How to expand private investment? How much do you know about the relevant policies in recent years?

(A) broaden the channels for private capital to enter

1. Establish a joint-stock company or a limited liability company.

Establishing a standardized project management company is the basic form for private capital to enter the construction field. According to the nature of different projects, private funds can enter to varying degrees. For some competitive and profitable business projects, the company system reform is generally implemented, allowing private funds to enter by holding; Quasi-business projects are allowed to enter by means of relative holding; For those major projects related to the national economy and people's livelihood, private funds are allowed to enter in the form of equity participation. For enterprises that cannot be restructured as a whole, we should adopt the method of classification and decomposition to gradually realize the transformation of corporate system. At the same time, establish a strict corporate governance structure. The government no longer carries out administrative intervention in enterprises in the field of construction, realizing the transformation from direct control by the government to indirect control.

2. Implement the transfer of project management rights.

As a convenient way to attract private capital into the construction field, the transfer of project management right can not only revitalize the existing assets of infrastructure, but also promote the infrastructure field to embark on the road of market-oriented financing, and also promote the breaking of monopoly, spawn a new competition mechanism and improve the quality and efficiency of infrastructure services. At present, it can be said that it is a breakthrough for private capital to enter the infrastructure field. In order to solve the problems existing in the operation, a comprehensive department can be considered to take the lead in this work, formulate standardized operating rules, clarify the contents of property rights, asset evaluation, approval procedures, transfer contracts, transferee qualifications and other related aspects, and at the same time introduce corresponding supporting measures, including financial compensation system and supporting financing support system. In practice, the handover project plan will be made according to the nature of the completed project, and the project will be carried out in an orderly manner. The government will make a commitment to the projects that transfer the management right according to law and cash in the return.

3. Actively adopt domestic BOT mode.

It is a scientific way to build and operate some large-scale infrastructure projects through BOT. According to? Fifteen? In the project development planning, we can consider launching a number of major infrastructure projects for public bidding and selecting owners. As the main body of decision-making, the government defines the requirements, return expectations and regulatory responsibilities of project investment and construction. In this regard, Shanghai and Fujian have already had successful practices.

(B) to promote the market-oriented financing of private investment

1. Expand the issuance scale of corporate bonds and stocks.

Support qualified enterprises of all types of ownership to raise construction funds by issuing corporate bonds and publicly issuing A, B and H shares. Allow new project enterprises to use bond issuance funds as an effective supplement to construction funds, and explore effective ways of corporate bond flow, including corporate bond listing and OTC trading. Encourage enterprises to carry out reasonable cross-regional and cross-departmental asset restructuring, and support enterprises to choose appropriate ways such as direct listing, shell purchase or backdoor listing to achieve direct financing purposes. At the same time, actively create conditions to promote the rational flow of enterprise property rights. 2. Try to establish various types of industrial investment funds.

Industrial investment fund is another effective channel to attract private capital to invest in construction. Under the premise of national policies, select some financial institutions with relevant knowledge and experience and industrial enterprises with strong strength, good business performance and rich investment management experience to initiate the establishment of industrial investment funds such as transportation and energy, and enter the construction field by means of equity investment.

(3) Implementing a fair and reasonable fiscal and taxation policy.

We will implement a fiscal policy that actively guides private investment, allow financial funds to be directly invested in private investment projects in the form of state-owned capital participation or paid use, and treat state-owned enterprises equally when arranging funds for economic construction. Under the framework of public expenditure, we should increase financial interest subsidies and adopt different interest subsidy policies according to the nature and content of different projects, so as to form a financial linkage effect between provinces, cities and counties and improve the enthusiasm of private investment. At present, the price of infrastructure products is not fully in place, so we can consider setting up a financial compensation fund to compensate the difference between the price with reasonable profit level and the actual price, so as to ensure that investors can obtain reasonable investment income. Standardize the collection of taxes and fees for private investors and resolutely stop unreasonable charges for private investment enterprises. Private investors should also enjoy the tax relief policies enjoyed by all state-owned enterprises and foreign-funded enterprises. For projects in which private capital invests in industries encouraged by the state, we can consider giving corresponding preferential treatment in the aspects of depreciation of fixed assets of enterprises, entry cost of new product development expenses, reduction and exemption of infrastructure supporting fees, installment payment of land transfer fees and land prices.

