It is more convenient for private capital to participate in the construction of major projects

　　At present, a series of policy measures to leverage private investment are being implemented at an accelerated pace.

A few days ago, Sichuan issued the "Pilot Plan for the Reform of Private Economy in County Areas in Sichuan Province", which proposed seven pilot incentives and support measures to encourage private investment; Guizhou recently announced to the public the list of major projects in the "14th Five-Year Plan" that private investment can participate in. The total investment is 387.772 billion yuan, and 258.675 billion yuan of private capital is planned to be introduced, involving 19 fields such as agriculture, forestry and water conservancy, transportation, new infrastructure, and manufacturing...

　　With the issuance of the National Development and Reform Commission's "Opinions on Further Improving the Policy Environment and Strengthening Support for the Development of Private Investment", confidence in private investment is returning at an accelerated pace.

Experts said that private investment is a key force to improve investment quality and enhance investment vitality. Relevant measures start with optimizing the investment environment, based on structural optimization and high-quality development, and help to play a positive role in private investment in stabilizing economic growth.

　　Efforts to release investment vitality

　　"At present, my country's economic development has shifted from the pursuit of scale to the pursuit of quality. For private investment, it is necessary to better support high-quality development by emphasizing the precision and effectiveness of investment and the contribution to economic structure optimization." Zhejiang University International Joint Venture Pan Helin, co-director of the college's Digital Economy and Financial Innovation Research Center, said.

　　As the fundamental driving force for stimulating domestic demand, stable investment is an important force for maintaining economic growth.

Since the statistical caliber of private investment was established in 2012, the proportion of private investment in the country has always remained at more than half of the overall investment, and it is the main force of investment.

Data show that in the first three quarters of this year, private investment in my country's manufacturing industry grew by 16.5%, 6.4 percentage points higher than the growth rate of overall investment in the manufacturing industry, showing strong investment vitality.

However, due to factors such as repeated domestic epidemics and rapid changes in the international situation, rising raw material costs and insufficient market demand, the growth of private investment continued to be lower than the growth rate of overall investment. It only increased by 2% in the first three quarters, and the growth rate was at a low level.

　　The relevant person in charge of the National Development and Reform Commission stated that at present, some private enterprises have the phenomenon of "increasing income but not increasing profits", which restricts their investment ability and willingness. The rapid expansion and high leverage financing of some private enterprises also affect their own healthy development.

Therefore, it is necessary to increase policy support, stimulate the vitality of private investment, and better play the positive role of private investment in promoting high-quality economic and social development.

　　"Further releasing the vitality of private investment is crucial to improving the quality and efficiency of investment." Xu Zhaoyuan, deputy director of the Industrial Economic Research Department of the Development Research Center of the State Council, introduced that in recent years, my country has always emphasized the importance of precise and effective investment.

Compared with some projects with large social benefits but slow short-term returns, the direct and indirect benefits of effective investment are relatively high.

However, private investment is market-oriented, relatively speaking, it is more budget-conscious, and it pursues the maximization of investment benefits.

In addition, private investment is relatively efficient in the operation and management of the project after completion, and the investment quality is guaranteed.

　　In the "Opinions" issued this time, "guiding the high-quality development of private investment" has received attention.

The "Opinions" proposes to encourage private investment to rely more on innovation-driven development, support the healthy and sustainable development of the platform economy, and encourage platform companies to accelerate the construction of key projects in the fields of artificial intelligence, cloud computing, blockchain, operating systems, and processors.

"Support private investment to participate in scientific and technological innovation, and form a technology research and development system of 'whoever invests, who contributes, who benefits' through the integration of industry, education and research, guides the development of the private economy, and optimizes the industrial structure with innovation." Pan Helin said.

　　Further broaden investment fields

　　At the beginning of this year, the Hangzhou-Taiwan high-speed railway with a total investment of 44.89 billion yuan was officially put into operation.

In recent years, the Party Central Committee and the State Council have successively issued relevant policies to promote the healthy development of private investment. In the fields of transportation, water conservancy, railway and other major infrastructure construction, the participation of private investment is getting higher and higher.

