Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of private investment as a key indicator of economic activity, which plays a significant role in stabilizing growth, employment, and expectations [1] Investment Policy - The NDRC will utilize central budget investments to actively support eligible private investment projects, enhancing the guiding role of government investment on social investment [1] - As of October 29, 500 billion yuan of new policy financial tools have been fully allocated, with a portion supporting eligible key area private investment projects [1] Government Procurement Policy - The government will increase procurement support for small and medium-sized enterprises (SMEs) by reserving over 40% of the budget for engineering procurement projects exceeding 4 million yuan for SMEs [2] - Local governments are encouraged to further increase the reserved share for SMEs [2] - Procurement units are encouraged to raise the advance payment ratio for contracts with private enterprises to over 30% of the contract amount [2] Credit Policy - The NDRC and financial regulatory authorities will enhance coordination to support financing for small and micro enterprises, optimizing approval processes and improving financial service levels [2] - Financial institutions are required to set annual service goals for private enterprises and implement inclusive credit policies [2] - The "innovation points system" will be promoted to guide financial resources towards technology-driven enterprises [2] Direct Financing - The NDRC will continue to implement policies that facilitate the listing and financing of technology-driven enterprises and mergers and acquisitions through a "green channel" [2] - There will be active support for more eligible private investment projects to issue infrastructure REITs, broadening financing channels for private enterprises [2] Financing Service Platform - The NDRC plans to establish a national investment and financing comprehensive 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) has introduced measures to enhance private investment through improved coordination of investment, fiscal, and financial policies [1] - The NDRC aims to create a national investment and financing comprehensive service platform to facilitate efficient connections between investment and financing, particularly targeting private enterprises [1] Investment Policy - The recent measures emphasize the importance of aligning various funding channels and financial services to boost the effectiveness of private investment policies [1] - The NDRC will strengthen the cooperation mechanism of investment and loan linkage, enhancing the precision of credit resource allocation to private enterprises [1] Financial Services - The NDRC plans to improve interconnectivity with national financing credit service platforms to ensure better access to financial resources for private sector investments [1] - The focus is on implementing credit and direct financing policies to support the growth of private investments [1]