The overall investment accounts for the majority, and the quality is further improved——
Give full play to the role of the main force of private investment
The State Council executive meeting held recently has deployed measures to support private investment and promote projects that serve multiple purposes.
Previously, stabilizing and expanding private investment was also an important part of the 33 package of policy measures in 6 areas to stabilize the economy.
Promoting the healthy development of private investment will benefit both the current and the long-term. However, due to factors such as the epidemic, the growth rate of private investment, which is the main force of investment, has declined since the beginning of this year.
How do you view the main constraints currently facing private investment?
What positive impacts will relevant policies and measures have on private investment?
How to better stimulate the vitality of private investment?
Investment growth has slowed
"Private investment has obvious cyclical characteristics, is relatively more flexible and focuses on efficiency, and has more prominent competitive advantages. Moreover, private investment tends to focus on competitive fields and service industries, creating more jobs," said Lou Feipeng, a researcher at Postal Savings Bank of China.
The CPC Central Committee and the State Council attach great importance to promoting the healthy development of private investment, and the fields and thresholds for private investment are constantly being liberalized.
The data shows that since the statistics of private investment began in 2012, the proportion of national private investment in the overall investment has always remained above 55%.
From January to May this year, private investment increased by 4.1%, accounting for 56.9% of the overall investment, still accounting for the bulk of the overall investment.
Among them, private investment in manufacturing increased by 18.9%, private investment in infrastructure increased by 9.1%, and the quality of private investment further improved.
However, due to the complex and changeable international situation and the spread of domestic epidemics, the growth rate of private investment has continued to be lower than that of overall investment since the beginning of this year.
"Currently, private investment has slowed down more than the overall investment, which shows that private enterprises are cautious about future expectations, their confidence is weak, and their willingness to invest and raise funds continues to be sluggish." Wang Jun, director of the China Chief Economist Forum, told reporters that when enterprises are concerned about the future economy Lack of confidence in growth, reluctance to increase investment and consumption after profit and income, but to prioritize debt repayment and reduce the scale of new debt, no matter how low the cost of capital, focus on repairing the balance sheet.
Wang Jun said that further analysis showed that there are several main reasons that affect the enthusiasm of private investment. First, the potential economic growth rate continued to decline, and there was a lack of assets and projects with good investment returns; second, the real estate market was sluggish, and real estate sales and investment declined. It has not been reversed, the market sentiment is still declining, the pressure of large-scale defaults by real estate companies has not been fundamentally eliminated, and the entire industry is still in a period of adjustment and repair; third, some policies have been introduced without prior communication, and the implementation is out of shape, and policy synthesis is fallacious. This led to the emergence of "unintended consequences" with contractile effects.
The economic data in May showed that there have been some positive changes in the current economic operation, but the stable recovery of supply and demand still faces many challenges.
Lou Feipeng believes that under the circumstance of great downward pressure on the economy, it is necessary to play an active role in investment, especially private investment, to stabilize the macroeconomic market.
In the case of high employment pressure, stabilizing and expanding private investment can also increase employment and ease employment pressure.
In other words, increasing employment can increase residents' income, thereby expanding domestic demand from the consumer side.
Increase policy support
Lou Feipeng believes that, as far as the current situation is concerned, due to the impact of the epidemic, the problem of blocking the industrial chain and supply chain still exists, and the rising prices of energy and raw materials have lowered the profit expectations of private investment.
At the same time, due to the impact of the epidemic on corporate balance sheets, a poor balance sheet has also adversely affected private enterprises' access to external financing.
The executive meeting of the State Council requires that, firstly, in the 102 major projects in the "14th Five-Year Plan" and the key construction areas specified by the state, a group of demonstration projects should be selected to attract private capital participation; Institutions use loan renewal and extension to support private investment.
"Implementing the requirements of the National Standing Committee, implementing various policies and measures to encourage the development of private investment, and improving the policy environment for private investment are conducive to better stabilizing market expectations and investment confidence, and promoting the high-quality development of private investment." National Development and Reform Commission press statement Meng Wei said.
