我国固定资产投资（不含农户）从2012年的23万亿元增长到2024年的51.4万亿元；2013—2024年，资本 形成总额对经济增长的年均贡献率达38.1%。从结构看，制造业投资占比总体稳定，高技术产业投资 2018—2024年年均增长12.1%，绿色能源等领域投资高速增长，投资结构持续优化。 其中，"十四五"时期政府投资规模也在不断壮大。近3.4万亿元中央预算内投资，重点支持补短板、调 结构、惠民生的公共领域项目建设。发行约16万亿元地方政府专项债券用于投资建设，支持地方重点项 目建设。2024—2025年发行1.5万亿元超长期特别国债，支持国家重大战略实施和重点领域安全能力建 设（"两重"建设）。2023年增发国债1万亿元，支持华北等地区加快灾后恢复重建，提升我国防灾减灾 救灾能力。2022年、2025年分别投放7399亿元政策性开发性金融工具、5000亿元新型政策性金融工具， 有力补充重大项目资本金。 （资料图） 国家发展改革委投资司表示，2025年以来投资下行压力加大，特别是从6月开始，投资增速快速回落，1 —10月同比下降1.7%。这既是受一些地方政府化债压力较大、地方投资循环不畅等当期因素影响，也 ...

人民财讯12月18日电，国家发展改革委固定资产投资司发表文章《着力扩大有效投资》，文章指出，深 化投资审批制度改革。进一步完善投资审批管理制度体系，着力激发投资活力，切实防范低效无效投 资。研究制定关于深化投资审批制度改革的意见。按照事权匹配、权责一致、监督有效的原则，优化政 府投资项目审批权限，加强对重点地区和重点领域项目的提级论证管理。规范政府投资项目审批程序， 严禁违规借道国有企业等规避政府投资审批，健全政府投资决策问责机制。严格政府投资项目概算约 束。研究修订政府核准的投资项目目录，确保该管的切实管好，能管住的有序放活。规范备案类项目管 理，强化企业投资项目核准、备案管理和要素、资金等管理政策的协同。优化投资项目报建审批事项和 办理流程，提升审批效能。完善投资项目建设实施信息填报等制度，建立健全项目决策综合评价和绩效 评价制度。 ...

Group 1 - The core viewpoint emphasizes the importance of expanding effective investment to maintain reasonable growth and improve investment efficiency, particularly in major engineering and livelihood projects [1] - The investment approval system reform in Anfu County has streamlined processes, allowing for a more efficient project initiation and execution, exemplified by the "one-window" service model [2][4] - The "tolerant approval + commitment system" introduced in Anfu County allows projects to proceed even if some materials are temporarily missing, significantly reducing construction timelines [3] Group 2 - The establishment of a comprehensive elderly care facility in Fangchenggang is driven by the increasing demand from the aging population, with plans for a facility that integrates comfortable living and accessible medical services [6][8] - The project faces financial challenges, requiring innovative funding solutions, including support from policy banks to ensure affordability and sustainability [7][8] - The project aims to provide 550 beds and enhance local elderly care services, reflecting a broader trend of adapting investment structures to demographic changes [8] Group 3 - The construction of the Xi'an to Yan'an high-speed railway is a key example of optimizing government investment structure and increasing the proportion of livelihood-related investments [9][10] - The project is expected to significantly reduce travel time between Xi'an and Yan'an, enhancing connectivity and supporting local economic development [10][11] - A multi-source financing model has been established to ensure adequate funding for the railway project, demonstrating effective coordination among various government departments [11] Group 4 - The successful listing of a REIT for municipal heating infrastructure in Jinan represents an innovative investment model that leverages existing assets to fund new projects [12][15] - The REIT raised 1.496 billion yuan, which will be used for critical infrastructure projects, ensuring continuous and stable construction [15] - This approach exemplifies the potential of financial innovation to unlock new investment opportunities and enhance the efficiency of capital allocation in infrastructure development [15]

