据中国国家发改委13日消息，全国发展和改革工作会议12日至13日在北京召开。会议部署2026年发展改 革重点任务，其中提及，更大力度发展民营经济。 会议明确了九项明年发展改革重点工作，分别是：编制实施好"十五五"规划；多措并举促进投资止跌回 稳；提振消费要出实招出新招；综合整治"内卷式"竞争和培育发展新动能；进一步全面深化改革；深入 扩大高水平对外开放；以双碳为引领加快推进全面绿色转型；更大力度保障就业和改善民生；适应人口 形势变化优化公共资源配置。 其中，针对稳投资，会议提出，充分发挥"两重"建设(国家重大战略实施和重点领域安全能力建设)、新 增地方政府专项债券等各类政府投资资金作用，适当增加中央预算内投资规模，继续发挥新型政策性金 融工具作用，不断提高投资效益。面向"十五五"谋划实施重大工程项目。进一步明确投资规则，扎实做 好前期工作，加强投资项目调度。深入实施促进民间投资发展的若干措施，有效激发民间投资活力。 在改革工作方面，会议表示，研究制定全国统一大市场建设条例，协同推进"准入、场景、要素"一体化 改革；持续抓好招商引资、招标投标等方面重点问题整治，坚决破除各类壁垒障碍；更大力度发展民营 经济，大力 ...

Economic Indicators - In October, the Consumer Price Index (CPI) in China increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking six consecutive months of growth and outperforming market expectations [1] - The Producer Price Index (PPI) rose by 0.1% month-on-month for the first time this year, while year-on-year it decreased by 2.1%, but the decline narrowed by 0.2 percentage points compared to the previous month, indicating an improving trend over three months [2] Retail and Consumption - In October, the total retail sales of consumer goods reached 46,291 billion yuan, growing by 2.9% year-on-year, while online retail sales for the first ten months amounted to 127,916 billion yuan, up by 9.6% [5] - The online retail of physical goods grew by 6.3%, accounting for 25.2% of total retail sales, suggesting that new consumption patterns represented by online shopping will maintain a high growth rate in the future [5] Investment Policies - The Chinese government has introduced measures to stimulate private investment, with 13 policy initiatives aimed at creating a better environment for private investment, particularly in sectors like low-altitude economy and commercial aerospace [7][8] - In the first three quarters of the year, private fixed asset investment in mainland China decreased by 3.1% year-on-year, but excluding real estate development, private project investment increased by 2.1% [7] Geopolitical Developments - The Dutch government has invoked a law to take control of the Chinese-owned Nexperia semiconductor company, citing national security concerns, which has raised fears of disruptions in the global automotive supply chain [10][12] - The situation highlights the geopolitical tensions between Europe and China, as well as the reliance of Europe on the US for security while being economically dependent on China [15]

Core Viewpoint - The 2024 national government procurement scale is projected to be 33,750.43 billion yuan, marking the ninth consecutive year it exceeds 30 trillion yuan, although it represents a slight decrease of approximately 0.5% compared to 2023 due to fiscal constraints and reduced general expenditures [2][3]. Government Procurement Scale - The government procurement scale for goods, projects, and services in 2024 is 7,944.68 billion yuan, 13,839.64 billion yuan, and 11,966.12 billion yuan, respectively, accounting for 23.54%, 41.01%, and 35.45% of the total procurement scale [2]. Procurement Organization Forms - The 2024 procurement scale is divided into centralized procurement (7,664.14 billion yuan), departmental centralized procurement (1,648.46 billion yuan), and decentralized procurement (24,437.84 billion yuan), representing 22.71%, 4.88%, and 72.41% of the total, with an increase in the share of decentralized procurement [3]. Procurement Methods - The procurement methods for 2024 include public bidding (76.63%), competitive negotiation (11.52%), and single-source procurement (3.26%), with public bidding continuing to dominate the procurement landscape [3]. Support for Small and Medium Enterprises (SMEs) - In 2024, the total contract amount awarded to SMEs through government procurement is 24,230.91 billion yuan, accounting for 71.79% of the total procurement scale, with contracts awarded to micro-enterprises amounting to 15,310.35 billion yuan, representing 63.19% of the SME total [4]. Policy Measures for SMEs - Recent measures from the State Council emphasize increasing government procurement support for SMEs, mandating that over 400 million yuan engineering projects suitable for SMEs reserve at least 40% of the budget for these enterprises, with encouragement for local governments to further increase this share [4][5].

Core Points - The State Council has issued measures to promote private investment, consisting of 13 targeted policy initiatives [1] - The National Development and Reform Commission (NDRC) emphasizes the coordination of investment, fiscal, and financial policies to enhance the effectiveness of private investment promotion [1] Investment Policy - The NDRC will utilize central budget investments to actively support eligible private investment projects, aiming to leverage government investment to stimulate social investment [1] - As of October 29, 500 billion yuan of new policy financial tools have been fully allocated, with a portion directed towards key private investment projects [1] Government Procurement Policy - The government will increase procurement support for small and medium-sized enterprises (SMEs), mandating that over 40% of the budget for engineering procurement projects exceeding 4 million yuan be reserved for SMEs [2] - Local governments are encouraged to raise the reserved share further, and procurement units are urged to increase advance payment ratios for contracts with private enterprises to over 30% [2] Credit Policy - The NDRC and financial regulatory authorities will enhance coordination to facilitate financing for small and micro enterprises, optimizing approval processes and improving financial service levels [2] - Financial institutions are expected to set annual service targets for private enterprises and implement systems to meet reasonable credit demands [2] - The "innovation points system" will be promoted to direct financial resources towards technology-driven enterprises [2] Direct Financing - The NDRC will continue to support the listing and financing of technology-driven enterprises through streamlined processes for mergers and acquisitions [2] - There will be active support for eligible private investment projects to issue infrastructure REITs, broadening financing channels for private enterprises [2] Financing Service Platform - The NDRC plans to establish a comprehensive national investment and financing service platform to enhance efficient connections between investment and financing, targeting credit resources more precisely towards private enterprises [3]

Core Insights - The National Development and Reform Commission (NDRC) aims to accelerate the implementation of significant reform measures to better integrate reform and development [1] - The focus will be on expanding consumption and stabilizing the economy through deepened reforms, enhancing consumption potential, and improving the policy framework for promoting consumption [1] - There will be an emphasis on increasing effective investment and establishing mechanisms for government investment to effectively stimulate social investment, thereby amplifying the multiplier effect [1] Consumption and Economic Stability - The NDRC plans to implement measures to promote service consumption, the initial public offering economy, and digital consumption to unleash consumption potential [1] - The strategy includes deepening reforms to shape and guide expectations, invigorate business entities, and enhance the core competitiveness of state-owned enterprises [1] Investment and Private Sector Development - The NDRC will research policies to promote the development of private investment, drawing from experiences in the nuclear power sector to attract private capital [1] - There will be increased efforts to promote private capital in sectors such as transportation, energy, and water conservancy to foster the growth of the private economy [1]