincial development and reform commissions should take the initiative to strengthen communication and coordination with relevant departments such as natural resources and ecological environment, and treat private investment projects equally and equally when handling procedures such as forest and sea use, environmental impact assessment and energy conservation, so as to help private investment projects implement smoothly.
(11) Actively play the supporting role of credit information. Our committee will work with relevant departments to further promote the "Credit Easy Loan" model, based on the sharing of credit information and the development and utilization of big data, dig deeply into the value of credit information, enhance the economic capacity of credit support financial service entities, and improve the financing capacity of private investment. Provincial development and reform commissions, in conjunction with relevant departments, should further coordinate the establishment or improvement of local financing credit service platforms on the basis of existing information systems such as local credit information sharing platforms, credit information platforms and comprehensive financial service platforms, strive to reduce information asymmetry between banks and enterprises, and promote the rational allocation of credit resources to private investment.
(12) Encourage private investment projects to issue real estate investment trusts (REITs) in the field of infrastructure. The Commission will further intensify its efforts to recommend more eligible private investment projects to issue infrastructure REITs, promote diversification of asset types, further broaden investment and financing channels for private investment, reduce the asset-liability ratio of enterprises, and enhance reinvestment capacity. Provincial development and reform commissions should strengthen communication and coordination with natural resources, ecological environment, housing and urban-rural construction departments, focusing on the improvement of pre-formalities, property rights certificate processing, land use management and other aspects, to help implement the conditions for inventory assets revitalization, and support more private investment projects to issue infrastructure REITs.
4. Creating a good environment to promote the healthy development
of private investment (13) Optimizing the management process of private investment projects. Provincial development and reform commissions should work closely with relevant departments to compress the process of approval and filing, planning permission and construction permission of private investment projects, actively explore and carry out a comprehensive evaluation model of "multi-evaluation in one, multi-use of one evaluation", and improve the efficiency of the preliminary work of private investment projects. Explore innovative modes such as hierarchical land supply for private investment projects to improve the efficiency of land supply and use. Explore the pre-acceptance of private investment projects by building, layer and section, accept the acceptance materials that take a long time for individual inspection on the premise of ensuring safe production, explore the joint acceptance mode, reduce the time of completion acceptance and real estate registration, complete the ownership registration as soon as possible, and help private investment projects to meet the financing conditions as soon as possible.
(Fourteen) set up channels to reflect and solve the problems of private investment. Relying on the national online approval and supervision platform for investment projects, the Commission will set up a column to reflect the problems of private investment, and collect clues to key problems encountered by private investment, such as penalty management, hidden barriers to market access, unfair treatment in bidding, and slow progress in pre-formalities. For the key clues with clear facts and clear problems, the relevant local authorities and departments will be invited to speed up the solution, and the specific implementation will be fed back to our committee to form a closed-loop management mechanism of "collection-feedback-solution" for the problem clues. Our committee will identify a number of fixed-point private enterprises, regularly conduct in-depth questionnaires on private investment, smooth the path of direct complaints, and better listen to the voices of private enterprises. Where the problems are concentrated and the problems are not solved effectively, they will be reported to the State Council for inclusion in the scope of the State Council's general supervision.For the common problems encountered by private investment, we will work with or request relevant departments to study and put forward specific measures, formulate or revise policy documents, and put down the requirement of equal treatment for state-owned enterprises and private enterprises in terms of system and law.
(Fifteen) establish a private investment scheduling and evaluation mechanism. Our committee will establish a mechanism to promote the scheduling and evaluation of private investment, clarify the work objectives, sort out the list of projects, publicly promote projects, establish a working mechanism, strengthen the docking with financial institutions, do a good job in ensuring the elements, and deal with the problems reflected. As well as the growth rate of private investment, the proportion of private investment, the number of promotion projects, the scale of attracting financing support from financial institutions, the guarantee of project elements, and the efficiency of solving private investment problems, monthly dispatch, quarterly notification and annual evaluation are carried out to consolidate work responsibilities. Relevant information will be issued to the provincial development and reform commissions in the form of circulars, copied to the provincial people's governments and relevant departments of the State Council, and reported to the State Council in due course.
(Sixteen) set up special projects to promote private investment. Our committee will adjust and set up special investment projects in the central budget, select 20 prefecture-level cities (districts) with fast growth, high proportion, strong vitality and practical measures to support them every year, and use the special funds for key projects that meet the requirements. Our committee will formulate special management measures and evaluation criteria to ensure that the support measures are standardized and fairly implemented, and the list of support will be made public to the public in an appropriate way, so as to fully mobilize the enthusiasm of all localities to promote private investment.
(17) Publicizing and promoting the typical experience of promoting private investment. All localities should actively explore and boldly try to innovate ways and methods to support the healthy development of private investment. Our Committee will further explore and vigorously promote the good experiences and good practices of promoting private investment in various regions, and promote local governments to learn from each other by holding on-site meetings, holding press conferences and publishing typical experience cases, so as to continuously optimize the investment environment and create a good atmosphere for the healthy development of private investment. In accordance with the requirements of this circular,
local development and reform departments should earnestly do a good job in promoting private investment, strive to create a fair, transparent and rule-of-law development environment, fully mobilize the enthusiasm of private investment, and promote the high-quality development of private investment. Our committee will follow up, investigate, supervise and inspect the implementation of the policy, and report major issues to the State Council in a timely manner.
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