sun xuegong

core point of view: 聚焦拆“篱笆”、除“心结”、厚“土壤”，让民企“安心投”“有的投”“投得好”，对扩大内需推动经济持续稳定健康发展具有重要现实价值和深远意义。

■ Sun Xuegong Rong Chen

Private investment is an important force in promoting economic development, stabilizing overall investment, and expanding social employment. General Secretary Xi Jinping emphasized the need to stimulate the vitality of private capital investment, encourage and attract more private capital to participate in the construction of major national projects, key industrial chain and supply chain projects. At present, efforts are being made to stabilize and expand private investment, focusing on tearing down "fences", removing "knots", and thickening "soil", allowing private enterprises to "invest with peace of mind","invest some" and "invest well", which is conducive to expanding domestic demand and promoting sustained, stable and healthy economic development. Development has important practical value and far-reaching significance.

01 Fully understand the stabilization and expansion of private investment

Importance of expanding domestic demand

First, 民间投资是全社会和实体经济投资的生力军，影响整体投资大局。自2012年有民间投资统计口径以来，全国民间投资占全社会固定资产投资的比重始终保持在50%以上，在工业投资中民间投资占80%，在制造业投资中民间投资占85%，因此，要稳投资必须先稳民间投资。今年民间投资尤其具有特别重要的作用和意义，受地方性债务和一些西方国家“去风险”的影响，今年一些地方政府投资和外商直接投资增长面临诸多困难与挑战，更需要民间投资挑起大梁以稳定投资大局。

Second, 民间投资是新质生产力投资的主力军，有力助推投资质量提升。2012年以来，民营企业研发支出额年均增速达到约20%，在中国社会研发投入占比达78%，贡献了70%以上的技术创新成果，集中了80%的专精特新“小巨人”企业和90%的高新技术企业，是中国发展新质生产力的重要基础。促进民间投资将有力提升投资质量、效益。

Third, 民间投资是就业岗位的主要创造者，对于扩大消费具有重要贡献。从创造就业看，民间投资机制灵活贴近市场，就业吸纳能力强。全国工商联面向民营企业开展的问卷调查数据显示，民营企业提供了80%以上的城镇就业岗位，吸纳了近五成大学毕业生；全国市场主体活跃调查数据显示，个体工商户、企业户均吸纳就业人员2.5人、8.1人。就业是收入进而是消费的基础，民间投资创造大量就业机会，将推动居民收入提高，进而带动消费增长。

Fourth, 民间投资是稳外贸的利器，有利于拓展外需。当前，全球贸易形势复杂严峻，民营企业凭借其灵活性、敏锐性、创新性，已成为中国外贸的“稳定器”。2023年，从主体看，中国有进出口记录的外贸经营主体首次突破60万家，其中，民营企业55.6万家，占比达86.2%，再创新高；从价值看，民营企业合计进出口22.36万亿元，增长6.3%，占进出口总值的53.5%，提升3.1个百分点。更为重要的是，民间投资善于抓住市场机遇，有力开拓新的外需市场。

02 Current aspects of private investment

"Fence","knot" and "soil" problems

From the perspective of industry access, the "glass door" and "spring door" for private capital to participate in some areas have not yet been broken. According to relevant statistics, there are about 80 areas of state-owned economic investment in China, about 60 areas are allowed for foreign investment, and only more than 30 areas are allowed for domestic private capital investment. Many areas that have been opened to foreign investment, such as banking, insurance, telecommunications, etc. In industries, there are still stricter restrictions on the entry of domestic private capital. In practice, for some major projects with large investment and long cycles, some places implement a bidding process of "explicit approval and actual prohibition". Discriminatory words such as "in principle, priority should be given to state-owned enterprises" appear in the bidding documents, or the approval and filing process is too complicated, so that private enterprises can only "retreat in the face of difficulties." Some private enterprises have reported that the government procurement field is becoming more and more inclined towards state-owned enterprises. Private enterprises not only have to pay high management fees, but also have to go through several outsourcing methods to get business. Data from the National Development and Reform Commission in May 2023 shows that since 2022, more than 50,000 related projects have been promoted in various places, and more than 9000 have been participated by private capital, accounting for only 18%.

Judging from online public opinion, some remarks that are not friendly enough to the private economy have affected the enthusiasm of private capital. In addition, some financial institutions are not willing to support private enterprises in financing based on cost, risk and other considerations. They are "afraid of lending, reluctant to lend, and cautious in lending" towards private investment, making loans difficult and expensive loans a "worry" that plagues private enterprises and limits the ability to invest in private capital and weaken the stamina of private investment.

