From 1998 to 200 1, the growth rate of joint-stock economic investment was as high as 40.4%, 27.3%, 63.9% and 39.4% respectively, which was the fastest among all private investments. Joint-stock economic investment accounts for the main share of the rapidly growing investment in "other economies" (from 30.4% in 1997 to 63.6% in 200 1 year), and the accelerated growth of the whole private investment is actually driven by joint-stock economic investment. At present, private investment has spread all over the industries of the 16th National Congress, and personal economic investment is mainly distributed in agriculture and housing. Collective, private, joint venture and joint-stock economic investment are mainly distributed in wholesale and retail trade, catering, manufacturing and construction. From 1993 to 1997, the amount of private investment and its proportion in the total investment of this industry have increased in different degrees since the 16th National Congress, among which the fastest growing industries are construction, wholesale and retail trade, catering, agriculture, forestry, animal husbandry and fishery, and their proportions have increased by 15.69, 12.55 and/respectively. In the general competitive field, private investors, especially the joint-stock economy, have shown strong economic strength and competitive advantage. In recent years, some infrastructure areas monopolized by the state-owned economy have gradually opened to private investment, relaxing the restrictions on private investment. Private investors are increasingly showing growth potential and competitive vitality in these areas.
(2) The improvement of the legal environment has stimulated the enthusiasm of non-public economic investment.
After the 15th National Congress of the Communist Party of China was held, the Constitution formally determined that the individual, private and other non-public sectors of the economy were "an important part of China's socialist market economy". Many fake collective enterprises have taken off their "red hats" and restored the true colors of private enterprises. According to a random survey of more than 2,000 private enterprises by relevant departments, 70% of private enterprises are prepared to carry out joint venture or shareholding system reform with other ownership enterprises and are willing to participate in the reform of state-owned enterprises. The Law on Sole proprietorship enterprises and its implementing rules, which came into effect from 65438 to 0999, no longer set minimum restrictions on the number of employees and registered capital of sole proprietorship enterprises. Laws and regulations on the non-public sector of the economy are being gradually formulated, which provides a certain legal guarantee for the rapid development of such investors.
(3) The development of the western region has a catalytic effect on the activity of private investment in various regions.
The pace of reform and opening up in the western region has been accelerated, and the investment environment has been gradually improved, which has created good institutional conditions for the development and growth of various local enterprises, including private investors. At the same time, it also attracted more enterprises from the eastern and central regions and foreign-invested enterprises to invest in the western region, which promoted the flow of production factors and the expansion of interregional trade. According to the survey conducted by China Entrepreneur Survey System on June 5438+065438+ 10, 2000, more than half of the enterprises in the eastern and central regions have participated in or intend to participate in the western development, and the ways to accelerate the inflow of production factors into the western region are gradually expanding. This not only brings local scarce production factors such as specialized talents, capital, technology, management experience and information to western private investors, but also brings new ways of thinking and behavior. Various enterprises in the eastern and central regions have also found new investment opportunities and expanded the market space for allocating resources.
(D) Budget funds, including national debt investment, have created conditions for activating private investment.
On the one hand, the huge national debt investment in recent years is improving infrastructure in many fields and indirectly stimulating private investment. On the other hand, the support of budget funds for private investors has also increased. From 1997 to 2000, the proportion of budgetary funds in the total social investment increased from 2.8% to 6.4%, and the proportion for private investment increased from 12. 1% to 18.5%. Of course, among the various sources of social investment in the same period, foreign capital, self-raised investment and other investments were mainly used for private investment, but the direct support of budgetary funds for private investment projects can not be ignored. (1) The growth rate of domestic private investment is higher than that of state-owned economic investment, foreign investment, investment from Hong Kong, Macao and Taiwan, and investment from the whole society, among which the investment in joint-stock economy is the fastest.