Group 1: Investment Policy and Reforms - The "14th Five-Year Plan" emphasizes expanding effective investment, maintaining reasonable growth, and improving investment efficiency [1] - Investment approval reforms are being deepened to optimize government investment structure and increase the proportion of private investment [1][2] - The "container approval + commitment system" allows project units to apply for approvals even if some materials are temporarily missing, expediting the process [3][4] Group 2: Local Government Initiatives - In Anfu County, a "one-window acceptance" area has been established for all approval matters related to projects, streamlining the process significantly [4] - The county has implemented a "Tuesday parallel approval" mechanism, reducing required materials from 18 to 5 and cutting approval time from 7 days to 1 day [4] - Over the past three years, Anfu County has attracted 108 industrial projects with investments exceeding 1 billion yuan [4] Group 3: Aging Population and Healthcare Infrastructure - In Fangchenggang, the elderly population is projected to reach 178,500 by the end of 2024, highlighting a growing demand for elderly care services [6] - A comprehensive elderly care service center is being planned to address the lack of resources, with a focus on affordability and proximity to medical facilities [6][7] - The project has secured 200 million yuan in long-term credit to cover construction costs, demonstrating the role of policy-driven financial support [8] Group 4: Transportation Infrastructure Development - The Xi'an to Yan'an high-speed railway is set to open by the end of this year, significantly reducing travel time from over 2 hours to approximately 1 hour [9][10] - The project exemplifies the optimization of government investment structure and an increase in investments aimed at improving public welfare [10] - A multi-source financing system has been established to ensure funding for the high-speed railway, combining provincial capital, government bonds, and project loans [11] Group 5: Innovative Investment Models - The Jinan Energy Group has successfully launched a public REIT for heating infrastructure, raising 1.496 billion yuan to fund the "Chatou Heating into Jinan" project [12][15] - This innovative financial tool aims to revitalize existing assets and facilitate further investments in infrastructure [15] - The project has already seen significant progress, with the northern line fully connected and the southern line expected to be operational by December [15]

Capital Market Development - The proposal emphasizes improving the inclusiveness and adaptability of the capital market, enhancing the coordination between investment and financing functions [1] - The China Securities Regulatory Commission (CSRC) plans to deepen the reform of the Growth Enterprise Market, establishing listing standards that better align with the characteristics of emerging industries and innovative enterprises [1][2] - The focus is on providing more precise and inclusive financial services for new industries, new business formats, and new technologies [1] Direct Financing Enhancement - The proposal advocates for the active development of direct financing methods such as equity and bonds, while steadily advancing futures, derivatives, and asset securitization [2] - It calls for further deepening capital market reforms to enhance financing capabilities for various types of enterprises, particularly in supporting technological innovation [2] Resource Allocation and Market Functionality - The proposal aims to accelerate the establishment of a market-oriented resource allocation system, promoting efficient allocation of various resources [3] - A well-functioning capital market is deemed crucial for achieving the goals of the 14th Five-Year Plan and contributing to China's modernization process [3] Macroeconomic Governance - The proposal highlights the need to enhance macroeconomic governance effectiveness, emphasizing the coordination of fiscal and monetary policies [4] - It aims to create a more internally driven economic growth model, focusing on consumption and domestic demand [4] Fiscal Policy and Financial Sustainability - The proposal stresses the importance of active fiscal policies to enhance fiscal sustainability and ensure financial resources are allocated effectively [5] - It suggests optimizing the fiscal relationship between central and local governments to improve financial coordination [5] Monetary Policy Transmission - The proposal calls for improvements in the central bank's system and the establishment of a robust monetary policy framework to ensure effective transmission mechanisms [6][7] Financial Regulation - The proposal emphasizes the need for comprehensive financial regulation, enhancing collaboration between central and local regulatory bodies [8] - It aims to build a risk prevention and resolution system to ensure the stability of the financial system [8] State-Owned Enterprise Reform - The proposal advocates for deepening the reform of state-owned enterprises (SOEs) to enhance their core functions and competitiveness [9] - It emphasizes the integration of technological and industrial innovation to drive sustainable development [9] Private Economy Development - The proposal aims to implement laws and systems that ensure equal access to production factors and fair market competition for the private economy [10] - It emphasizes the need for practical measures to stimulate private investment and address the challenges faced by private enterprises [10] Consumer-Oriented Policies - The proposal suggests increasing government spending on social welfare to enhance consumer confidence and stimulate consumption [11] - It aims to improve the institutional mechanisms that promote consumption and support consumer rights [11] Investment Approval Reform - The proposal calls for reforms in the investment approval system to clarify investment directions and priorities at both central and local levels [12] - It emphasizes the need for a unified online approval platform to streamline the investment project approval process [12] Real Estate Development - The proposal focuses on promoting high-quality development in the real estate sector, advocating for a new development model [14] - It emphasizes the importance of macro-prudential management and supporting quality real estate enterprises in financing [14]