What does private investment change from negative to positive
In the first November of 2020, my country's private investment has turned from negative to positive.
At the end of the year and the beginning of the year, private investment in many places continued to "heat up", and one after another sent out project and policy "big gift packages" to private capital.
Private investment accelerates recovery
On January 4, 2021, Qingdao, Shandong, launched several measures to further promote private investment, and introduced 17 policies for unblocked market access, key support areas, and strengthened promotion and protection to further stimulate the vitality of private investment.
In late December 2020, 95 key projects in Beijing were publicly promoted to the public, with a total investment of 106 billion yuan. It is planned to introduce 42.2 billion yuan of private capital, accounting for 40% of the total investment. The projects cover technological innovation, new infrastructure construction, and smart manufacturing. , Financial industry, cultural tourism, business service industry, infrastructure, health care, housing security and other 9 key areas.
Since 2018, Beijing has promoted 5 batches of over 370 key projects with a total investment of over 500 billion yuan.
On December 26, 2020, 233 major industrial investment projects with an investment of more than 50 million yuan in Guizhou Province started intensively, with a total investment of 166 billion yuan, of which 10.8% came from "private enterprise investment" activities.
In terms of local conditions, private investment is accelerating its recovery.
According to incomplete statistics from reporters, from January to November 2020, among the 23 provinces that released data on private investment, 17 provinces achieved positive growth in private investment.
For example, from January to November, private investment in Guangdong Province increased by 1.4%, and the growth rate turned positive for the first time during the year; private investment in Guizhou Province increased by 11.4% over the same period last year, which was 8.6 percentage points higher than the growth rate of investment in the province; private investment in Jiangxi Province Increased by 2.2%, the proportion of total investment rose to 64.5%; Zhejiang's private investment growth rate has been steadily increasing month by month since August 2020. The cumulative increase in the first November was 1.8%, accounting for 60.3% of fixed asset investment.
Although the growth rate of private investment in Tianjin, Inner Mongolia, Anhui, Hubei, Guangxi, Qinghai and other provinces is still negative, the rate of decline is gradually narrowing.
For example, from January to November 2020, private investment in Hubei Province fell by 25.2%, 4.9 percentage points lower than that from January to October; private investment in Anhui Province fell 0.7%, and the rate of decline narrowed by 0.9 percentage points.
As the main area of private investment, manufacturing investment in various regions has also shown a recovery trend, especially high-tech manufacturing investment has increased significantly.
For example, from January to November 2020, the investment in high-tech manufacturing in Shandong Province increased by 36.5%, the investment in high-tech manufacturing in Shanxi Province increased by 33.3%, and the investment in the pharmaceutical manufacturing industry in Guangdong Province increased by 82.7%.
Confidence of market entities fully recovered
At the national level, data released by the National Bureau of Statistics show that my country's private investment will increase by 0.2% in the first 11 months of 2020, and the growth rate will turn positive for the first time this year.
"The growth rate of private investment will finally turn positive before the end of 2020. There are many reasons." Wang Jun, chief economist of Centaline Bank and member of the Academic Committee of China International Economic Exchange Center, said that firstly, as the epidemic was effectively controlled nationwide , The economy continued to recover, driving the overall investment growth rate to gradually return to normal levels.
Secondly, the rapid rebound in investment growth in some sectors has stimulated private investment.
Among them, private investment in agriculture, forestry, animal husbandry and fishery, real estate development, and education increased by 12.4%, 6.8%, and 8.0% respectively in the first 11 months. The decline in private investment in manufacturing also narrowed by 1.9 percentage points; again, since the second quarter of 2020, special The boom in the upstream production sector in the third and fourth quarters rebounded significantly, which greatly boosted private capital’s optimistic expectations and investment confidence in the future market.
my country attaches great importance to the healthy development of private investment.
According to the deployment of the State Council, since 2018, the National Development and Reform Commission has instructed all localities to rely on the national investment project online approval and supervision platform to establish a long-term mechanism to promote projects to private capital, and promote the normalization of local public release of projects that are attractive to private capital.
