(1) In the field of pure public welfare, new investment and construction methods such as "government funding for civilian use" and "doing more with less money" are adopted.
Direct government investment in pure public goods does not mean that the government should directly produce public goods. We should learn from the experience of developed countries, introduce the market mechanism into the field of government public services, and combine the functional advantages of government authority and market exchange by means of "agent system", "contract system" and "order system" to maximize the supply capacity, quality and efficiency of government public services at the lowest cost. Specifically, it mainly solves four problems:
(1) Implement the publicity system of public eye projects and optimize the use of government investment. The establishment of the socialist market economic system puts forward higher requirements for the openness of government investment. Government public welfare investment projects serve the whole society, especially ordinary people. Therefore, we must maintain full information disclosure and rely on the supervision of the broad masses of the people to improve the efficiency of government investment. Government departments have the responsibility and obligation to disclose relevant information of public projects, including investment scale, debt scale and cost, debt repayment plan, employees, etc. And hold relevant hearings to let all sectors of society judge and supervise the feasibility of government investment, so as to put forward relevant suggestions and improve the scientific nature of public project investment. Especially for some image projects, performance projects or over-luxurious public projects that waste people's money and have no practical use, we can get effective supervision from the society through the project publicity system so as to correct them in time. For example, in the process of preparing for the 2008 Olympic Games, Beijing pursues high-grade design in major venues, and the project cost budget is too high. After the project was publicized, the society raised objections. BOCOG has carefully calculated the cost, input and output, readjusted the design of high-priced Olympic events, and achieved the effect of doing good things with less money. It can be seen that private participation in the use of government investment is also a major change in investment methods.
(2) Implement the public bidding system to save the use cost of government funds. The implementation of public services must be funded by the government, but it is not necessarily entirely produced by the public economic sector. For example, garbage disposal may be invested by private enterprises, military airports and docks may be funded by the government, and private enterprises are built, and so on. But this process is not instructed by the government, but should be ordered by the private sector and non-profit sector through bidding, because the market mechanism will effectively improve the production efficiency and economic benefits of public services, so it can save the cost of using government funds. Generally speaking, bidding for the construction agent system from private enterprises can save 22-25% of government expenditure costs and promote the development of service industry and related emerging industries.
(3) Implement the public bidding agency system to control the quality of government funds and the construction period. In recent years, the implementation of "agent construction system" for non-operating government projects, entrusting the construction and management tasks of non-operating government projects to professional and permanent project management institutions or companies rather than project users, is a major reform and institutional innovation in the implementation mode of government investment projects. The Decision on the Reform of National Investment System proposes to accelerate the "agent construction system" of non-operating government projects, that is, to select professional project management units to be responsible for the construction and implementation through bidding, strictly control the project investment, quality and construction period, and hand them over to the user units after completion and acceptance. At present, Beijing, Chongqing, Shenzhen and other places have introduced the method of bidding on behalf of construction in social undertakings such as urban hospitals, schools and cultural facilities, which has solved the long-standing problems such as over-estimation and delayed construction.
(4) The public service contract contracting system shall be implemented to spread the risk of using government funds. Contract contracting refers to the government putting some public services provided to citizens by government departments into the market and inviting private sector and non-profit sector to bid for the contract. The successful bidder shall provide public services according to the supply contract signed with the government and receive remuneration. The biggest advantage of the contract contract system is that the government, as an investor, only requires the content and standard of the final service, and minimizes the specific requirements for project construction and operation. If the service provided by the enterprise can't meet the standard required by the contract, the government can cut its expenses; If the specified standards are met or exceeded, the contractor can get a certain percentage of extra income. In principle, the government does not bear the minimum payment level, so that the public sector and the private sector can share it reasonably and reduce the risk cost. At the same time, after private enterprises build prisons, hospitals, compulsory education schools and urban street lamp systems on behalf of the government, the government can pay the rent and maintenance management fees by stages according to the contract requirements, thus changing the financial expenditure from full payment in a single year to balanced payment in many years, further diversifying investment risks.