(D) Improve the credit support system

First of all, local financial institutions should abolish ownership discrimination against non-state-owned small and medium-sized investors, formulate loan policies and management measures suitable for the characteristics of private small and medium-sized enterprises, and provide flexible and diverse credit services. Secondly, establish a multi-level loan guarantee system and encourage the establishment of credit guarantee institutions that serve the financing of private investment projects. The source of funds can be mainly financial funds, supplemented by membership fees paid by member enterprises, and at the same time absorb social donations, and establish a risk compensation extraction system to ensure the normal operation of credit guarantee institutions. Try loan credit insurance, carry out all kinds of engineering insurance and commercial insurance, and spread bank risks. Third, improve the property mortgage system, increase the variety of loan mortgages that adapt to the development of private enterprises, and appropriately raise the loan standards. Implement innovative credit methods such as warehouse security business, export tax rebate pledge business, accounts receivable pledge or purchase business, guarantee payment agency business, and joint guarantee agreement business to solve the loan financing problem of private small and medium-sized enterprises. Fourth, vigorously develop small and medium-sized financial institutions. Support the establishment of small and medium-sized financial institutions corresponding to private investors, relax the sources of funds for financial institutions, and allow private funds to participate in shares. These financial institutions should establish private investors as their main clients, and besides strengthening supervision, they should also expand the floating range of their interest rates and allow their deposit-loan spreads to be higher than those of other commercial banks, thus playing a supporting and guiding role. Fifth, actively explore financial innovation means such as asset securitization. Asset securitization refers to a kind of financial behavior that transforms the property right, use right or income right of illiquid assets into negotiable interest-bearing securities through investment banking. It makes the relationship between the subject matter of the whole asset change from the direct ownership of assets to the ownership of equity or equivalent securities, and realizes the circulation of property rights through the circulation of securities. Asset securitization can effectively solve the problems of poor asset liquidity and difficult project financing in infrastructure.

(5) Formulate scientific and reasonable service (product) prices.

Effectively reform the existing price management system, rationalize the price system of public goods and services, and form a market pricing model under the macro guidance of the government. According to the different nature of the project, several different pricing methods are adopted respectively. First, for purely operational infrastructure projects, the winning bidder, as an investor, can submit the price list to the competent government department for examination and approval according to its operating cost calculation and appropriate profit, and the public will participate in the price evaluation as a user, which will be passed in the form of a hearing, and the government will perform the examination and approval as a supervisor. Namely. Enterprise quotation, government nuclear price, open bargaining? Trinity pricing method. Second, for quasi-operational infrastructure projects, the government gives appropriate subsidies or preferential policies to conduct external bidding. According to the procedure similar to the purely operational project, the price is fixed after the enterprise quotes, the government checks and the public consultation. In the future, it will gradually transition to the state to cancel subsidies, and the price will be borne by consumers. Third, the government will formulate the non-operating projects invested by the government in a unified way, but it can create conditions to make the non-operating projects gradually transition to operating projects by formulating an appropriate price mechanism.

(6) Develop intermediary service organizations and strengthen information communication.

In order to solve the blindness of private investment and avoid low-level redundant construction, it is necessary to establish a standardized market information guidance mechanism to guide private investment to find suitable investment directions and projects, especially to guide private capital to invest in infrastructure. In terms of attracting investment, the government publicizes the project investment procedures, standardizes the operation mode, regularly introduces the recent investable projects, supporting policies and measures, relevant planning requirements and facilities standards to the society through the Internet, news media, promotion meetings, etc., and provides choices for private investors, and selects investors in the form of public bidding, giving social investors transparent investment space.

