Core Viewpoint - The Chinese government aims to stimulate private investment to enhance economic growth, employment stability, and market expectations through targeted measures outlined in the "Several Measures to Further Promote the Development of Private Investment" [1][2]. Group 1: Policy Measures - The government has introduced 13 specific policy measures to encourage private capital participation in key sectors such as railways and nuclear power, including clarifying shareholding ratios [1][2]. - The National Development and Reform Commission (NDRC) has recommended 105 projects to the China Securities Regulatory Commission, with 83 projects already listed, covering various sectors and expected to drive over 1 trillion yuan in new investments [1][2]. Group 2: Investment Trends - In the first three quarters of the year, national fixed asset investment (excluding rural households) reached 371.535 billion yuan, a 0.5% year-on-year decline, with private fixed asset investment down 3.1% [2]. - However, private investment in infrastructure grew by 7% and in manufacturing by 3.2%, indicating stable growth in these areas [2]. Group 3: Challenges and Solutions - The NDRC acknowledges existing challenges in private investment and emphasizes a problem-oriented approach to enhance investment effectiveness [2][4]. - The "Several Measures" aim to lower barriers for private capital in traditional sectors like energy and railways, addressing regulatory bottlenecks [4][5]. Group 4: Financial Support - The government plans to enhance financial support for private investment through coordinated investment, fiscal, and financial policies, including the use of new policy financial tools [8][9]. - Specific measures include promoting direct financing for technology-driven enterprises and expanding the issuance of infrastructure REITs to broaden financing channels for private companies [8][9]. Group 5: Service Industry Focus - The measures also aim to eliminate unreasonable entry barriers in the service industry, encouraging private capital to invest in high-value service sectors such as industrial design and digital transformation [6][7]. - The NDRC highlights the importance of the service industry in economic development and aims to support private enterprises in enhancing their service capabilities [7].

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting private investment development through various measures and mechanisms aimed at enhancing communication and support for private enterprises [1][2][3]. Group 1: Measures to Promote Private Investment - The NDRC has introduced several initiatives to strengthen services for private investment, including improving communication channels and addressing practical difficulties faced by private enterprises [1][2]. - The implementation of the Private Economy Promotion Law marks a significant step in providing institutional support for private investment, including a dedicated chapter on investment financing [2]. - A multi-level communication mechanism has been established to facilitate ongoing dialogue between government and private enterprises, with over 20 breakfast meetings and 160 discussions held to address investment-related issues [3]. Group 2: Service Platforms and Feedback Mechanisms - The NDRC launched a comprehensive service platform for private economic development, which includes policy interpretation, project promotion, and problem resolution, achieving over 500,000 visits and addressing more than 5,600 issues by October [3][4]. - A closed-loop workflow has been created to ensure effective problem resolution for private enterprises, involving inter-departmental collaboration and timely feedback on issues raised [4]. Group 3: Encouragement of Investment in Service Industries - The NDRC is encouraging private capital to invest in high-value service sectors, particularly in areas like industrial design and quality certification, to enhance the quality of production services [5][6]. - Pilot reforms are being implemented to showcase successful transitions in service industries, promoting innovative policies to support private enterprises in exploring service-oriented manufacturing [6].

此前发布的《中共中央国务院关于促进民营经济发展壮大的意见》强调，"着力推动民营经济高质量发 展"，而破解民营企业能力瓶颈成为重要举措。在此背景下，《若干措施》提出要加力施策，进一步提 升民营企业的发展能力和投资可持续性。 针对科技创新瓶颈，《若干措施》围绕重点领域和重点产业链，鼓励支持民营企业加快建设一批具有较 强行业带动力的重大中试平台，支持国有企业、高等院校、科研院所面向民营企业提供市场化中试服 务，探索简化优化中试基地项目建设前置要件审批程序。 徐玉德介绍，囿于人才、资金、科研基础设施等创新资源不足，我国民营企业大多存在创新意愿强但创 新能力弱的困境。特别是由于中试平台和中试服务缺乏，民营企业很难顺利推进科技成果产业化应用， 这不利于科技创新和产业创新的深度融合。"《若干措施》的出台从流程上破解'最后一公里'障碍。" 对于融资难，《若干措施》进一步细化财政和金融协同发力部署，提出要加大中央预算内投资对符合条 件民间投资项目的支持力度，积极发挥引导带动作用。用好新型政策性金融工具，支持一批符合条件的 重要行业、重点领域民间投资项目，补充项目资本金。 中经记者 杜丽娟 北京报道 民间投资是反映经济活跃程度的 ...