"The regular meeting of the National Assembly has made special arrangements to support private investment. These policies and measures have prominent characteristics such as strong pertinence and operability, high degree of marketization and rule of law, distinctive reforms, and taking into account both short-term and medium-term and long-term. The signal of stabilizing growth and safeguarding market players is very timely and critical to help and support private capital to tide over the immediate difficulties.
Lou Feipeng believes that the executive meeting of the State Council has put forward specific policies and measures to stabilize and expand private investment in terms of project sources, financing support, and the reform of "decentralization, regulation and service", which will help enrich the source of projects for private investment and allow private investment to have more Opportunities to participate in major national projects, while deepening reforms to create a better business environment for private investment, and effectively solve the source of funds for private investment.
These measures will not only help stabilize the overall economic market in the short term, but also help achieve high-quality economic development in the long run.
"For example, the meeting proposed to provide government financing guarantees for eligible projects, to launch real estate investment trust fund projects for private investment as soon as possible, and to encourage market-oriented debt-to-equity swaps for private enterprises. For private investors, these policies and measures are conducive to Reducing its financing costs, easing the financing difficulties caused by the lack of collateral, and adopting the debt-to-equity swap method is also conducive to stabilizing the leverage ratio." Lou Feipeng said.
Continuously optimize the investment environment
To stabilize and expand private investment, it is necessary to play the role of major projects and government investment leveraging.
According to the National Development and Reform Commission, according to the 102 major projects in the "14th Five-Year Plan" and the clear key construction tasks of the country's major strategies, projects with a certain level of income and relatively mature conditions will be selected, and various methods will be adopted to attract private capital to participate.
When arranging various types of government investment funds, private enterprises shall be treated equally, and the role of government investment in guiding and leading shall be brought into play.
At the same time, promote the accelerated implementation of private investment projects.
Recently, many places are deploying and promoting a batch of private investment projects.
For example, Beijing proposed to publicly promote private capital participation projects in key areas to the public in two batches within the year, and to complete the first batch of project promotions by the end of June this year, with a total investment of more than 100 billion yuan; In this field, 18 projects that conform to national industrial policies, have a certain foundation for preliminary work, and have a clear investment return mechanism are introduced to private capital, with a total investment of 39.97 billion yuan; Sichuan Province proposes to encourage and guide more social capital to participate in the construction of major projects, In June, a group of projects that conform to industrial policies and development plans, with appropriate investment scale and clear return mechanism, will be introduced to the society.
Stimulating the vitality of private investment requires continuous optimization of the private investment environment.
Wang Jun believes that in order to help private capital form stable and good expectations and enhance the enthusiasm for expanding investment, policy makers need to pay attention to in-depth communication with enterprises, so as to formulate transparent and predictable policies and reduce unnecessary uncertainty.
Continue to promote reform and opening up, make full use of market-oriented and legal-oriented means to regulate economic operations, use market-based methods and reform measures to stimulate the vitality of private investment, and reduce various institutional and non-institutional costs.
Continue to promote mixed ownership reform, take the principle of "competitive neutrality" as the core, eliminate ownership discrimination, and treat enterprises of all types of ownership equally in terms of factor acquisition, access licensing, business operations, government procurement, and bidding.
In the future, we should also focus on promoting reforms in key areas such as the reform of the income distribution system, the reform of the central and local financial systems, the reform of the investment and financing system, and the reform of the capital market. and other obstacles to the free flow of factors, and improve the efficiency of resource allocation.
Meng Wei said that he will focus on deepening the reform of "delegating power, delegating power, delegating power and improving services", eliminating glass doors, spring doors and revolving doors that restrict private investment, and further improving the policy environment that is conducive to the development of private investment.
Implement various policies and measures to encourage the development of the private economy, create a fair, transparent, and legal development environment for enterprises of all types of ownership, and promote the high-quality development of private investment.
"With the gradual implementation of the package of measures, it is believed that it will fully improve the confidence and expectations of market players such as private enterprises for future economic development, speed up the stabilization and repair of the industrial chain and supply chain, and help the economy return to a normal track and ensure that it operates within a reasonable range. will play a vital role," Wang Jun said.
Reporter: Xiong Li