The National Development and Reform Commission has issued an opinion on further improving the policy environment and increasing efforts to support the development of private investment, which proposes to support private investment in the construction of 102 major projects and other projects. According to the clear key construction tasks of 102 major projects and national strategies in the 14th Five Year Plan, select projects with a certain level of profitability and relatively mature conditions, and attract private capital to participate in various ways. The identified transportation, water conservancy and other projects should be accelerated and private investment should be treated equally in bidding. Support private enterprises to participate in the construction of railways, highways, ports, docks, and related stations and service facilities. Encourage private investment to focus on urban infrastructure and participate in key project construction through a comprehensive development model to improve the level of digitization, networking, and intelligence. Encourage private enterprises to increase investment in energy-saving and carbon reduction fields such as solar power generation, wind power, biomass power generation, and energy storage. Key engineering projects that encourage private investment will adopt the method of providing work as a means of expanding employment capacity.
Opinions of the National Development and Reform Commission on Further Improving the Policy Environment and Increasing Efforts to Support the Development of Private Investment
Development and Reform Investment [2022] No. 1652
People's governments of various provinces, autonomous regions, and municipalities directly under the central government, Xinjiang Production and Construction Corps, various ministries and commissions of the State Council, various directly affiliated institutions, the All China Federation of Industry and Commerce, and China National Railway Group Co., Ltd.:
To comprehensively build a socialist modernized country, we must solidly promote high-quality development, fully, accurately, and comprehensively implement the new development concept, and adhere to the direction of socialist market economy reform. The Central Committee of the Communist Party of China and the State Council have clearly requested that efforts be made to carry out the "Six Stabilities" and "Six Guarantees" work, focusing on launching multiple projects that can not only supplement weaknesses and adjust structures, but also stimulate consumption and employment expansion, and promoting effective investment, especially the reasonable growth of private investment. Private investment accounts for more than half of the total social investment. Adhering to the "two unswerving" principle, we will increase policy support, stimulate the vitality of private investment with market approaches and reform measures, which is conducive to mobilizing the integrity of all parties' investment, stabilizing market expectations, increasing employment, promoting high-quality economic development, and helping to achieve Chinese path to modernization. In order to implement the spirit of the 20th National Congress of the Communist Party of China, further improve the policy environment, and increase efforts to support the development of private investment, with the consent of the State Council, the following opinions are hereby proposed.
1、 Play a role in leading major projects and leveraging government investment
（1） Support private investment in the construction of 102 major projects and other related projects. According to the clear key construction tasks of 102 major projects and national strategies in the 14th Five Year Plan, select projects with a certain level of profitability and relatively mature conditions, and attract private capital to participate in various ways. The identified transportation, water conservancy and other projects should be accelerated and private investment should be treated equally in bidding. Support private enterprises to participate in the construction of railways, highways, ports, docks, and related stations and service facilities. Encourage private investment to focus on urban infrastructure and participate in key project construction through a comprehensive development model to improve the level of digitization, networking, and intelligence. Encourage private enterprises to increase investment in energy-saving and carbon reduction fields such as solar power generation, wind power, biomass power generation, and energy storage. Key engineering projects that encourage private investment will adopt the method of providing work as a means of expanding employment capacity. (National Development and Reform Commission, Ministry of Housing and Urban Rural Development, Ministry of Transport, Ministry of Water Resources, National Energy Administration and other relevant departments of the State Council, China National Railway Group Co., Ltd. and various regions shall be responsible according to their respective responsibilities)
（2） Give full play to the guiding and driving role of government investment. Comprehensively sort out investment support policies applicable to private investment projects, and increase publicity and promotion efforts. When arranging various types of government investment funds, private enterprises are treated equally, and investment subsidies, loan interest discounts, and other methods are used to support the construction of qualified private investment projects. Make good use of government funded industry guidance funds and increase support for private investment projects. Promote the standardized development and transparent operation of the PPP model between the government and social capital, and guide private investment to actively participate in infrastructure construction. In the field of government investment bidding, we will comprehensively promote the use of letter of guarantee (insurance) as a substitute for cash to pay bidding, performance, engineering quality, and other fees, and encourage bidders to exempt private enterprise bidders from bidding guarantees. (Led by the National Development and Reform Commission and the Ministry of Finance, with relevant departments of the State Council and various regions responsible according to their respective responsibilities)
（3） Support private investment in the construction of scientific and technological innovation projects. Encourage private capital accumulation to participate in the construction of national industrial innovation center, national technology innovation center, national energy R&D innovation platform, National Engineering Research Center, national enterprise technology center and other innovation platforms, and support private enterprises to undertake major national scientific and technological strategic tasks. Encourage central enterprises and industry leading enterprises to strengthen the application of new products and technologies for private enterprises, and guide private enterprises to participate in major project supply chain construction. In the bidding process of stabilizing the industrial chain and supply chain related projects, preference should be given to large, small, and medium-sized enterprise consortia, and private enterprises should be encouraged to participate. Support the standardized, healthy and sustainable development of the platform economy, and encourage platform enterprises to accelerate the construction of key projects in fields such as artificial intelligence, cloud computing, blockchain, operating systems, and processors. (The National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the State owned Assets Supervision and Administration Commission of the State Council, the National Energy Administration, and other relevant departments of the State Council, as well as various regions, shall be responsible according to their respective responsibilities)