Group 1 - The core viewpoint of the article emphasizes the importance of promoting private investment for economic stability and growth, as outlined in the recent measures issued by the State Council [1] - Private investment has shown a slowdown this year due to international environmental changes and adjustments in the real estate market, but private project investment excluding real estate has grown by 2.1% year-on-year in the first three quarters [1] - The measures propose 13 policy initiatives categorized into three areas: expanding access, addressing bottlenecks, and strengthening guarantees [1] Group 2 - The production service industry is identified as a key support for industrial development, with measures aimed at removing unreasonable restrictions on service industry access [2] - The National Development and Reform Commission (NDRC) plans to implement actions to enhance the capacity and quality of the service industry, encouraging private capital to flow into high-value service sectors [2] - Continuous communication and support for private enterprises will be prioritized to address practical difficulties and promote effective investment [2] Group 3 - The measures support the construction of comprehensive digital empowerment platforms by leading private enterprises and third-party service providers, facilitating digital transformation for small and medium-sized enterprises [3] - The NDRC aims to stimulate internal motivation for enterprise transformation and expand new investment demands in the digital economy sector [3] - The energy sector has introduced policies to enhance the participation of private capital in major projects, including nuclear and hydropower [3] Group 4 - The measures encourage the issuance of Real Estate Investment Trusts (REITs) for private investment projects in the infrastructure sector, promoting the integration of the real economy with capital markets [4] Group 5 - As of now, the NDRC has recommended 18 private investment projects to the China Securities Regulatory Commission, with 14 projects successfully issued, raising nearly 30 billion yuan [5] - Future efforts will focus on collaborating with the regulatory commission to support more private investment projects while ensuring risk management and quality control [5]

Core Insights - The article discusses the slowdown in private investment in China due to changes in the international environment and adjustments in the real estate market, while highlighting a 2.1% year-on-year growth in private project investment excluding real estate in the first three quarters of the year [1] - The State Council has issued measures to further promote private investment, focusing on enhancing the vitality of private investment and addressing issues related to rights protection and innovation support for private enterprises [1][3] Investment Trends - Private investment is a key indicator of economic stability, with significant contributions from private enterprises in the renewable energy sector [3] - In the energy sector, measures have been introduced to support the development of private capital, including a series of policies aimed at improving market order and reducing investment costs [3][6] Nuclear Power Sector - The introduction of private capital into nuclear power projects has been emphasized, with private capital participation expected to reach 10% in 2024 and increase to 10%-20% by 2025 [4][5] - Some nuclear power projects have already seen private capital participation as high as 20% [5] Policy Measures - The new measures allow for private capital to hold more than 10% in projects, with no upper limit specified, aiming to expand the scope of private investment [5] - The measures also include enhanced regulatory oversight to protect the rights of private enterprises in energy infrastructure [5][6] Government Support - The government is increasing procurement support for small and medium-sized enterprises (SMEs), mandating that at least 40% of project budgets for engineering procurement over 4 million yuan be reserved for SMEs [7][8] - Financial policies are being coordinated to improve access to credit for private enterprises, including the promotion of innovative financing mechanisms [8][9] Communication and Service Improvement - The establishment of a comprehensive service platform for private economic development aims to facilitate communication between the government and private enterprises [10] - A closed-loop process for addressing issues faced by private enterprises has been implemented, ensuring timely feedback and resolution of problems [11] Innovation and Testing Support - The measures encourage the construction of major pilot testing platforms by private enterprises, linking innovation with industry needs [12] - Collaboration between state-owned enterprises, universities, and research institutions with private enterprises is being promoted to enhance market-oriented pilot testing services [12]