Since 2020, in response to the impact of the epidemic, various departments and localities have successively issued and implemented a series of policy measures to enhance the vitality of the private economy and promote the development of private investment.
For example, in July 2020, the National Development and Reform Commission and other 12 departments 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 shall not be allowed to participate in transportation infrastructure in any form. Restrictive thresholds are set for construction and operation.
"The positive growth of private investment means that the future economic recovery will be more consolidated, the structure will be more balanced, and the endogenous driving force for economic growth will be more sufficient." Wang Jun said.
Liu Yuanchun, vice president of Renmin University of China, believes that the recovery of private investment indicates that China's economic recovery has reached a high level, and that the confidence of market entities has fully recovered, and it also indicates that the internal vitality of non-policy market entities has been produced.
Further break down institutional barriers
The Central Economic Work Conference requested that the strategic basis of expanding domestic demand be adhered to and proposed to "stimulate the vitality of investment in the whole society."
Ning Jizhe, deputy director of the National Development and Reform Commission and director of the National Bureau of Statistics, said that effective domestic demand is still insufficient, and there is still much room for improvement in the level of household consumption. Investment in key areas needs to be strengthened urgently.
It is necessary to give play to the key role of investment in optimizing the supply structure, coordinate the promotion of infrastructure construction, expand investment space, stimulate the vitality of private investment, and provide support for building a new development pattern.
“Private investment represents the endogenous driving force of economic growth, and represents the confidence and expectations of market forces in China’s economy. Its stability is critical to economic development.” Wang Jun believes that the focus of future demand side management and resource allocation should be A substantial tilt towards private investment will change the current imbalance of economic recovery.
Wang Jun believes that in terms of the policy environment, the supply-side structural reform should be the main line to further remove the system and mechanism barriers and fully activate the development potential.
Specifically, we should focus on mixed ownership reform and the principle of "competitive neutrality", eliminate ownership discrimination, and treat all types of ownership enterprises equally in terms of element acquisition, access permits, business operations, government procurement, and bidding. Promote the formation of a more convenient and reliable business environment; deepen the reform of the factor market, protect various property rights in accordance with the law, break the barriers that restrict the free flow of land, labor, capital, technology, and data, and improve the efficiency of resource allocation.
The reporter noticed that in the recent "14th Five-Year Plan" and the 2035 long-term goals recommendations issued by various provinces, many places have clearly made institutional arrangements for private investment, requiring that the barriers to private capital entering key areas be broken and stimulated. The vitality of private investment.
For example, Hebei Province proposes to “stimulate the vitality of private investment, vigorously develop the private economy, clean up and abolish unreasonable regulations linked to the nature of enterprises. Promote the coordination and linkage of private investment, government investment, credit funds, etc., and guide funds to be invested in supply and demand for mutual benefit, and have advantages. Liaoning Province proposes to “give full play to the guiding role of government funds, leverage financial capital and private investment to transform and gather scientific and technological achievements, and promote the large-scale application of new technology industrialization”; another example, Anhui Province proposed, “further Liberalize the field of private investment, launch a number of demonstration projects in the fields of transportation, energy, etc., establish a long-term project promotion mechanism to stimulate the vitality of private investment"; Shandong Province puts forward, “make better use of the role of government bond investment and vigorously stimulate the vitality of private investment. Encourage private capital to participate in public utilities and major infrastructure construction".
In terms of investment direction, Wang Jun believes that the focus of my country's private investment in the future should be mainly on the manufacturing industry, not the real estate industry.
We should implement the requirements of "maintaining the basic stability of the manufacturing industry" proposed in the "14th Five-Year Plan", and strive to stabilize the investment in the manufacturing industry above 35%.
Eight frontier fields such as "artificial intelligence, quantum information, integrated circuits, life and health, brain science, biological breeding, aerospace technology, deep and deep sea" and "new generation information technology, biotechnology, new energy, new materials, high-end equipment, New energy vehicles, green environmental protection, aerospace, marine equipment and other nine strategic emerging industries, the "two new and one heavy" fields, and the industrial upgrading and digital transformation of sub-sectors are all promising directions.
(Economic Daily-China Economic Net reporter Xiong Li)