2、 Accelerate the implementation of private investment projects
（4） Deepen the reform of "delegating powers, regulating powers, and providing services". Strengthen supervision throughout the entire chain and field before, during, and after the event, comprehensively carry out market access efficiency evaluation, optimize and improve the negative list of market access, improve the supervision and handling mechanism for key cases, continue to break down market access barriers, and create a fair market access environment. Continuously standardize and improve the evaluation mechanism of China's business environment guided by market entities and public satisfaction, and continuously optimize the market-oriented, legal, and international business environment. Support various regions to focus on key areas of private investment such as manufacturing, technological innovation, and service industries, research and introduce targeted and specific support measures, establish a regular communication mechanism with private investment projects that comply with policy incentives, closely follow up, proactively serve, coordinate and solve key problems, and create a policy environment conducive to the development of private investment. Fully leverage the role of the national online approval and supervision platform for investment projects, achieve online application, parallel approval, information disclosure, and collaborative supervision of projects, and continuously improve the efficiency and service quality of private investment project processing. (The National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
（5） Accelerate the preliminary work of private investment projects. Accelerate the approval and filing of private investment projects, planning and site selection, land and sea use, environmental impact assessment, construction permits and other preliminary work procedures, and implement various construction conditions. For private investment projects that meet the requirements of laws, regulations, and policies, have a strong driving role in promoting economic and social development, promoting industrial transformation, and accelerating technological progress, and have a large investment scale, they will be included in the key investment project database of each region, strengthen the guarantee of land (sea), energy, water, funds, and other elements, and promote the implementation of projects. (The National Development and Reform Commission, Ministry of Natural Resources, Ministry of Ecology and Environment, Ministry of Housing and Urban Rural Development, China Banking and Insurance Regulatory Commission, National Energy Administration and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
（6） Improve and improve the government's mechanism for keeping promises and promises. In the process of encouraging and attracting private investment projects to be implemented, it is necessary to effectively strengthen the construction of government integrity, avoid excessive promises, and avoid making "empty promises". Local governments at all levels should strictly fulfill the policy commitments made in accordance with the law and regulations, and promptly resolve the problem of outstanding accounts of small and medium-sized enterprises according to requirements. Strengthen the punishment of dishonesty, and include dishonest information such as government arrears and refusal to comply with judicial judgments into the national credit information sharing platform and make it publicly available to the public. (The National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
3、 Guiding high-quality development of private investment
（7） Support the transformation and upgrading of private investment in the manufacturing industry. Encourage private enterprises to build on China's industrial scale advantages, supporting advantages, and first-mover advantages in some fields, accumulate and increase investment in advanced manufacturing industries, and continue to enhance their core competitiveness. Encourage private enterprises to apply advanced and applicable technologies, accelerate equipment updates and upgrades, promote the high-end, intelligent, and green transformation and upgrading of traditional industries, and consolidate the position of advantageous industries. Guide private manufacturing enterprises to adapt to market changes and high-quality development requirements, fully leverage their own advantages, actively develop new technologies, launch new products, and build new growth engines. (The National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
（8） Encourage private investment to rely more on innovation driven development. Guide private capital to be market-oriented, leverage its positive role in grasping innovation direction and gathering talents, continuously increase research and development investment, and promote the in-depth development of innovation, entrepreneurship, and creation. Support the establishment of mixed ownership industrial technology research institutes in regions with conditions, and serve the development of key common technologies in the region. Create a favorable environment for the growth of technology-based small and medium-sized enterprises, encourage private capital to participate in the investment, construction, and operation of new infrastructure and related fields such as 5G applications, data centers, industrial internet, and industrial software, develop a digital economy with data resources as the key element, and cultivate new formats and models. (The National Development and Reform Commission, the Ministry of Industry and Information Technology, and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
（9） Guide private investment to participate in rural revitalization. On the premise of fully protecting the rights and interests of farmers, encourage and standardize the development of modern breeding and breeding industries such as seedling and livestock breeding, high standard facility agriculture, and large-scale aquaculture by private capital in rural areas, and participate in the construction of high standard farmland; Support private enterprises to invest in new rural industries and formats, promote the integration of agriculture, culture and sports, health and elderly care, and other formats, develop leisure agriculture and rural tourism industries according to local conditions, and cultivate and strengthen characteristic industries. Encourage private capital to participate in the empowerment of cultural industries in rural revitalization construction, support projects such as advantageous characteristic industrial clusters, modern agricultural industrial parks, and agricultural industry strong towns, as well as the construction of national rural industry integration development demonstration parks, to stimulate the vitality of rural industry development. (The National Development and Reform Commission, the Ministry of Civil Affairs, the Ministry of Agriculture and Rural Affairs, the Ministry of Culture and Tourism and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