Since the implementation of the proactive fiscal policy from 65438 to 0998, China has continuously issued treasury bonds in the investment field, which has stimulated the growth of the entire investment demand and achieved remarkable results. 200 1, the total social investment growth 13%, higher than the previous two years. At the same time, people have been worried that private investment will be squeezed out or its growth will be weakened, because the government's public investment intention is reflected in national debt investment, and the main beneficiary is the state-owned economy. In fact, except for 1998, the growth rate of state-owned economic investment is significantly higher than that of private investment and social investment. From 1999 to 200 1 respectively, the investment growth rate of collective economy, individual economy and other economies is basically faster than that of state-owned economy, and the investment growth rate of "other economies" is as high as 28% for two consecutive years. Among various economic components, the investment in the joint-stock economy grew fastest, from 1997 to 200 1 year, and from 1387.2 1 100 million yuan to 56,634.9 billion yuan, with an average growth rate of 32.5% in five years. In the same period, foreign investment and investment from Hong Kong, Macao and Taiwan increased from 289.308 billion yuan to 299.869 billion yuan, with an average increase of only 0.7%.
The average growth rate of domestic private investment is not only higher than the state-owned economy, but also higher than the whole society. From 1998 to 200 1, the growth rate of state-owned economic investment decreased from 17.4% to 3.8%, 3.5% and 6.7% year by year, while the average growth rate of all domestic private investment reached 20.4%,11.8 respectively.
(2) The proportion of domestic private investment is close to that of state-owned investment, the proportion of joint-stock investment has increased significantly, the proportion of foreign investment and investment from Hong Kong, Macao and Taiwan has decreased year by year, and the dependence of the whole society on government direct investment is decreasing.
In recent years, the proportion of domestic private investment in the total social investment has been rising, while the proportion of state-owned investment, foreign investment and investment from Hong Kong, Macao and Taiwan has been declining year by year. From 1997 to 200 1, the proportion of state-owned investment, domestic private investment, foreign investment and investment from Hong Kong, Macao and Taiwan increased from 52.5%, 35.9% and1.6% to 47.3%, 44.6% and 8./kl, respectively.
Since the 1990s, the proportion of state-owned economy in the total investment has been declining substantially, reaching 5438+0 in 2006, which is 9. 1 percentage point lower than that of 1994. In the same period, the proportion of collective economic investment decreased slightly, by 2 percentage points; The proportion of foreign investment and investment from Hong Kong, Macao and Taiwan decreased by 3. 1 percentage point; However, the proportion of individual economic investment, especially joint-stock economic investment, increased significantly by 3 and 1 1.4 percentage points respectively. Due to the large amount of national debt investment injected by the state, although the proportion of state-owned economy in the total social investment increased slightly in 1998 and 1999, it still showed a downward trend on the whole. From 1998 to 200 1, the proportion of state-owned economic investment decreased from 54. 1% to 47.3. In the same period, in the change of the proportion of domestic private investment, the proportion of collective economic investment decreased slightly, from 14.8% to14.2%; The proportion of individual economic investment increased from 13.2% to14.6%; The proportion of other economies rose from 18% to 23.9%, and the proportion of investment in joint-stock economy rose rapidly from 6.9% to 15.2%. This shows that while the national debt investment is concentrated in the state-owned economy, domestic private investment is becoming increasingly active, especially in the joint-stock economy, with the strongest investment vitality and the largest increase in its proportion.
Comparing the situation of government direct investment and social investment in recent years, we can also see that the independent growth ability of investment is gradually increasing. From 1999 to 200 1, the proportion of national debt investment (including the investment completed by national debt funds and all supporting funds) in the total social investment gradually decreased, which were 8. 1%, 8.8% and 6.5% in turn; The growth rate of investment funds in the budget also gradually decreased, which were 54.7%, 13.9% and 13.2% respectively. However, the growth rate of social investment has gradually increased, which is 5. 1%, 10.3% and 13% in turn. This shows that due to the growing momentum of domestic private investment, the dependence of the whole society's investment growth on government direct investment is decreasing.
(3) The contribution rate of domestic private investment to the investment growth of the whole society has increased, which is close to the contribution rate of state-owned economic investment.
