The General Office of the State Council issued the Opinions on Further Stimulating the Investment Vitality in Social Fields (hereinafter referred to as the Opinions), and put forward 37 concrete and operable policy measures, aiming at further stimulating the investment vitality in medical care, pension, education, culture, sports and other social fields.
Experts said that measures such as relaxing industry access, expanding investment and financing channels, and implementing land tax and fee policies can stimulate the enthusiasm of private investment to enter the social field, hedge the slowdown of future real estate investment and infrastructure investment to a certain extent, and have a positive effect on stabilizing investment growth.
Breaking through multiple fields will relax industry access
The Opinions put forward that industry access will be relaxed in a down-to-earth and effective manner. Formulate specific plans for social forces to enter the fields of medical care, old-age care, education, culture and sports, and comprehensive approval guidelines for the whole process across departments, promote one-stop acceptance, window service and parallel approval, and make breakthroughs as soon as possible in the fields of medical care and old-age care with great social demand, insufficient supply and high voice from the masses, focusing on solving problems such as the difficulty of doctors practicing more, being included in medical insurance and financing for old-age care institutions.
A number of experts said that opening up the social sector to private investment will help solve some prominent contradictions in the current macroeconomic operation, promote the deepening of supply-side structural reform, and reduce the downward pressure on economic growth to a certain extent.
last year, private investment slowed down for several months, which once became the focus of government and market attention. The relevant departments have taken a series of measures. First, they organized a nationwide inspection on private investment, and hired a third-party agency to evaluate the situation of private investment. the State Council and the National Development and Reform Commission issued policies to promote private investment in July and September last year. Since September last year, private investment has shown signs of stabilization and recovery. From January to February this year, private investment continued this upward trend, with a year-on-year increase of 6.7%, and the growth rate was 3.5 percentage points faster than last year.
Gao Yuwei, a researcher at the Institute of International Finance of Bank of China, told the Economic Information Daily that private capital pays more attention to profitability in investment decision-making, which is largely determined by the market. The rebound of its investment reflects the improvement of investment will and market confidence, which proves that the economy is improving steadily. It is difficult for investment growth to continue to rise in the future, and private investment will still become the main force to stabilize investment growth.
"Considering that the growth rate of real estate investment and infrastructure investment may slow down this year, the government encourages industrial upgrading and increases investment in people's livelihood to ensure steady economic growth and avoid ups and downs." Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, told the Economic Information Daily that although private investment has stabilized and rebounded in the fourth quarter of last year, it is unlikely that there will be a significant rebound this year. The government also hopes to encourage private investment to participate more in fixed assets investment.
Exploring investment and financing channels will further broaden
The Opinions put forward that investment and financing channels should be further expanded. In view of the characteristics of low average return on investment in the social field, long return period and difficulty in mortgage financing, special bond issuance guidelines and collateral management guidelines for commercial banks have been issued. Where conditions permit, market-oriented industrial investment funds in the social field can be set up to encourage all localities to increase credit for the industry through measures such as risk compensation.
some experts said that the economic benefits of investment in some social fields are relatively low, which leads to the low enthusiasm of social capital. If we want social capital to play an important role, it is very important to innovate investment and financing methods and give investors reasonable return expectations.
Wu Qi, head of the Commercial Bank Research Center of hengfeng bank Research Institute, said that the general idea of stimulating investment vitality in social fields should be changed from relying mainly on government financial input to paying equal attention to social investment and financial input. Among them, it is very important to broaden investment and financing channels. China is a country with indirect financing, so we should explore ways of government guarantee and risk compensation to encourage and support commercial banks to innovate their business models. At the same time, we should also speed up the construction of multi-level capital markets and support qualified enterprises to go public for financing.
It is worth mentioning that the Opinions put forward that social capital should be guided to participate in the construction and operation of medical institutions, aged care institutions, educational institutions, cultural facilities and sports facilities in the form of government-social capital cooperation (PPP), and demonstration of PPP projects should be carried out.
many experts believe that it is necessary to expand investment and financing channels in the social field through PPP mode. It is understood that as of the end of last year, 1,351 national PPP projects have been signed, with a total investment of 2.2 trillion yuan and a project landing rate of over 3%; Compared with the beginning of the year, the number of projects and the scale of investment have increased by more than four times. Zhang Yong, deputy director of the National Development and Reform Commission, previously revealed that PPP is a model to promote private investment. The first thing this year is to enable private enterprises to enter more fields through PPP.
Gao Yuwei also said that in order to protect the good momentum of private investment, besides relaxing market access, it is also very important to promote private investment with PPP, and to give private investment opportunities to participate in major projects.
Jiang Zhen, an associate researcher at the Institute of Finance and Economics of China Academy of Social Sciences, told reporters that from the perspective of PPP development, how the government takes measures to promote the healthy and stable development of PPP will be an important content in the future. At the policy level, we should try our best to optimize the implementation of PPP according to the principle of revenue sharing and risk matching. We should further refine the uncertainty of revenue and risk and have operational rules.
support the proposal of distributing land tax and other policy red envelopes
and earnestly implement the land tax and fee policy. In addition to the allocation of agricultural land conversion indicators and new land use indicators, we will encourage the revitalization of existing resources such as old factories and warehouses and formulate a comprehensive utilization plan for idle campus buildings. At the same time, it emphasizes the implementation of tax policies and increases the supervision and inspection of preferential price policies such as water, electricity and heat.
It is worth mentioning that the Opinions give great support to the land policy, suggesting that newly supplied land in the fields of medical care, old-age care, education, culture, sports and so on can be supplied by allocation according to law. For projects that can use allocated land, on the premise of voluntary use of land, encourage the supply of land by means of transfer or lease, and support the municipal and county governments to provide land by means of state-owned construction land use rights as capital contribution or shares, and invest in construction together with social capital. If it should be used for compensation, it can be supplied by bidding, auction or agreement according to law, and the land transfer price can be paid in installments according to the contract within the prescribed time limit. Support the implementation of long-term lease, first lease and then lease, and the combination of land supply.
"Implementing the land tax and fee policy is conducive to effectively revitalizing the stock resources such as land, broadening the financing channels of enterprise mortgage guarantee, and effectively reducing the cost burden of enterprises and improving their operating income." Wu Qi said.
Some experts said that a series of preferential policies have a positive effect on stimulating market vitality. Taking the old-age care industry as an example, the government encourages and guides social forces to participate in the development of the old-age care industry, so that the old-age care projects can be hierarchical, differentiated and commercialized. There are not only low-end projects, but also high-end projects to achieve comprehensive coverage from basic pension to health care.
The Opinions also proposes to vigorously promote the development of integration and innovation. Formulate management and service standards for the combination of medical care and nursing care, develop and expand online education, online fitness and leisure platforms, encourage all localities to explore innovative development pilot zones, and try first in terms of access, talents, land and finance. In addition, it is necessary to strengthen supervision and optimize services. Improve the collaborative supervision mechanism, explore the establishment of a service market supervision system, give full play to the positive role of departments, localities, associations and chambers of commerce, establish a comprehensive supervision and evaluation mechanism for the whole industry, improve the blacklist system and exit mechanism for service institutions and employees, and implement the normal disclosure of regulatory information.