Expert advice: Multi-channel financial measures support private investment to "reset" as soon as possible
Our reporter Chang Xiaoyu
Stable investment is an important part of the "six stability", and private investment is an important force for stabilizing investment. In the first half of the year, the growth rate of private investment was 4.2% lower than the growth rate of fixed asset investment in the whole society. How to "reset" private investment as soon as possible has become the focus of the market.
On August 5, Ning Jizhe, deputy director of the National Development and Reform Commission, said in an interview with Xinhua News Agency and CCTV that in the second half of the year, China will further improve the environment for private investment, increase policy support, and support private capital to participate in response to the epidemic and public At the same time, it is necessary to guide banks to introduce credit products adapted to the characteristics of private enterprises and increase the scale and proportion of credit loans and medium- and long-term loans.
Liu Xiangdong, deputy director of the Economic Research Department of the China International Economic Exchange Center, said in an interview with a reporter from the Securities Daily, “Investment plays a key role in stabilizing economic growth, and private investment accounts for about 60% of China’s total fixed asset investment, so it is stable. Investment must first guide the steady growth of private investment."
According to an incomplete analysis by a reporter from the Securities Daily, since this year, both relevant ministries and governments at all levels have "named" private investment many times, and many places have also focused on how to actively guide and activate private investment and list their work. List".
On July 8, the National Development and Reform Commission and other 12 departments and units jointly issued the "Implementation Opinions on Supporting Private Enterprises to Participate in the Construction and Development of Transportation Infrastructure", emphasizing that all types of investment entities are treated equally, and private enterprises must not be involved in transportation infrastructure in any form. Restrictive thresholds are set for construction and operation.
On July 24, the Henan Provincial Development and Reform Commission issued a notice on the "Implementation Plan for Further Stimulating the Vitality of Private Investment", with 22 specific measures to protect and stimulate the vitality of market entities and promote the high-quality development of private investment. On March 16, the Guizhou Provincial Development and Reform Commission announced 1,000 key private investment projects that Guizhou Province will vigorously promote in 2020, with a planned annual investment of 20.1 billion yuan.
Talking about the key areas of private investment in the second half of the year, Pan Helin, executive dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, predicted that this year’s "Government Work Report" mentioned supporting the construction of "two new and one heavy", mainly referring to strengthening new infrastructure Construction, new-type urbanization, transportation, water conservancy and other major projects. The series of policies to stimulate economic recovery this year and the construction of transportation and water conservancy facilities have provided opportunities for private investment. In addition, the field of innovation and technology will also become an important direction of private investment in the second half of the year.
Regarding the question of "how can financial channels support private investment?" Pan Helin said that private investment has huge capital supply potential, but due to the impact of the epidemic, private investment was not active in the first half of this year. my country can protect and stimulate the vitality of market players through multi-channel financial measures, and promote the high-quality development of private investment. For example, open up green channels for approval and include qualified private investment projects into key project management at all levels. Make full use of comprehensive measures such as fiscal capital injection, investment subsidies, and loan interest discounts to reduce project investment, financing and operating risks. Especially for those industries where the degree of irreversibility of investment is high and the growth rate of private investment has fallen sharply, appropriate financial measures should be adopted as soon as possible to stabilize the expectations of private investment entities in these industries.
Liu Xiangdong believes that mobilizing the enthusiasm of private investment is also essential. "On the one hand, it is necessary to adopt short-term stimulus policies, including further tax cuts and fee reductions, and to reduce financing costs. At the same time, it is necessary to stabilize investment expectations, give play to the guiding role of fiscal funds, and enhance the confidence of private investment. On the other hand, China In the long term, it is necessary to review the reform of the investment and financing system, eliminate various institutional barriers that restrict private investment, reduce the transaction cost of private investment, and effectively guide private enterprises to form effective investment." (Securities Daily)