（10） Exploring environmental, social, and governance (ESG) evaluations of investment projects. Improve the investment system that supports green development, fully draw on international experience, combine with specific practices in domestic capital markets, green finance, etc., research and carry out ESG evaluation of investment projects, guide private investment to pay more attention to environmental impact optimization, social responsibility, and governance mechanism improvement. ESG evaluation work should adhere to foresight and guidance, help private enterprises better anticipate, prevent, and control environmental, social, and governance risks that may arise from investment projects, standardize investment behavior, and improve investment quality. (Led by the National Development and Reform Commission, with relevant departments of the State Council and various regions responsible according to their respective responsibilities)
4、 Encourage private investment to revitalize existing assets in various ways
（11） Support private investment projects to participate in the pilot of Real Estate Investment Trusts (REITs) in the field of infrastructure. When issuing infrastructure REITs, all types of ownership enterprises are treated equally, and specific private investment projects are accelerated to form demonstration effects and enhance the confidence of private enterprises in participating. We will do a good job in policy interpretation and publicity guidance, enhance the positive participation of private enterprises in infrastructure REITs pilot projects, allocate projects to participate in pilot projects, reduce enterprise asset liability ratios, achieve light asset operation, and enhance reinvestment capabilities. (Led by the China Securities Regulatory Commission and the National Development and Reform Commission, with relevant departments of the State Council and various regions responsible according to their respective responsibilities)
（12） Guide private investment to accumulate and participate in revitalizing state-owned stock assets. Encourage private capital to participate in the revitalization of state-owned stock assets through cooperation between the government and social capital (PPP) and other means. By carrying out mixed ownership reform, introducing strategic investors and professional operation managers, we aim to attract private capital to participate in the construction and operation of infrastructure projects. For assets such as old factories, cultural and sports venues, and idle land that have been idle for a long time but have potential development and utilization value, methods such as asset upgrading, transformation, and positioning transformation can be adopted to fully tap into asset value and attract private investment participation. (The National Development and Reform Commission, the Ministry of Finance, the Ministry of Natural Resources, the Ministry of Culture and Tourism, the State owned Assets Supervision and Administration Commission of the State Council, and other relevant departments of the State Council, as well as various regions, shall be responsible according to their respective responsibilities)
（13） Attracting private investment through the organic combination of inventory revitalization and renovation and expansion. Encourage private investment to participate in the revitalization of old urban resources, promote the transformation of old urban residential areas according to local conditions, and support the enrichment of existing asset functions and improvement of asset efficiency through precise positioning, improvement of quality, and improvement of usage. Promote the comprehensive development of land for sewage treatment plants, subway properties, transportation hubs, highway passenger stations, and urban public transportation stations based on local conditions, broaden the sources of income, improve the comprehensive utilization value of assets, and enhance the attractiveness of private investment. (The National Development and Reform Commission, the Ministry of Natural Resources, the Ministry of Housing and Urban Rural Development, the Ministry of Transport and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
（14） Encourage private enterprises to revitalize their existing assets. Encourage private enterprises to revitalize their assets through property rights transactions, mergers and acquisitions, and disposal of non-performing assets, and strengthen the optimization and integration of existing assets. Guide private enterprises to revitalize their existing asset recovery funds and use them for new projects that support national major strategies and comply with policy incentives, forming a virtuous cycle of investment. (The National Development and Reform Commission, the People's Bank of China, the China Banking and Insurance Regulatory Commission, and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)
5、 Strengthen support for private investment and financing
（15） Increase policy support for financing private investment projects. Strengthen the application of enterprise credit information sharing, guide financial institutions to accurately depict the credit of private enterprises, and objectively and reasonably assess enterprise risks. Establish and improve a mechanism for social capital investment and financing cooperation and docking, and establish a platform conducive to communication and connection between private investment projects and financial institutions through various means such as project docking meetings. Give full play to the role of government financing guarantee institutions, provide financing guarantee support for eligible private investment projects in the transportation, catering, accommodation, and tourism industries in accordance with market-oriented principles, and expand the scale of private enterprise financing guarantee business. (The National Development and Reform Commission, Ministry of Finance, Ministry of Culture and Tourism, People's Bank of China, China Banking and Insurance Regulatory Commission and other relevant departments of the State Council, as well as various regions, shall be responsible according to their respective responsibilities)
（16） Guide financial institutions to accumulate support for private investment projects. Promote financial institutions to support private investment projects by adopting market-oriented principles such as loan renewal, loan extension, and adjustment of repayment arrangements, in order to avoid affecting the normal construction of projects due to loan withdrawals and interruptions. Improve the support mechanism for private enterprise bond financing and increase support for private enterprise bond financing. Guide financial institutions to innovate financial products and services, reduce loan interest rates and financing related expenses for private enterprises, and increase support for eligible private investment projects. Urge financial institutions to waive the transaction fees for private enterprise bond financing as much as possible. (National Development and Reform Commission, People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and other relevant departments of the State Council and various regions shall be responsible according to their respective responsibilities)