In recent years, the growth rate of state-owned economic investment in Africa has gradually accelerated, and its proportion in the total social investment has been rising, and its contribution rate to the total social investment growth has also gradually increased. From 65438 to 0998, the investment of the whole society increased by 13.9%, of which the contribution rate of state-owned economy was as high as 7.52 percentage points, while the contribution rates of collective economy, individual economy and other economies were only 2.05, 1.83 and 2.49 percentage points respectively. In 200 1 year, the investment of the whole society increased by 13%, in which the contribution rate of state-owned economy decreased to 6. 17 percentage points, the contribution rate of collective economy decreased to 1.85 percentage points, and the contribution rates of individual economy and other economies increased to 1.9 and 3./kl respectively. Among other economies, the contribution rate of joint-stock economy to the investment growth of the whole society has increased most obviously, from 0.96 percentage points in 1998 to 200 1.98 percentage points; In the same period, the contribution rate of foreign investment, Hong Kong, Macao and Taiwan investment to the investment growth of the whole society decreased from 65,438 0.46 percentage points to 65,438 0.05 percentage points; The contribution rate of joint venture economy and other investments basically remained at 0.08 percentage points. The contribution rate of individual economic investment has always been slightly greater than that of collective economy. According to 200 1, the contribution rate of various economic types to the investment growth of the whole society is ranked from high to low, and the order is state-owned economy, joint-stock economy, individual economy, collective economy, foreign investment economy, Hong Kong, Macao and Taiwan investment economy and joint venture economy. The total contribution rate of domestic private investment to the investment growth of the whole society has increased from 4.92 percentage points in198 to 5.8 1 percentage point in 200 1 year, approaching the contribution rate of 6. 17 percentage points in 200 1 year for state-owned economic investment. This is also in sharp contrast to the trend that the contribution rates of state-owned investment, foreign investment and investment from Hong Kong, Macao and Taiwan are decreasing respectively.
(4) Private investment in the east has become the main force of social investment in this region, and the growth rate of private investment in the central and western regions is faster than that in some eastern regions. Private investment in the eastern, central and western regions has increased substantially, and its proportion in the total investment in this region has been rising.
From 1993 to 1997, private investment in the east increased by 23% annually, and the proportion of private investment in the whole social investment in this region increased from 46% to 53.6%, an increase of 7.6 percentage points. The average annual growth rate of private investment in the central region is 32%, and its proportion has increased from 3 1.7% to 44.6%, an increase of 12.9 percentage points. The average annual growth rate of private investment in the western region is 27%, with the proportion rising from 23.5% to 32.4%, an increase of 8.9 percentage points. During this period, the growth rate of the whole national economy and social investment was quite high, so the growth momentum of private investment in the eastern, central and western regions was also fierce, and the growth rate and proportion of private investment in the central and western regions were obviously higher than that in the eastern region.
1997 ~ 2000, the average annual growth of private investment in the eastern region was 10%, and the proportion of private investment in the total investment in this region increased from 53.6% to 56%, an increase of 2.4 percentage points; In 2000, the proportion of five provinces in the eastern region exceeded the provincial average of 56%, namely Fujian (63.4%), Zhejiang (62.7%), Guangdong (59.9%), Hainan (58.2%) and Tianjin (58.2%). The average annual growth rate of private investment in the central region is 1 1%, and the proportion has increased from 44.6% to 45.9%, an increase of 1.3 percentage points. The average annual growth rate of private investment in western China is 19%, and its proportion has increased from 32.4% to 37.5%, an increase of 5. 1 percentage point. During this period, due to the impact of the Asian financial crisis and changes in the domestic economic situation, the growth and proportion of private investment in the three regions have slowed down. However, stimulated by the policy of deepening reform and expanding domestic demand, private investment in different regions still maintained a high growth momentum, especially in the western region, which was significantly higher than that in the eastern and central regions. At the same time, in some provinces with relatively developed non-state-owned economy in the east, the main position of private investment has been further enhanced, which has played a major role in pulling all investment in this area. First, further relax investment restrictions on the non-state-owned economy, especially the individual and private economy, and lower the entry threshold. According to the Tenth Five-Year Plan and Several Opinions of the State Planning Commission on Promoting and Guiding Private Investment, it is necessary to effectively clean up the existing investment access policies. When clearly dividing the policies of encouragement, permission, restriction and prohibition, we should embody the principles of national treatment and fair competition, and break the boundaries of ownership, departmental monopoly and regional blockade. Where foreign capital and state-owned economy are allowed to enter, enterprises of any other economic type should be allowed to enter (unless there are special provisions of the state), and the shareholding ratio should not be artificially restricted. The state encourages and supports private enterprises to participate in state-owned economic reform and strategic adjustment through various forms such as acquisition, merger, holding and transfer of management rights. Under normal circumstances, state-owned capital may not hold shares in restructured enterprises.
