Experts said that measures such as relaxing industry access, broadening investment and financing channels and implementing land tax and fee policies can stimulate the enthusiasm of private investment to enter the social field, hedge the slowdown of future real estate investment and infrastructure investment to a certain extent, and have a positive effect on stabilizing investment growth.
Breaking through multiple fields will relax industry access
The "Opinions" proposes to relax industry access in a solid and effective manner. Formulate specific plans for social forces to enter the fields of medical care, old-age care, education, culture and sports, and comprehensive approval guidelines for cross-departmental whole processes, promote one-stop acceptance, window service and parallel approval, make breakthroughs as soon as possible in the fields of medical care and old-age care with great social demand, insufficient supply and high voice from the masses, and focus on solving problems such as doctors' difficulties in practicing more, being included in medical insurance and financing for old-age care institutions.
Many experts said that expanding the opening of social sectors to private investment will help solve some prominent contradictions in the current macroeconomic operation, promote the deepening of supply-side structural reform, and also alleviate the downward pressure on economic growth to some extent.
Last year, private investment slowed down for several months, which once became the focus of attention of the government and the market. The relevant departments have taken a series of measures. First of all, they organized a nationwide inspection of private investment and hired a third-party agency to evaluate the situation of private investment. The State Council and the National Development and Reform Commission issued policies to promote private investment in July and September last year respectively. Since September last year, private investment has shown signs of stabilization and recovery. From 1 to February this year, private investment continued this upward trend, with a year-on-year increase of 6.7%, and the growth rate was 3.5 percentage points faster than last year.
Gao, a researcher at the Institute of International Finance of Bank of China, told the Economic Information Daily that private capital pays more attention to profitability in investment decision-making, which is largely determined by the market. The rebound of its investment reflects the improvement of investment will and market confidence, which proves that the economy is improving steadily. It is difficult for the growth rate of investment to continue to rise in the future, and private investment will remain the main force to stabilize investment growth.
"Considering that the growth rate of real estate investment and infrastructure investment may slow down this year, the government encourages industrial upgrading, increases investment in people's livelihood, ensures steady economic growth, and avoids ups and downs." Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, told the Economic Information Daily that although private investment stabilized and rebounded in the fourth quarter of last year, it is unlikely that there will be a significant rebound this year. The government also hopes to encourage private investment to participate more in fixed assets investment.
Further broaden investment and financing channels.
The opinion puts forward that investment and financing channels should be further broadened. In view of the characteristics of low average return on investment in social fields, long return period and difficult mortgage financing, the guidelines for the issuance of special bonds for commercial banks and the guidelines for the management of collateral were issued. Conditional places can set up market-oriented industrial investment funds in the social field, and encourage all localities to increase credit supply to industries through measures such as risk compensation.
Some experts said that the economic benefits of investment in some social fields are relatively low, which leads to the low enthusiasm of social capital. In order to make social capital play an important role, it is very important to innovate investment and financing methods and give investors reasonable return expectations.
Wu Qi, head of the Commercial Bank Research Center of hengfeng bank Research Institute, said that the general idea of stimulating investment vitality in social fields should shift from mainly relying on government financial input to paying equal attention to social input and financial input. Among them, it is very important to broaden investment and financing channels. China is a country with indirect financing, so we should explore ways of government guarantee and risk compensation to encourage and support commercial banks to innovate business models. At the same time, we should also speed up the construction of multi-level capital markets and support qualified enterprises to go public for financing.
It is worth mentioning that the Opinions proposes to guide social capital to participate in the construction and operation of medical institutions, aged care services, educational institutions, cultural facilities and sports facilities in the form of government and social capital cooperation (PPP), and to carry out PPP project demonstration.
Many experts believe that it is necessary to expand investment and financing channels in the social field through PPP mode. It is understood that by the end of last year, the national PPP projects had signed 1 and 35 1, with a total investment of 2.2 trillion yuan, and the project landing rate exceeded 30%. Compared with the beginning of the year, the number of projects and investment scale have increased by more than four times. Zhang Yong, deputy director of the National Development and Reform Commission, previously revealed that PPP is a model to promote private investment. The first thing this year is to let private enterprises enter more fields through PPP.
Gao also said that in order to protect the good momentum of private investment, in addition to relaxing market access, it is also very important to promote private investment with PPP, and to give private investment opportunities to participate in major projects.
Jiang Zhen, an associate researcher at the Institute of Finance and Economics of China Academy of Social Sciences, told reporters that from the perspective of PPP development, how the government takes measures to promote the healthy and stable development of PPP will be an important content in the future. At the policy level, we should try our best to optimize the implementation of PPP in accordance with the principles of revenue sharing and risk matching. To further refine the uncertainty of income and risk, there must be operating rules.
Support will issue policy red envelopes such as land taxes and fees.
The "Opinions" put forward that we should conscientiously implement the land tax and fee policy. In addition to the allocation of agricultural land conversion indicators and new land use indicators, encourage the revitalization of existing resources such as old factories and warehouses, and formulate comprehensive utilization plans for idle campus buildings. At the same time, it emphasizes the implementation of tax policies and strengthens the supervision and inspection of preferential price policies such as water, electricity and heat.
It is worth mentioning that the Opinions gave strong support to the land policy and proposed new land supply in the fields of medical care, pension, education, culture and sports. It can be supplied by allocation according to law. For projects that can use allocated land, on the premise of voluntary use of land, encourage the supply of land by means of transfer or lease, support the city and county governments to provide land by means of capital contribution or shareholding with state-owned construction land use rights, and jointly invest in construction with social capital. If it should be used for compensation, it can be supplied by bidding, auction or agreement according to law, and the land transfer price will be paid in installments according to the contract within the prescribed time limit. Support the implementation of long-term lease, first rent and then rent, and land supply.
"The implementation of the land tax and fee policy is conducive to effectively revitalizing the stock resources such as land, broadening the financing channels for corporate mortgage guarantees, and effectively reducing the cost burden of enterprises and improving their operating income." Wu Qi said.
Some experts also said that a series of preferential policies have a positive effect on stimulating market vitality. Taking the old-age care industry as an example, the government encourages and guides social forces to participate in the development of the old-age care industry, making the old-age care projects hierarchical, differentiated and commercialized. There are not only low-end projects, but also high-end projects to achieve comprehensive coverage from basic old-age care to health care.
The "Opinions" also proposed to vigorously promote the development of integration and innovation. Formulate management and service standards for combining medical care with nursing care, develop and expand online education and online fitness and leisure platforms, encourage all localities to explore innovative development pilot zones, and try first in terms of access, talents, land and finance. In addition, it is necessary to strengthen supervision and optimize services. Improve the collaborative supervision mechanism, explore the establishment of a service market supervision system, give full play to the positive role of departments, localities, associations and chambers of commerce, establish a comprehensive supervision and evaluation mechanism for the whole industry, improve the blacklist system and exit mechanism for service institutions and employees, and implement the normalization and disclosure of supervision information.