Recently, the National Development and Reform Commission issued the outline and explanation for the preparation of the feasibility study report of the investment project (Development and Reform Investment Regulation [2023] 304, hereinafter referred to as the outline of the feasibility study). Specifically, it includes the General Outline for the Preparation of Feasibility Study Reports of Government Investment Projects (2023 Edition), the Reference Outline for the Preparation of Feasibility Study Reports of Enterprise Investment Projects (2023 Edition) and the Notes on the Compilation of Feasibility Study Reports of Investment Projects (2023 Edition) (hereinafter referred to as the General Outline, the Reference Outline and the Notes for the Compilation). 。 The responsible comrades of the National Development and Reform Commission were interviewed and answered questions from reporters.
1. What is the background of the formulation of the feasibility study outline? In the early 1980s, learning from the useful experience of the World Bank and the United Nations Industrial Development Organization in promoting project construction, China explored the introduction of the feasibility study system. In 1983, the former State Planning Commission issued the Trial Management Measures on Feasibility Study of Construction Projects, which made it clear that feasibility study was an important part of the pre-construction work and an integral part of the capital construction process, marking the formal establishment of the feasibility study system in China. In 2002, the former State Planning Commission issued the Guidelines for the Feasibility Study of Investment Projects (Trial Edition) (hereinafter referred to as the Guidelines) as a normative text to guide the feasibility study of investment projects at the national level. Over the past 20 years, the Guide has played an important role in guiding the feasibility study of projects and leading the scientific decision-making of investment projects in China. However, with the change of China's economic and social development situation, the continuous improvement of investment laws and policies, and the deepening of the reform of investment and financing system, the relevant contents of the Guide have been difficult to meet the practical needs of China's investment management. The main reason is that the Guidelines do not fully reflect the requirements of high-quality development, such as adhering to the people-centered development idea, common prosperity, green development, digital economy, and enhancing the key role of investment in optimizing the supply structure, and the framework of the feasibility study report established with the examination and approval system as the core is no longer in line with government investment projects. Not enough attention is paid to the concept of project life cycle management. The report of the 20th National Congress of the
Communist Party of China pointed out that we should speed up the construction of a new development pattern and focus on promoting high-quality development. High-quality development needs high-quality investment, high-quality investment needs high-quality investment decision-making, and feasibility study is the core link of investment decision-making, investment projects are the micro-basis of investment activities. In order to achieve high-quality development of investment, we must strengthen the basic role of feasibility study of investment projects, grasp the key points of feasibility study of projects, pay attention to provention and control of project decision-making, construction and operation risks, focus on improving the comprehensive benefits of investment, promote the transformation of investment projects into effective investment, and promote the healthy and sustainable development of economy and society. To this end, the National Development and Reform Commission, on the basis of systematically summarizing the experience of using the 2002 Guidelines, based on the new stage of development, extensively solicited opinions from all parties, gathered consensus from all parties, and formulated and issued the outline of the feasibility study.
2. What are the main contents and innovative highlights of the feasibility study outline? However, compared with the Guidelines, the outline of feasibility study highlights the logic and overall coordination of the key contents of feasibility study, and focuses on supplementing and improving the contents of carbon neutralization, expanding domestic demand, independent innovation, common prosperity, national security and digital economy, which reflect high-quality development.
(1) About the General Outline. There are 39 articles in 11 parts, including project overview, project construction background and necessity, demand analysis and project output, project site selection and factor guarantee, project construction plan, project operation plan, project investment and financing and financial plan, project impact analysis, project risk management and control plan, research conclusions and suggestions, etc. The General Outline requires that the feasibility study of government-invested projects should focus on the needs of economic and social development, and pay more attention to the evaluation of social effects when meeting basic needs. In terms of application, the General Outline is mandatory, and the feasibility study report of government-invested projects should be compiled in accordance with the outline in principle, and serve as the basic basis for project approval.
(2) About the Reference Outline. There are 38 articles in 10 parts, and the structure is basically consistent with the General Outline, but in terms of specific content, the Reference Outline gives more prominence to guiding enterprise investment projects to focus on market demand analysis, reasonably calculating enterprise investment returns, paying attention to the financial sustainability of enterprises, and guiding enterprises to effectively prevent various risks. The Reference Outline is not mandatory and is applicable for reference. It mainly guides enterprises to attach importance to project feasibility study, strengthen project internal decision-making management, promote production and operation in accordance with the law, and achieve healthy and sustainable development.