Second, accelerate the reform of the investment system and broaden the channels for private investment. Reform pre-approval methods, simplify approval procedures and procedures, and strengthen industrial guidance for private investment. According to the characteristics of infrastructure, basic industries, traditional manufacturing industries, high-tech industries and modern service industries, we should adopt diversified project organization forms and investment and financing forms that conform to market economy practices, such as open bidding, franchising, intellectual property rights shareholding and industrial investment funds, and encourage and guide private capital to enter these fields. No matter what kind of entry method is adopted, it is necessary to ensure the freedom of contract and open and equal competition among all kinds of investment subjects, and form an investment risk responsibility mechanism corresponding to interests and risks.
Third, increase the guidance and support of fiscal and taxation policies for private investment. The budgetary funds (including the issuance of necessary treasury bonds) should continue to support private investment, and invest in projects with private capital as the mainstay in the form of equity participation or compensation; For infrastructure, basic industries and public welfare undertakings, private investment should be attracted through fee compensation mechanism or financial subsidies; Non-state-owned enterprises should be treated equally in technological transformation discount. Clean up the unfair tax burden and implement the structural tax reduction policy. For private investment projects in industries encouraged by the state, the same preferential treatment as state-owned investment and foreign investment is implemented in terms of tax reduction and exemption and cost sharing. Individual and private enterprises should avoid double income tax. Give necessary tax reduction and exemption support to small and medium-sized enterprises in the initial stage. At the same time, strictly control the "three chaos" and lift the unreasonable burden of private enterprises.
Fourth, vigorously develop a multi-level financial system that meets the needs of private investment. Accelerate the opening-up of the financial industry and actively develop non-state-owned local banks and small and medium-sized financial institutions. We will improve the credit guarantee system for small and medium-sized enterprises and generally set up special loan guarantee funds. We can consider establishing policy-oriented financial institutions for small and medium-sized enterprises and providing them with preferential government loans and discount loans. State-owned commercial banks should give full play to the functions of internal credit departments of small and medium-sized enterprises and establish corresponding risk prevention systems; Encourage small and medium-sized financial institutions to expand financing activities by appropriately delegating loan authority, increasing financial support, and expanding interest rate floating range. In terms of direct financing, it is necessary to support qualified small and medium-sized enterprises, especially private high-tech enterprises, to issue bonds and list and circulate stocks, establish a second-board stock market in a timely manner, and smooth the channels for private capital to enter and exit.
Fifth, establish an investment service system to help private investors improve their management and decision-making level. Local governments should incorporate the promotion and guidance of private investment into local economic and social development plans, formulate implementation measures, and improve work efficiency. We can consider setting up corresponding investment service institutions (in particular, we should encourage self-regulatory industry organizations to play their investment service functions), release industry investment information to private investors, and provide policy and regulatory advice and technical services. At the same time, on the basis of standardizing and rectifying economic verification intermediaries, we should give full play to the functions of intermediary service agencies and provide legal, accounting, market information, enterprise diagnosis, investment consulting and other services for private investors.
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