Our reporter Du Yumeng Bao Xing'an
On November 7, the National Development and Reform Commission issued the "Opinions on Further Improving the Policy Environment and Strengthening Support for the Development of Private Investment" (hereinafter referred to as the "Opinions"). 21 specific measures were put forward in six aspects including strengthening private investment and financing support, including "supporting private investment to participate in the construction of 102 major projects and other projects", "deepening the reform of 'delegation, regulation and service'", "supporting private investment projects to participate in infrastructure Real Estate Investment Trusts (REITs) Pilot” and so on.
Wang Qing, chief macro analyst of Orient Jincheng, said in an interview with a reporter from Securities Daily that this "Opinion" proposes 21 specific measures, with clear responsibilities and strong pertinence.
This will not only improve private investment expectations in the short term and push the growth rate of private investment to stabilize and rise as soon as possible, but some specific measures will also have long-term effects and improve the potential growth momentum of the economy.
Liang Si, a researcher at the Bank of China Research Institute, told the "Securities Daily" reporter that private investment accounts for more than half of the total social investment. It is an important supporting force for promoting my country's economic development, stabilizing overall investment, and effectively expanding employment. It is also an important reference to reflect economic activity. Indicators are of great significance to stabilizing growth and investment.
Encourage private investment
Participate in revitalizing stock assets
The "Opinions" proposed to support private investment in the construction of 102 major projects and other projects.
According to the 102 major projects in the "14th Five-Year Plan" and the clear key construction tasks of major national strategies, select projects with a certain level of income and relatively mature conditions, and attract private capital to participate in various ways.
Support private enterprises to participate in the construction of railways, expressways, ports, docks and related stations and service facilities.
Encourage private enterprises to increase investment in energy-saving and carbon-reducing fields such as solar power generation, wind power, biomass power generation, and energy storage.
Wang Qing believes that the expansion of investment in the fourth quarter is still an important support point to promote economic stabilization.
Against the background that infrastructure investment has accelerated significantly, maintaining a high level of growth in manufacturing investment is the key to maintaining a steady increase in overall investment growth.
In manufacturing investment, private investment accounts for about 70%.
It can be seen from this that the necessity and urgency of supporting private investment are relatively high.
At the same time, the "Opinions" make it clear that private investment is encouraged to revitalize stock assets in various ways.
Specifically, the "Opinions" proposed, "When issuing infrastructure REITs, treat all types of ownership enterprises equally, accelerate the launch of specific private investment projects, form a demonstration effect, and enhance the confidence of private enterprises to participate. Actively do a good job in policy interpretation and publicity and guidance, Increase the enthusiasm of private enterprises to participate in the pilot infrastructure REITs, take out high-quality projects to participate in the pilot, reduce the asset-liability ratio of enterprises, realize asset-light operation, and enhance the ability to reinvest."
As of November 7, 20 infrastructure REITs in my country have been listed and issued, with a total fund size of nearly 62 billion yuan.
The types of pilot assets have been continuously enriched, and the scale and scope of the pilot projects have been steadily expanded.
However, the number of publicly offered REITs by private enterprises is relatively small. Guotai Jun Andong Jiuxin Economic REIT, which was listed on October 14, is the first publicly offered REITs by private enterprises.
Infrastructure REITs are an important way to stimulate effective private investment.
Recently, many provinces across the country have proposed to drive private investment through infrastructure REITs pilot projects.
Liang Si said that accelerating the launch of specific private investment projects, on the one hand, will help promote the steady development of infrastructure REITs projects, better revitalize the capital stock, release more liquidity, and provide effective financial support for new investment; On the one hand, it can provide the market with more investment directions and targets, and effectively improve the company's asset-liability structure.
Mingming, chief economist of CITIC Securities, told the "Securities Daily" reporter that it is expected that the number of private enterprises' public offering REITs will increase in the follow-up, thereby helping private enterprises to control their debt ratios, reduce debt risks, and enhance their reinvestment capabilities.
strengthen the civil
Investment and financing support
In terms of strengthening support for private investment and financing, the "Opinions" stated that financial institutions should be guided to actively support private investment projects.
Encourage financial institutions to actively support private investment projects by renewing loans, extending loan periods, and adjusting repayment arrangements in accordance with market-oriented principles, so as to avoid the normal construction of projects due to loan withdrawal and loan termination.
Improve the bond financing support mechanism for private enterprises, and increase support for private enterprises to issue debt financing.
Mingming said that since the beginning of this year, the regulators have continued to promote the credit enhancement and issuance of private enterprise bonds, fee reduction and other measures, aiming to boost the financing capacity of private enterprise bonds.
Improving the bond financing support mechanism for private enterprises should focus on guiding the transformation of the behavioral model of investment institutions and avoid adopting a "one size fits all" attitude towards private enterprises.
"The bond market is an important channel for corporate financing, but on the whole, the scale of private companies' bond issuance and financing is relatively small, and it is necessary to actively expand diversified financing channels. The bond market needs to play a greater role in supporting private companies' financing." Liang Si said , we can consider using the bond financing support tool for private enterprises as a starting point to better assist private enterprises in financing.
The first is to promote the use of credit risk mitigation vouchers (CRMWs) by financial institutions to carry out active risk management in a wider range, so as to create more favorable market conditions; the second is to optimize the accounting treatment standards for CRMWs, and gradually reach an agreement in accounting treatment and capital measurement. The third is to actively promote more entities to participate in market transactions, continue to improve the construction of the investor team, and enhance the market activity; Guarantee work, and improve the risk sharing mechanism for bond financing support instruments.
The "Opinions" also proposed to support private enterprises to innovate financing methods.
"Support qualified high-tech and 'specialized, special and new' enterprises to carry out the pilot program of foreign debt facilitation quotas."
Mingming said that the pilot program of the foreign debt facilitation quota is mainly to give enterprises more convenience for cross-border financing, to revitalize domestic and foreign resources, to reduce comprehensive financing costs, and to ease the pressure on private enterprises in capital allocation. On this basis, private enterprises can More resources are put into R&D and production, which will boost private investment.
In May this year, the State Administration of Foreign Exchange issued the "Notice on Supporting High-tech and "Specialized, Specialized, Specialized and New" Enterprises to Carry out Cross-border Financing Facilitation Pilots", and decided to carry out cross-border financing of high-tech and "specialized, specialized and new" enterprises in some regions. Pilot financing facilitation.
At present, there are high-tech and "specialized and special new" enterprises enjoying policy dividends.
For example, on October 28, the Chenzhou Central Sub-branch of the State Administration of Foreign Exchange successfully handled the signing and registration of foreign debts of US$3 million for Hunan Jinbaolai Fragrance Co., Ltd., a "high-tech" and "specialized and new" enterprise.
Liang Si said that the pilot program of the foreign debt facilitation quota will help support enterprises to make better use of both domestic and international markets and resources, which will help further reduce financing costs and provide more practical strategies for financing difficulties and high financing costs. Further encourage enterprises to increase investment in research and development to better facilitate the advancement of innovation strategies.
(Securities Daily)