Multi pronged approach to stimulate the vitality of private investment
According to the data of the National Bureau of Statistics, in the first eight months of this year, private investment fell by 0.7%, and the cumulative growth rate was 3.9 percentage points lower than fixed assets investment. Encouraging private investment requires continuous efforts from multiple perspectives.
Private investment is the main force of fixed assets investment in the whole society, as well as the key force to improve investment quality and enhance investment vitality. Since last year, the growth of private investment has faced significant difficulties and downward pressure, with a growth rate of 0.9% in 2022. In the first half of this year, the growth rate and proportion of private investment in the overall investment have both decreased. From the data since July, the growth rate of private investment continues to decline.
The decline in the growth rate of private investment is due to various reasons, mainly dragged down by real estate investment. The real estate market is currently in a stage of adjustment. In the first eight months, investment in real estate development decreased by 8.8% year-on-year, with a slight expansion in the decline. From the perspective of the overall environment, there are still many external unstable and uncertain factors, and the domestic economy continues to recover, but corporate confidence has not yet fully recovered.
Currently, the growth space of traditional industries is limited, while for emerging industries, some private enterprises cannot see clearly and cannot grasp the development trend, and their investment direction is unclear. The "glass doors," "spring doors," and "revolving doors" that restrict the development of private investment still exist, and problems such as difficult and expensive financing have not been completely solved. Some private investment projects are also constrained by key factors such as land and energy use.
To solve the problem of private investment being too afraid, unable, or unable to invest, policy efforts have been continuously intensified since the beginning of this year. In late July, the National Development and Reform Commission issued a notice on further strengthening the promotion of private investment and striving to mobilize the enthusiasm of private investment, clarifying 17 specific measures in four aspects, and focusing on promoting the high-quality development of private investment. Recently, the National Development and Reform Commission has promoted projects to private capital through a unified platform, releasing a total of 4894 key projects with a total investment of approximately 5.27 trillion yuan. Private capital can participate in the construction and operation of key projects through various means such as holding shares or participating in project companies. The column on reflecting private investment issues has also been launched on the national investment project online approval and supervision platform. Various regions have introduced policy measures to actively promote private investment. A series of measures will play a positive role in stimulating the vitality of private investment.
Seizing investment means seizing momentum, and stabilizing investment requires stabilizing expectations. Efforts should be made to promote the stable and positive growth of private investment, and efforts should also be made to implement the policies and measures already introduced, effectively enhancing the policy sense of private enterprises and entrepreneurs. Continue to create a fair, transparent, and rule of law development environment, and eliminate various doubts caused by unclear expectations. It should also be noted that although the growth rate of private investment is at a low level, it is still active in areas such as manufacturing and infrastructure, showing strong investment confidence and momentum. We should encourage private enterprises to focus on industry, refine their main business, enhance their core competitiveness, guide and help them discover new growth points, and continuously improve the scientific and accurate nature of investment decisions. Through multiple approaches, we aim to ensure that private investment is truly "profitable", "trustworthy", and "well invested".