(seven) the implementation of industry-specific policies.

According to the characteristics of different projects in various industries, it is very important to introduce different special policies. Because of the great differences, we can only put forward some principled opinions here:

1. Urban infrastructure

(1) Water plant and sewage treatment. Considering the difficulty and high investment in pipe network construction, it is suggested that the factory and network should be separated, and the pipe network should still be invested by financial or state-owned investment companies and entrusted to municipal companies or other related enterprises for operation. The government and the operating enterprise shall sign the entrusted operation contract, and stipulate the relevant responsibilities and obligations and the government subsidy standards. (2) Garbage disposal. Garbage power generation, the power sector to buy in full, the price concessions. At the same time, strive to give tax incentives to the environmental protection industry.

2. Medical institutions

Private capital investment in the medical industry can be divided into two categories: non-profit and for-profit non-profit institutions. The service charges are guided by the government and do not pay taxes, but the government should promise to give the same policy subsidies as other public medical institutions. For-profit organizations should operate independently, service prices should be liberalized, and the government does not subsidize them, but they are allowed to be included in the designated scope of public medical care (or medical social insurance). You have to pay taxes, but at the beginning of its establishment, you can give tax concessions.

3. Education and cultural undertakings

Private funds invest in the construction of logistics service facilities for educational and cultural institutions, and enjoy relevant preferential policies for supporting projects of public enterprises and institutions in terms of land acquisition, hydropower facilities and tax reduction and exemption. In the stage of non-compulsory education, private investment in for-profit schools and kindergartens has its own charging standards, but the pricing basis needs to be reported to the price department for the record, as does private investment in for-profit cultural undertakings. Such investors are allowed to obtain a return on investment slightly higher than the bank's loan interest rate for the same period, and investors are allowed to recover their investments other than registered capital year by year. Private investment in compulsory education schools, the charging standard should be the highest price or guidance price approved by the price department, and the school can set its own price within this allowable range. Private investment in non-profit educational and cultural facilities should take the form of private assistance, and the government should give financial subsidies corresponding to the investment projects.

4. Means of transport

Adopt the policy of franchising and regular charging. Due to the large scale and long construction period of high-grade highways, large bridges (tunnels) and other projects, the right to charge for passing vehicles should be approved first, and the operation period is slightly longer, so as to facilitate enterprises to carry out project financing. For transportation projects with relatively few passing vehicles, the lowest rate of return can also be promised, and the difference is partially subsidized by the financial sector. The government and government investment companies should assist investors in financing guarantee. On the premise of conforming to the planning, gas stations, car washes, service areas and storage areas are allowed to be held along the highway, and certain plots on both sides of the highway are designated for priority development. The government should further open up business areas related to traffic facilities (such as highway maintenance, dock maintenance, highway greening maintenance, etc.). ), straighten out the traffic management system, improve relevant laws and regulations, and promote the openness and socialization of transportation supporting services.

5. Citizen welfare

The land for civil welfare construction such as nursing homes and amusement parks for the elderly is allocated by the administration, and the government of ordinary nursing homes in the community gives appropriate subsidies; It is allowed to set up medical service institutions for rehabilitation and general diagnosis and treatment of the elderly, and provide appropriate external services. Community nursing homes and pension parks are subject to government-guided prices, and the charging standards for high-end nursing homes are self-determined and reported to the price department for the record.

6. Water conservancy project

Reservoir power generation, the power sector to buy in full; Irrigation of farmland can be appropriately charged to farmers, and the standard is reported to the price department for approval; To supply water to urban and rural areas, the water price shall be determined through consultation between the project enterprise and the water plant or the user unit. Reclaimed beaches can be developed by themselves or sold to other units for development, and the land use period can be slightly longer.

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