Project 'Open Door' Policy 'Road Construction' Fully Inspires the Vitality of Private Investment
2026-09-21
Recently, both the central and local governments have been vigorously launching a number of major projects to attract private enterprises to participate, supporting their investment and layout in new infrastructure, emerging industries, consumption upgrading and other fields. Recently, many places such as Shanghai and Henan have introduced policies and measures to promote the development of private investment, clearly encouraging private capital to participate in key projects and refining shareholding ratios, increasing support in financing and other aspects, both opening doors and building roads, and fully stimulating the vitality of private investment.
Recently, the National Development and Reform Commission has recommended a batch of investment projects to private enterprises, with an estimated total investment of 61.4 billion yuan for 36 projects. It plans to introduce 15.6 billion yuan of private capital, covering types such as railways, warehousing, wind power, energy storage, charging facilities, and water diversion projects.
At the local level, a number of projects are also extending olive branches to private capital. The Development and Reform Commission of Shanxi Province recently released the third batch of 30 projects recommended to private capital this year, including industrial projects, major projects, and projects to address shortcomings. The total planned investment is 30.4 billion yuan, and it is planned to introduce 14.4 billion yuan of private capital. Henan, Chongqing, Yunnan and other places have also released a list of projects recommended to private capital this year, covering areas such as warehousing and logistics, energy, water conservancy, medical and health care, cultural tourism and vacation.
In addition to special promotion for private enterprises, the policy also opens the door for private capital to participate in more major project construction. Henan, Hunan and other regions should clearly demonstrate the feasibility of private capital participation in agricultural, water conservancy, transportation, energy, high-tech industries and other projects with certain returns that require provincial approval (verification); For projects that meet the conditions, private capital can hold more than 10% of the shares. Shanghai has also proposed to focus on key areas such as low altitude infrastructure, inland waterway transportation, and energy. During the project approval process, investment authorities at all levels in the city need to conduct a demonstration of private capital participation in project construction, review the participation of private capital according to their authority, and encourage active participation of private capital.
Some projects in fields such as transportation and energy are often dominated by state-owned capital, with low participation from private capital. In November last year, the General Office of the State Council issued the "Several Measures to Further Promote the Development of Private Investment", which clearly encouraged and supported private capital to participate in key projects such as national railways and nuclear power, and quantified the shareholding ratio of eligible projects. Experts say that further institutional arrangements at the local level have opened the door for private capital to enter provincial-level projects, sending a positive signal to encourage private enterprises to participate.
The key issue for the landing of private enterprise projects is funding. Policy funds are an important lever to leverage private investment. This year, 800 billion yuan of new policy based financial instruments were launched in early September, and it was explicitly stated to increase support for private investment projects. The first batch of new policy based financial instruments recently disclosed by China Development Bank Shandong Branch, Sichuan Branch, Shaanxi Branch, etc. shows that all funds are invested in private investment and private investment participation projects.
A series of innovative investment and financing measures are also being explored at an accelerated pace. For the vast number of private enterprises, making good use of policy innovation tools represented by infrastructure REITs (Real Estate Investment Trusts) is one of the effective ways to resolve financing difficulties. Henan Province proposes to support eligible private investment projects in issuing infrastructure REITs, and explore the implementation of a "step-by-step" model for the listing and issuance of infrastructure REITs (guiding relevant entities to sort out and integrate high-quality assets, initiating the establishment of Pre REITs for incubation, gradually transitioning to the public REITs stage, and ultimately achieving the listing and issuance of REITs). For heavy asset and long-term infrastructure investments, this innovative measure is conducive to solving the liquidity dilemma of "being able to invest but unable to withdraw".
According to data from the National Bureau of Statistics, private investment decreased by 10.1% year-on-year from January to August this year; Excluding private investment in real estate development, it decreased by 6.4%. However, under pressure, the structure of private investment is undergoing positive changes. Among national high-tech enterprises, private enterprises account for over 90%. In the first eight months of this year, investment in high-tech industries increased by 5.2% year-on-year, and the cumulative growth rate has accelerated for three consecutive months.
Zheng Zhajie, Director of the National Development and Reform Commission, stated at a recent symposium on private enterprises that currently, China's private investment is in a critical period of structural optimization and kinetic energy transformation. There are difficulties and challenges, but there is still room and potential. The National Development and Reform Commission will focus on key industries where private enterprises have strong investment intentions and large growth potential, and take targeted and pragmatic measures.
Yang Ping, former director of the Investment Research Institute of the National Development and Reform Commission, also stated that the difficulties and challenges faced by private investment development are temporary phenomena. China is currently in a critical period of transition between new and old driving forces, with a historic intersection of slowing growth in traditional industries and thriving development in emerging industries, prompting private enterprises to proactively adjust their investment strategies to adapt to the new innovation paradigm. Yang Ping stated that China has ample reserves of macro policy tools, including both stock policies and incremental policies. These policies, in coordination and synergy, will provide solid support for private investment to overcome institutional barriers and achieve healthy development.(Outlook New Era)
Edit:Luoyu Responsible editor:Jiajia
Source:jjckb.cn
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