In short, compared with the mode of "government investment and government production", the investment mode of "government investment and private production" has changed from fund allocation system to contract system, from instruction system to bidding system, from reimbursement system to reward and punishment system, and from exclusive commitment to investment (execution) risk to sharing system, thus improving investment efficiency.
(two) to promote the reform of government investment in quasi-public areas, support social forces to participate in the construction of public projects, and achieve "less money." The effect of doing great things.
In order to make up for the serious shortage of funds and management capacity of government departments, in the future, government departments must change the single investment mode, explore various ways of funding or compensation, such as capital injection, loan discount and financial subsidies, support, encourage and guide social forces to participate more in investment construction in basic fields, and form a wide range of public-private partnerships, thus greatly broadening the investment channels of public projects and achieving the effect of "doing big things with less money".
(1) Attract social funds through equity participation or holding to make up for the lack of financial investment ability. Social infrastructure and other quasi-public areas have large capital investment and slow capital turnover, so government investment alone can certainly not meet the construction needs, which requires the government to adopt flexible and effective investment methods to attract more private capital to participate. In public works projects such as urban infrastructure, at present, private capital focuses on the government credibility and administrative means behind government capital, which can better solve the conditions of land acquisition, demolition, environmental protection, labor security and supporting facilities, making private capital generally willing to invest in construction projects with government participation and certain market prospects. As long as the government shares a small amount of capital, it can attract a larger share of private capital, which not only solves the shortage of infrastructure investment sources, but also greatly reduces the burden of government investment and the risks of private investment. This mode of operation is also known as "the government sets the stage, folk singing opera" or "government-led, market-oriented operation". On the other hand, for some major national infrastructure construction, the central government should still have the necessary control power, that is, the holding capacity, and at the same time widely introduce private capital as a supplement. In view of the scattered private capital, except for a few large enterprises, the strength of independent direct investment in infrastructure is insufficient. We can learn from international experience, combine government-controlled investment with private equity capital market, open tender and issue major infrastructure investment projects to the market, and attract a large number of idle private funds to participate in infrastructure investment through industrial investment funds and issuing corporate bonds. Centralized and decentralized private capital has done great things and achieved good amplification benefits.
(2) Attract private investment through franchising and other means to make up for the lack of government's ability to resist risks and operate. In the traditional investment model of social undertakings, the government department fully invests and is responsible for the whole process of the project, and the capital and management risks are all borne by the government. In the future, the government can transfer all or part of the management right to private capital through public-private partnership, private contracting operation, BOT (build-operate-transfer) and TOT (transfer-operate-transfer) before or after the completion of the project, thus forming a public-private cooperation mode of "the government belongs to the private sector" and decomposing the burden of government investment and operation. Specifically, the government can adopt public-private partnerships (such as public-private partnerships, state-owned private enterprises, state-owned private enterprises and public-private partnerships) to attract social forces to participate in investment and construction. The government can sign a franchise agreement with the project legal person, give it an exclusive franchise within a certain period of time, clarify the responsibilities and risk sharing of both parties, and entrust all or part of the financing, design, construction, operation, maintenance and management of social undertakings to enterprises, even if the investment pressure and risks of the government are greatly dispersed. The significance of this reform measure lies in that the government mobilizes social resources to improve the production capacity of public services through the market mechanism to make up for the lack of government financial resources and service capacity, and also shows the real demand of the society for public services through the price mechanism, so as to achieve the goal of supplementing the public with private services and killing two birds with one stone.