From the perspective of the business environment, the fertile ground for legalization and internationalization of the high-quality development of the private economy needs to be further cultivated. The business environment is the soil for the survival and development of enterprises. The quality of "soil quality" is directly related to market vitality and economic development power. In recent years, various localities and departments have regarded optimizing the business environment as a major project and established and improved the "game of chess" promotion mechanism. Institutional transaction costs have continued to decline, and market vitality and social creativity have been continuously stimulated. However, we must also note that in terms of legalization, some laws at present do not fully promote and guarantee the construction of the business environment. Policy systems in some specific industrial areas are still insufficient. Relevant supporting administrative legal norms and systems are still relatively scarce. Private enterprise policies have a poor sense of gain, making the promotion and guarantee of the construction of the private economic development environment insufficient; Compared with international best practices, there is still a certain gap in China's business environment. China's business environment still lags behind other advanced economies in areas such as obtaining credit, handling bankruptcy, paying taxes and cross-border trade. Some laws and regulations are in line with internationally accepted rules. It is not yet possible to effectively connect.

03 Focus on breaking down barriers, improving the environment, and strengthening guarantees

Let private enterprises "invest","invest with peace of mind" and "invest well"

First, 完善准入管理、支持参与重大工程，让民营企业“有的投”。一是严格落实“全国一张负面清单”管理要求，确保“一单尽列、单外无单”，保障清单之外的行业、领域、业务等，各类市场主体皆可依法平等进入。加强对地方落实负面清单的指导，及时排查地方准入隐性壁垒，适时处理并发布违反公平准入的典型案例。统筹好发展与安全，防止片面或过度强调安全而缩减民间投资空间。二是支持民间投资参与重大工程项目建设。依托项目在线审批监管平台，常态化向民间资本推介重大项目工程，鼓励民间资本积极参与产业创新中心、技术创新中心、企业技术中心等创新平台建设。三是推动政府和社会资本合作新机制更好落地实施。相关部门要抓紧制定特许经营配套文件，牵头做好特许经营模式推进工作，地方要规范推进本级政府事权范围内的特许经营项目，依法依规明确特许经营项目实施机构。四是规范招投标资质要求，清除“隐形壁垒”。对于需要政府参与资源配置的特殊领域，应公开发布规则明细，确保各类所有制主体平等参与竞争，推动各类招标单位合理设置并公开发布投标要求，不得设置资格库等对民营企业不公的门槛。

Second, 政策连续稳定、营造良好营商环境，让民营企业“安心投”。一是落实支持民间投资政策。深入推进行政审批制度改革和商事制度改革，加快投资项目前期工作手续办理，建立与重点民间投资项目常态化沟通机制，健全完善政府守信践诺机制。二是提高政策制定和执行的科学性。制定政策时，加强与行业协会商会、经营主体的沟通，充分听取其意见，并通过公共媒体或网络渠道公开收集社会意见；执行政策时，结合企业实际情况，力求精准有效，力戒过度执行政策而破坏商业环境的行为。三是进一步提高行业监管的规则化法治化水平。树立监管者和被监管者地位平等共守规则的理念，完善救济机制，提升民间投资的法律保障。与时俱进创新监管方式，适应民营经济新业态新模式的发展需要，强化“人工智能+监管”等数字技术应用，与时俱进创新优化市场监管和服务方式，持续推进“放管服”改革。四是优化法治化国际化营商环境。针对营商环境中的短板弱项，主动对标世界银行营商环境评价新体系，积极学习借鉴国际最佳实践，进一步降低民间投资的制度性交易成本。此外，对舆论杂音深入细致分析，客观看待民营企业发展早期不规范问题，消除影响民营经济发展的思想障碍、舆论障碍，对部分故意歪曲、恶意抹黑的不实声音适时进行行政及法律惩处。

Third, 强化要素保障、建立民间投资项目库，让民营企业“投得好”。一是加大解决民营企业融资难融资贵问题力度。制定有针对性的支持民间投资信贷政策和管理办法，切实落实“尽职免责”，推动银行机构在合理范围内增加不良贷款容忍度。发挥好房地产融资协调机制作用，加强对抽贷、断贷、压贷、拒贷行为的管理，切实减少金融机构对民营房地产企业的过度避险行为，保障民营企业资金稳定性。二是拓展政策性开发性金融工具投向领域。将政策性开发性金融工具支持范围由8大类22个领域扩大到省高速公路网、城市轨道交通、先进制造业等领域，吸引更多社会资本参与重大项目建设。三是建立民间投资重点项目库。依托项目库，加强地方发展改革、自然资源、生态环境等部门的沟通与协调，在对民间投资项目配置能耗、用地、用力、环保等指标时平等对待、一视同仁。四是优化民间投资统计口径。当前，民间投资统计未被纳入部分政府、国有控股企业、外资企业与民间投资合作的项目，仅包括市场监管部门注册登记类型为民间控股企业的投资实物量，建议按照企业注册资本出资比例核算各投资主体投资实物量。

(Sun Xuegong, Director and Researcher of the Decision Consulting Department of the China Academy of Macroeconomics; Rong Chen, Deputy Director and Associate Researcher of the Decision Consulting Department of the China Academy of Macroeconomics)