(3) Notes on Compilation. There are 5 parts. The first, second and third parts mainly clarify the purpose, scope of application and principle requirements of the feasibility study outline. The fourth part determines the framework structure according to the General Outline and the Reference Outline, focusing on the main contents of the project feasibility study report and the corresponding preparation instructions. The fifth part clarifies the relationship between the feasibility study report and other procedures of investment decision-making, such as the government investment project proposal, the enterprise investment project application, etc. The highlight of the innovation of the feasibility study outline
promulgated this time is that, based on the new stage of development and the implementation of the new development concept, on the basis of the 2002 Guidelines, we should adhere to the main line of promoting high-quality investment development, and carry out a series of projects in accordance with the general idea of classified management of government investment projects and enterprise investment projects. Focusing on the necessity of project construction, the feasibility of the scheme and the controllability of risks, we should pay more attention to giving full play to the leading role of major strategies, major plans and industrial policies, formulating overall plans for project investment, financing and construction implementation from the perspective of the whole life cycle of the project, and paying more attention to the application of new evaluation concepts such as economy, society and environment. More attention should be paid to the logic and overall coordination of the key contents of the feasibility study, and new requirements such as expanding domestic demand, carbon peak and carbon neutralization, independent innovation, and digitalization of investment and construction should be organically integrated into the feasibility study system.
3. What are the principles and requirements for carrying out the feasibility study work specified in the outline of the feasibility study?
First, we should implement the concept of life cycle management of investment projects. Feasibility study should start from the perspective of project life cycle management, comprehensively and systematically analyze the factors involved in each link, objectively demonstrate and evaluate the economic, social and environmental impacts, accurately identify and control all kinds of risks, and on this basis, select the best implementation plan for project construction, with emphasis on "four strengthening", that is, strengthening planning. Strengthen the analysis of digital application scheme in the whole process of investment and construction, strengthen the comparative analysis of project operation scheme, and strengthen the analysis of project financing scheme and financial sustainability guarantee.
The second is to reflect the requirements of classified management of government investment projects and enterprise investment projects. The feasibility study should give full play to the decisive role of the market in the allocation of resources, better play the role of the government, and clarify the different emphasis of the feasibility study of government investment projects and enterprise investment projects according to the requirements of classified management of government investment projects and enterprise investment projects. Among them, the feasibility study of government investment projects should highlight the comprehensive economic and social benefits, and reasonably determine the construction standards, construction contents and investment scale according to the needs of economic and social development and financial affordability, so as to prevent the hidden debt risks of local governments; The feasibility study of enterprise investment projects should highlight the economy, focus on the investment income and market risk avoidance, and guide enterprises to improve the scientificity of investment decision-making and financial sustainability.
Third, we should focus on the core content of "three goals and seven dimensions". Both the General Outline and the Reference Outline emphasize that the feasibility study should focus on the necessity of investment project construction, the feasibility of the scheme and the controllability of the risk to carry out systematic, professional and in-depth demonstration, focusing on the "seven dimensions" of the research and demonstration content. Among them, the necessity of project construction should be concluded from the dimension of demand reliability, the feasibility of project scheme should be studied and demonstrated from the five dimensions of factor supportability, engineering feasibility, operational effectiveness, financial rationality and impact sustainability, and the controllability of project risk should be concluded from the dimension of various risk management and control schemes.
4. How to promote the implementation of the feasibility study outline? The National Development and Reform Commission will take the promulgation of the feasibility study outline as an opportunity to promote all parties concerned to pay more attention to the feasibility study of the project, to implement the relevant requirements to the main bodies in all fields of investment, to improve the scientific level of investment decision-making with high-quality feasibility study, and to help expand effective investment. Next, the National Development and Reform Commission will promote the implementation of the feasibility study outline from two aspects.
On the one hand, we should strengthen the publicity, interpretation and special training of the feasibility study outline. Organize news media, trade associations and experts and scholars to carry out extensive publicity and interpretation through various channels and angles, and carry out a series of thematic training at different levels and with emphasis on local, enterprises, advisory bodies and financial enterprises. Promote the competent investment departments at all levels and other relevant departments to implement the requirements of the feasibility study outline, strengthen the examination of the key contents of the project feasibility study, and enhance the level of legalization of investment management. To guide all kinds of investors and engineering consulting institutions to pay more attention to the feasibility study of projects in the planning, reserve and reporting stages of investment projects, promote the in-depth development of engineering consulting in the whole process, and effectively improve the quality of prophase work of projects. To guide financial institutions to pay attention to the contents of financial and investment and financing management in the feasibility study outline, and to promote the linkage between investment and loan. Promote universities and research institutes to set up professional courses of feasibility study theory and methods, and promote the development of relevant theoretical research and practice.