(3) Support private investment through investment subsidies. And make up for the loss of investment income externalization. The investment in social quasi-public welfare undertakings is mainly to meet the external interests of mass society. Although it may enjoy preferential policies such as tax exemption from the government, it is still subject to necessary price control and cannot be completely liberalized, which will inevitably restrict the investment income. If the government departments do not help, all the benefits of external investment will be absorbed by investors, which will seriously dampen the enthusiasm of social forces to participate in investment. If the government charges fees, but the fees are not enough to recover the investment and realize reasonable profits, the government departments should subsidize the insufficient part. For hospitals, institutions of higher learning, cultural institutions and social welfare departments whose actual income is lower than the investment cost, the government can give certain operating expenses subsidies to the project business units in accordance with the principle of combining compensation costs with reasonable returns and combining financial allocation with reasonable public commitment. It is also possible to subsidize the investment expenses in one lump sum during the construction period, so that social forces can make the investment income at least break even with the help of government subsidies. For example, in the National Stadium, the main venue of the 29th Olympic Games in 2008, the Beijing Municipal Government contributed 58% of the total investment of 3.5 billion yuan free of charge, regardless of returns and losses, and the winning bidder obtained a 30-year franchise with 42% contribution.
(4) Support private investment through discount loans to make up for the lack of credit capacity of public investment. At different stages of economic development, long-term policy credit funds are provided around important departments and major projects stipulated by industrial policies, effectively guiding the flow of industrial investment and ensuring the implementation of industrial policies. Policy loans can provide long-term and stable financial support for infrastructure financing with long payback period and large scale. The cost of general commercial loans is often unbearable for basic projects that bear the public burden and have good social benefits. Policy loans formed through government interest subsidies can make up for this defect. Zhejiang province took the lead in using the financial discount policy in the country, giving discount subsidies to bank loans for construction projects and guiding many private capitals to invest in infrastructure. 1998-2000 During the three years, the province arranged a discount of 2.52 billion yuan, which directly led to 50 billion yuan of bank loans and tens of billions of yuan of private investment.
(5) Support private investment through the voucher system to make up for the lack of consumption power of specific consumer groups. From the social point of view, due to the insufficient consumption power of low-income consumer groups, the unprofitable supply system of low-income groups, and the investment and consumption power of non-compulsory education, medical care and social welfare institutions are seriously insufficient. From the perspective of promoting the development of public services, the government can play the role of economic leverage such as voucher system to improve the consumption power of specific consumers. Vouchers are securities issued by the government to help specific people buy certain goods or services, which are mainly used for food subsidies, medical subsidies, education subsidies and housing subsidies provided by the government. Consumers who are eligible to accept vouchers use vouchers to buy specific goods or services in public service providers designated by the government, and then the government exchanges cash for vouchers received by these institutions. For example, education vouchers are issued to students with financial difficulties, medical vouchers are issued to low-income people, and welfare vouchers are issued to elderly people who need care. In this way, the consumption gap of poor people in non-compulsory education, medical care and social welfare institutions can be made up, and the consumption scale of public welfare science, education, culture, health and sports clubs can be expanded. At the same time, indirect subsidies closed the investment income gap of social institutions, amplified the social effect of fiscal expenditure, and mobilized the enthusiasm of public investment, thus making up for the market failure.
(c) Promote the reform of government investment methods in the commercial field, amplify the investment benefits of social investment industrialization, and achieve the effect of "doing good with less money".
The commercial field is organized by domestic and foreign non-governmental organizations, individuals or other social forces under the overall planning and macro-control of the government. The relationship between supply and demand is regulated by the market, which constantly meets the diversified and multi-level commodity demand of the whole society. Obviously different from the public welfare and quasi-public welfare fields, the government only plays an indirect role in the resource allocation of social undertakings, and the purpose of investing financial resources is to better play the basic role of the market in resource allocation. From the future, we should give full play to the effective functions of government special investment methods such as financial discount and tax rate adjustment, reduce the market transaction cost, capital cost, labor cost and social cost of private investment, mobilize the enthusiasm and creativity of private investment, and thus amplify the efficiency of social investment.