　　The "Opinions" released this time continue to clarify that it is necessary to give play to the role of major projects as tractors and leverage government investment, and further support private investment in the construction of 102 major projects and other projects. China treats private investment equally.

Support private enterprises to participate in the construction of railways, expressways, port terminals and related stations and service facilities.

Encourage private investment to focus on urban infrastructure, participate in the construction of key projects through a comprehensive development model, and improve the level of digitization, networking, and intelligence.

　　"This move is a targeted response to the current problem of insufficient private investment space and lack of confidence." Xu Zhaoyuan analyzed that my country is gradually maturing in terms of industrialization and urbanization. Although overall, the investment plate is still large, but in the short term There are relatively fewer projects that can see returns.

The 102 major projects are related to the national economy and the people's livelihood, with sufficient preliminary demonstration and complete supporting facilities in all aspects.

Opening the door to private investment this time not only further broadens the field of private investment, but also gives it full confidence, allowing private investment to have more room for growth.

　　There is demand for projects and willingness to invest. However, compared with state-owned enterprises with strong anti-risk capabilities, private enterprises are often constrained by insufficient financing capabilities. How should this shortcoming be made up for?

　　In this regard, the "Opinions" gives a clear implementation path from three aspects: policy support, bond financing, and equity integration.

Specifically, it includes strengthening the sharing and application of enterprise-related credit information, guiding financial institutions to conduct accurate credit portraits of private enterprises, and objectively and reasonably judging enterprise risks; guiding financial institutions to actively support private investment projects, and promoting financial institutions to actively adopt loan renewal and loan extension in accordance with market-oriented principles Support private investment projects by adjusting repayment arrangements, etc., carry out equity integration, strategic cooperation, resource integration with private enterprises, and invest in new key field projects.

　　Xu Zhaoyuan said that the "Opinions" encourages the integration of private enterprises and state-owned enterprise equity, which deserves attention.

Private enterprises and state-owned enterprises have their own shortcomings and advantages. Through equity integration, strategic cooperation and other means to promote the integration and development of both parties, on the one hand, the efficiency advantages of private enterprises can be brought into play, and on the other hand, state-owned enterprises have advantages in financing and can also be better Grasp the direction and trend of the industry.

　　Enhance the sense of acquisition of private enterprise policy

　　For a period of time, various localities have intensively deployed policies to promote the development of private investment, making efforts from various aspects such as lowering the entry threshold, expanding investment fields, and strengthening financial support.

After a series of policies are promulgated, how to ensure that various measures are implemented and truly enhance the sense of policy acquisition of private enterprises?

　　Xu Zhaoyuan believes that when promoting major engineering projects, localities should innovate in concepts and ideas, and give more trust to private enterprises.

In addition, do a good job in system design, especially in terms of the expected benefits that private investment cares about, the right to participate in later operations, and decision-making power, and improve relevant systems and mechanisms.

　　Chen Yu, an associate professor at the School of Economics and Finance of South China University of Technology, said that in terms of financial support, the "Opinions" put forward specific guidance on "guiding financial institutions to make accurate credit portraits of private enterprises", but the banking industry is willing to do, can do, and can do so. There are still obstacles in the business of private enterprises. It is necessary to establish a due diligence exemption, error correction and fault tolerance mechanism. In terms of decentralization of approval authority, separate credit line and reduction of private enterprise financing costs, multi-department and multi-block efforts are still needed to solve them.

　　At the same time, private enterprises can also make full use of the dividends brought by this policy.

Xu Zhaoyuan said that private enterprises have always been very enthusiastic about participating in major engineering projects, but they still need to further improve their own capabilities. This does not simply mean expanding the scale of enterprises in the short term, but through cooperation with state-owned enterprises and other private capital In this way, make good use of the capital market and play the role of direct financing, so as to enhance the ability to participate in the construction of major national projects.

　　Ji Wenhui (Source: Economic Daily)

　　Ji Wenhui