On the other hand, the dynamic adjustment mechanism of the feasibility study outline should be established. With the deepening of economic and social development and reform, the feasibility study of investment projects should be constantly summarized, improved and promoted in practice in response to the situation and with the times. The National Development and Reform Commission will strengthen the periodic evaluation and dynamic adjustment of the feasibility study outline, collect and collate opinions and suggestions from all sides on the feasibility study outline in a timely manner, and revise them in accordance with the new situation and requirements of investment management, so as to form a virtuous circle of mutual testing, mutual promotion and common development of practice and system.
The following is the original text of the notice:
Communist Party of China points out that efforts should be made to promote high-quality development and enhance the key role of investment in optimizing the supply structure. High-quality development requires high-quality investment, and high-quality investment requires high-quality decision-making. Feasibility study is the core link of investment decision-making, and strengthening the feasibility study of investment projects is an inevitable requirement to enhance the scientific level of investment decision-making. The General Outline, the Reference Outline and the Compilation Instructions are the guidelines for the relevant parties to carry out the feasibility study of investment projects, as well as the carriers for strengthening and improving the decision-making management of investment projects. We should take the implementation of the outline of the feasibility study report as an opportunity to promote all parties concerned to attach great importance to the feasibility study of the project, pay more attention to the whole life cycle management of the project, pay more attention to grasping the key points of the feasibility study, pay more attention to the provention and control of the implementation risks of the project construction, and effectively improve the quality of the pre-work and investment decision-making of the investment project. Promote high-quality development to provide strong support.
2. Distinguish the nature of the project and implement the outline
for the preparation of the feasibility study report. The outline for the preparation of the feasibility study report is applicable to the feasibility study of various investment projects in various industries in China and is an important basis for the decision-making of investment projects. In principle, the feasibility study report of government-invested projects should be compiled in accordance with the General Outline and serve as the basic basis for governments at all levels and relevant departments to examine and approve government-invested projects. On the basis of implementing the investment autonomy of enterprises, the Reference Outline mainly guides enterprises to attach importance to project feasibility study, strengthen the internal decision-making management of investment projects, promote production and operation in accordance with the law, and achieve healthy and sustainable development. The Compilation Instructions is an explanation and elaboration of the outline. When compiling and reviewing the feasibility study report of the project, the outline and relevant contents shall be used for reference.
When compiling the feasibility study report of a specific project, the contents required by the outline can be adjusted appropriately according to the actual situation of the project. For projects with single construction content, small investment scale and simple technical scheme, the relevant contents in the outline can be simplified in accordance with the relevant provisions of the state. For major or complex projects, a summary can be formed before the text of the feasibility study report to summarize the project overview, feasibility study process, main conclusions and suggestions.
3. Taking into account the characteristics and requirements of the industry, refining and optimizing the outline
for the preparation of the feasibility study report, the General Outline and the Reference Outline are the general requirements and basic guidelines for the content and depth of the preparation of the feasibility study report of the investment project. In order to better adapt to the characteristics and requirements of different industries, the competent departments of relevant industries may, with reference to the compilation outline, formulate the compilation outline or implementation rules of feasibility study reports applicable to specific industries or fields on the basis of soliciting the opinions of the Commission, reflecting the particularity of the industry and making reasonable adjustments to the relevant contents of the compilation outline according to actual needs.
4. Strengthen follow-up feedback and establish a dynamic adjustment mechanism
for the outline of the feasibility study report. Please collect, carefully sort out and feedback the opinions and suggestions of all parties on the General Outline, Reference Outline and Compilation Instructions in a timely manner. Our committee will establish a dynamic adjustment mechanism for the outline of the feasibility study report, and revise it in time according to the new situation and new requirements and feedback from all sides. The National Development and Reform Commission shall be responsible for the interpretation of the relevant contents of this
Circular, which shall come into force on May 1. Where the previous relevant provisions are inconsistent with the requirements of this Notice, this Notice shall prevail.
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