Core Viewpoint - The State Council has issued measures to stimulate private investment, focusing on expanding access, addressing bottlenecks, and strengthening support for private capital in key sectors [2][3] Group 1: Expanding Access and Addressing Bottlenecks - Private investment is a crucial indicator of economic activity, contributing to growth, employment, and expectations [3] - The measures include 13 policy initiatives aimed at enhancing the investment environment for private capital [3] - The government will establish a cross-departmental mechanism to ensure the effective implementation of these policies [3] - Private capital can now hold over 10% in key project areas, encouraging participation in significant projects [3][4] Group 2: Encouraging Investment in High-Value Industries - The government plans to support private capital in the production service industry, which is essential for industrial development [5] - Focus areas include industrial design, common technology services, and quality certification, promoting entry into higher value-added sectors [5] - The initiative aims to enhance the quality of production services and encourage innovation in manufacturing [5] Group 3: Digital Transformation Support - The measures support the establishment of comprehensive digital empowerment platforms for private enterprises, facilitating data integration across supply chains [7] - The government aims to foster digital service providers for small and medium-sized enterprises, enhancing their digital transformation [8] - There is a focus on expanding effective investment in digital economy initiatives, including urban digital transformation projects [8]

Core Viewpoint - The State Council's recent measures aim to stimulate private investment, particularly in infrastructure REITs, to enhance economic growth, employment stability, and investment expectations [1][6]. Group 1: Policy Measures - The document outlines 13 targeted policy measures to promote private investment, including encouraging private capital participation in key sectors like railways and nuclear power, and clarifying shareholding ratios [1][6]. - The National Development and Reform Commission (NDRC) has recommended 105 projects to the China Securities Regulatory Commission, with 83 projects already listed, raising a total of 207 billion yuan, expected to drive over 1 trillion yuan in new investments [5][6]. Group 2: Investment Trends - In the first three quarters of the year, national fixed asset investment (excluding rural households) reached 37,153.5 billion yuan, a year-on-year decrease of 0.5%, with private fixed asset investment down 3.1% [6]. - However, excluding real estate, private project investment grew by 2.1%, with infrastructure investment up by 7% and manufacturing investment up by 3.2%, indicating stable growth [6]. Group 3: Encouragement of Private Capital - The measures specify that for certain projects requiring national approval, feasibility studies must include assessments of private capital participation, with potential shareholding ratios exceeding 10% [7][8]. - The NDRC emphasizes the importance of private capital in long-term, public-interest projects, with recent initiatives successfully attracting private investment in nuclear and hydropower projects [7][8]. Group 4: Financial Support and Mechanisms - The NDRC plans to enhance financial support for eligible private investment projects, utilizing various funding channels and financial services to improve policy effectiveness [13][14]. - A total of 500 billion yuan in new policy financial tools has been allocated, with a portion supporting qualified private investment projects [13][14]. Group 5: Service Industry Development - The measures aim to eliminate unreasonable entry barriers in the service industry, encouraging private capital to flow into high-value sectors such as industrial design and digital transformation [10][11]. - The NDRC highlights the significant growth potential in the service industry during the 14th Five-Year Plan period, advocating for private enterprises to engage in high-value service sectors [10][12].

Core Insights - The National Development and Reform Commission (NDRC) has recommended a total of 105 infrastructure REITs projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed, raising a total of 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [2]. - The NDRC aims to promote the normalization of the recommendation and issuance of infrastructure REITs in 2024, expanding the market further [2][3]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued and listed, raising nearly 30 billion yuan [2]. - Private investment projects have become "first projects" in various fields, demonstrating a positive demonstration effect [2]. Group 3: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance, thereby broadening financing channels for private enterprises and promoting a virtuous cycle of investment and financing [3]. - The NDRC will focus on expanding the market by increasing the number of mature asset type project applications and facilitating the first listings of new asset types [3]. - A special coordination service mechanism will be established to address challenges faced by private investment projects in the REITs issuance process [3]. Group 4: Policy Support for Private Investment - The NDRC will continue to implement policies that support the listing and financing of technology-driven enterprises and mergers and acquisitions through a "green channel" [4]. - The NDRC aims to create a comprehensive national investment and financing service platform to enhance efficient connections between financing and credit services, targeting more precise credit resource allocation to private enterprises [4].