(1) Establish and improve support and encouragement policies to reduce the cost of private small and medium-sized capital venture capital. Private small and medium-sized investment has the advantages of clear property rights, independent operation, wide coverage, self-risk and rolling development, which can supplement the market gap that large enterprises can't meet and has great development potential. Investment strength is weak, financing is difficult and management is backward. At present, there are still great differences in policy treatment inside and outside the system in terms of market access, land use, bank loans, tax payment, fee price and certificate issuance, and there are still various discriminations against the private economy in terms of investment in running schools, hospitals, culture and social welfare. Some traditional concepts and management systems that are not conducive to "social undertakings and social services" still exist in large numbers, which greatly inhibits the investment enthusiasm of social forces; Government departments should create a more relaxed market access environment and develop an entrepreneurial environment, and cultivate and encourage the development of small and medium-sized private capital. For example, the government has invested a certain amount of resources, given necessary support in taxation, land and credit, reduced the start-up cost of small and medium-sized private scientific and cultural enterprises, and promoted more private capital to enter the ranks of science, education, culture and health entrepreneurship.
(2) The government should share the cost of reform and promote private capital to participate in the optimization and reorganization of state-owned assets. Starting from the overall situation of optimizing the strategic layout of state-owned assets, we will promote the orderly withdrawal of state-owned capital in general competitive fields and encourage social capital to participate in the reorganization and transformation of state-owned stock assets through various channels such as equity participation, holding, merger, leasing, contracting, custody and franchising. However, if the restructuring costs such as debt and personnel diversion in asset restructuring are not shared by the government and directly passed on to social or private capital, it will increase the difficulty of revitalizing the stock of assets. Therefore, the government should contribute to bear part of the restructuring costs, including debt costs and the cost of placing surplus personnel, and the rest of the restructuring costs should be borne by all parties, so as to promote private capital to participate in the optimization and restructuring of state-owned assets.
(3) Provide discount and guarantee support for private investment, and reduce the capital cost of social investment. At present, commercial financial institutions are often keen to provide loans for construction projects of large enterprises, but lack enthusiasm for loans for small and medium-sized enterprises. Most small and medium-sized enterprises are restricted by credit rating, credit guarantee and mortgage, so financing is generally difficult. In order to alleviate the problems of small and medium-sized enterprises, especially small enterprises, such as difficult loans and guarantees, government departments should do something. It is suggested that the government should set up a policy bank and credit guarantee system for small and medium-sized enterprises, give discount and guarantee support to private investment with development potential, and allow the loan interest of private investment projects to be moderately deducted from enterprise income tax, which will greatly reduce the capital cost of private investment and enable small and medium-sized enterprises to obtain vital financial resources with the support of the government.
(4) Using tax leverage to promote enterprise technological progress and reduce the risk and cost of social technological progress investment. Accelerating the pace of technological transformation and progress of enterprises in China is related to the promotion of the comprehensive competitiveness of the whole country. In view of the fact that domestic enterprises generally face a serious shortage of investment in technological progress, insufficient anti-risk ability and weak motivation, the government can reduce the investment burden of enterprises through special investment methods such as tax reduction and exemption, and promote enterprises to increase investment in technological transformation and technological progress. For example, in order to promote the equipment renewal of the old industrial bases in Northeast China, the state recently introduced preferential policies for accelerated depreciation, allowing local industrial enterprises to shorten the depreciation period of fixed assets by no more than 40% on the basis of the current depreciation period; Intangible assets transferred or invested can be amortized within a relatively short period of time at a ratio of no more than 40% on the basis of the current amortization period. In order to promote enterprises to increase their investment in R&D and introduce new technologies, some regions allow enterprises to deduct the purchase cost of new equipment in proportion from their income tax payable, and allow enterprises to deduct a certain proportion of experimental research expenses and imported technology expenses from their pre-tax income. At present, there are still some provisions in the fiscal and taxation policies that are not conducive to the technological progress of enterprises. We should further explore how to encourage investors to increase their investment in technological progress and stimulate the investment enthusiasm of private investors by formulating appropriate tax "investment incentives".