Following the issuance of "Several Policies and Measures on Promoting the Expansion of Foreign Investment, Stabilizing the Stock and Improving the Quality with a Focus on Manufacturing" on October 25, the National Development and Reform Commission issued another document on "stabilizing investment."
On November 7, the National Development and Reform Commission announced the "Opinions on Improving the Policy Environment and Increasing Efforts to Support the Development of Private Investment". The "Opinions" will promote private investment projects by giving full play to the role of leading major projects and leveraging government investment. Accelerate implementation, guide the high-quality development of private investment, encourage private investment to revitalize existing assets in various ways, strengthen private investment financing support and promote the healthy development of private investment, and propose 21 measures to further improve the policy environment and increase support Private investment and development.
The "Opinions" clearly require that the consistency between the proposed policies and the macro policy orientation be evaluated to prevent the introduction of policies and measures that affect the enthusiasm of private investment. At the same time, we will strengthen publicity and guidance, respond to market concerns in a timely manner, stabilize market expectations, enhance private investment confidence, and promote the high-quality development of private investment.
Yang Chang, head of the policy group and chief analyst of Zhongtai Securities Research Institute, believes that setting such a tone is conducive to further stabilizing expectations for private investment, and coordinating relevant policy measures to form a linkage to create opportunities for the restoration of private investment. A better policy environment.
In terms of specific policies, the "Opinions" support private investment in participating in the construction of 102 major projects and other projects, and specifically mention supporting private investment projects to participate in the pilot project of real estate investment trust funds (REITs) in the infrastructure field. It is required that when issuing infrastructure REITs, all types of ownership enterprises should be treated equally, and the launch of specific private investment projects should be accelerated to create a demonstration effect and enhance the confidence of private enterprises to participate.
In terms of strengthening support for private investment and financing, the "Opinions" require the establishment and improvement of a social capital investment and financing cooperation docking mechanism, and through various methods such as project matchmaking meetings, to build a communication and connection between private investment projects and financial institutions. Platform; guide financial institutions to innovate financial products and services, reduce loan interest rates and financing-related expenses for private enterprises, increase support for qualified private investment projects, etc.
In addition, the "Opinions" also require unblocked policies to be implemented in the "last mile", continue to promote the reasonable reduction of corporate tax burdens, encourage financial institutions to reasonably share profits, and promote the reduction of corporate energy, land, housing rent and other costs ; Guide private enterprises to explore new investment opportunities and identify future development directions; encourage private enterprises to focus on industry, refine their main businesses, enhance core competitiveness, and avoid one-sided pursuit of hot spots, blind expansion of investment, and increase in operational risks, thereby promoting private investment healthy development.
Yang Chang believes that the current performance of private enterprises is relatively weak. Therefore, it is very important and timely for policies to support private investment at this time. Data from the National Bureau of Statistics show that from January to September this year, the total profit of industrial enterprises above designated size nationwide was 6.24418 billion yuan, a year-on-year decrease of 2.3%; of which, private enterprises realized a total profit of 1.70050 billion yuan, a decrease of 8.1%.
Zheng Houcheng, director of Yingda Securities Research Institute, also said in an interview with reporters that the current growth rate of private investment faces certain constraints. On the one hand, the total profits of private industrial enterprises continue to grow negatively, resulting in the weakening of private capital's ability to increase investment. On the other hand, industrial enterprises are still in the active destocking stage, and PPI is still running at a low level.
The National Development and Reform Commission pointed out that private investment accounts for more than half of the total social investment, adhering to the "two unwavering principles", increasing policy support, and using market methods and reform measures to stimulate the vitality of private investment, which is conducive to mobilizing all parties. Investment enthusiasm, stabilizing market expectations, increasing jobs, promoting high-quality economic development, and helping achieve Chinese-style modernization.