Core Viewpoint - The Chinese government is actively promoting policies to enhance the development of private enterprises and private investment, with a focus on expanding the service industry and facilitating private capital participation in key sectors such as railways and nuclear power [1][3][5]. Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) has introduced 13 measures aimed at stimulating private investment, including expanding market access and ensuring fair competition [2][3]. - The measures emphasize the need for special feasibility studies to assess private capital participation in projects requiring state approval, particularly in sectors with potential returns [4][5]. - The government aims to create a better environment for private enterprises by integrating modern services with advanced manufacturing and modern agriculture [1][9]. Group 2: Investment Trends - Private investment has shown a stable growth of 2.1% year-on-year in the first three quarters of the year, excluding real estate development [2]. - The government acknowledges existing challenges in private investment, such as market access barriers and financing difficulties, and is addressing these through targeted policies [6][8]. Group 3: Focus Areas for Private Capital - The measures encourage private capital to participate in high-value service sectors, including industrial design, quality certification, and digital transformation [9][10]. - The NDRC is committed to enhancing the quality and efficiency of the service industry, which is seen as a crucial component of national economic development [1][10]. Group 4: Implementation Strategies - The government plans to support private enterprises in participating in significant projects and to streamline the approval process for private investment in infrastructure and public services [6][7]. - There is a focus on building digital platforms and providing market-oriented services to support private enterprises in their innovation and growth efforts [7][10].

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the significant potential of private capital in driving economic growth and innovation, particularly in the context of the newly released measures to promote private investment [1][2]. Group 1: Private Investment Growth - Private investment is a crucial indicator of economic activity, with a 2.1% year-on-year growth in private project investment excluding real estate in the first three quarters of the year [1]. - Infrastructure private investment has increased by 7% year-on-year, while manufacturing private investment has grown by 3.2%, indicating a stable growth trend [1]. Group 2: Encouragement for High-Value Sectors - The NDRC plans to encourage private enterprises to enter high-value sectors such as technology services, focusing on areas like industrial design and quality certification [3]. - The integration of technological and industrial innovation is highlighted as a critical area for private enterprises to excel [2]. Group 3: Support for Investment Projects - The NDRC aims to facilitate more private investment projects to go public, having already recommended 18 projects to the China Securities Regulatory Commission (CSRC), with 14 successfully listed, raising nearly 30 billion yuan [5]. - A comprehensive service platform for investment and financing will be established to enhance the efficiency of capital allocation to private enterprises [7]. Group 4: Government Procurement and Support for SMEs - The NDRC has reinforced policies to support small and medium-sized enterprises (SMEs) through government procurement, mandating that over 40% of certain project budgets be reserved for SMEs [6]. - Local governments are encouraged to increase the reserved share for SMEs in procurement projects [6]. Group 5: Financial Support and Credit Access - Banks are instructed to optimize approval processes and enhance direct access to credit for small and micro enterprises, with a focus on improving financial service levels [7]. - The NDRC is promoting a "credit innovation points system" to better allocate financial resources to technology-driven enterprises [7]. Group 6: Infrastructure REITs and Investment - The NDRC has recommended a total of 105 infrastructure REITs projects to the CSRC, with 83 already listed, raising a total of 207 billion yuan, which is expected to drive over 1 trillion yuan in new project investments [9]. - The introduction of private capital into major projects, such as nuclear power, has seen participation rates of up to 20% [8]. Group 7: Policy Financial Tools - As of October 29, 2023, the NDRC has fully allocated 500 billion yuan in new policy financial tools to support eligible private investment projects [10].