NDRC Holds Another Private Enterprise Symposium, Focuses on Private Investment Confidence and Potential

Beijing – On September 15, Zheng Shanjie, Chairman of the National Development and Reform Commission (NDRC), chaired a symposium with private enterprises to solicit opinions and suggestions on optimizing the development environment and expanding investment space.

Key Remarks by NDRC Chairman

Zheng stated that China's private investment is currently at a critical juncture of structural optimization and momentum transformation. While difficulties and challenges exist, there is also greater space and potential for growth. He emphasized that confidence must be strengthened, especially during this transitional period.

Zheng urged private entrepreneurs to seize opportunities, innovate, and advance by actively increasing investment in:

• Emerging industries
• New infrastructure
• Consumption upgrades

He called on the private sector to promote the transition from old to new growth drivers and better serve overall economic and social development.

Participating Companies

Representatives from five companies attended the symposium:

| Company | Sector | |---|---| | Delixi Group | Electrical equipment | | Runze Technology (300442) | Computing power infrastructure | | Qingming Shanghe Garden | Cultural tourism services | | Ruizhi Kangjian | Elderly care services | | LandSpace (886078) | Commercial aerospace |

Enterprise Feedback

Participants generally agreed that since the beginning of this year, the state has:

• Adhered to expanding domestic demand as a strategic base point
• Actively promoted effective investment
• Accelerated the disbursement of government investment funds
• Advanced the "Two Major" construction and "Two New" initiatives
• Supported private enterprises' participation in major engineering projects

Enterprises also offered opinions and suggestions on:

• Further opening application scenarios
• Optimizing approval processes
• Broadening financing channels
• Revitalizing existing assets
• Strengthening factor guarantees
• Improving standard systems

NDRC's Commitment

Zheng emphasized that private investment is a crucial link in the high-quality development of the private economy and a strong support for expanding effective investment. The NDRC will:

• Focus on key industries and sectors where private enterprises have strong investment willingness and significant growth potential
• Adopt targeted and pragmatic measures to enhance private enterprises' sense of gain
• Promote confident, feasible, and increased participation by private capital

The NDRC will also:

• Continuously improve regular communication mechanisms with private enterprises
• Regularly recommend high-quality investment projects by industry and sector
• Orderly open application scenarios in key areas
• Promote the close integration of hard investment and soft construction
• Continuously optimize the investment environment and expand investment channels

Expert Analysis

Pang Ming, a member of the China Chief Economists Forum, told Yicai Global reporters that current market demand is insufficient and expectations are weak, leading to reduced corporate investment willingness. He noted that some private capital still encounters hidden barriers when participating in major infrastructure and emerging industry projects, while medium- and long-term financing costs and guarantee thresholds remain relatively high for some small and medium-sized private enterprises.

To further stimulate private investment vitality, Pang called for:

• Continuing to break down entry barriers and hidden obstacles
• Improving the financing support system
• Increasing precise financial support
• Optimizing the business and rule-of-law environments
• Stabilizing long-term development expectations for enterprises
• Strengthening investment confidence

Policy Measures Intensified

Private investment serves as a barometer reflecting economic activity and is an important force driving economic development and stabilizing overall investment. This year's Government Work Report placed effectively stimulating private investment vitality in a prominent position, explicitly stating: "Implement policies to promote private investment, improve the long-term mechanism for private enterprises' participation in major project construction, and guide private investment toward new tracks such as high-tech and modern service industries."

Recent Policy Actions

• August 14: The NDRC deployed measures to accelerate the launch of new policy-based financial instruments for 2026, increasing support for private investment projects.
• August 17: The 12th Plenary Meeting of the State Council emphasized vigorously promoting private investment and providing more support for investments in emerging fields, new infrastructure, and consumption upgrades.
• August 21: Vice Minister of Finance Liao Min stated that four investment-promotion policies supported approximately 1.51 trillion yuan in private investment cumulatively from January to July.

Fiscal-Financial Coordination

This year, the central government specifically allocated 100 billion yuan to promote a package of six fiscal-financial coordination policies to boost domestic demand. Starting in August, these policies were optimized to:

• Include newly issued working capital loans in the scope of interest subsidy policies for small, medium, and micro enterprises
• Expand the range of handling institutions for interest subsidies from approximately 100 to about 400

Project Recommendations

The Private Economy Bureau of the NDRC recently held symposiums with relevant private enterprises and industry associations, focusing on private enterprises' investment intentions. A batch of investment projects was intensively recommended.

The NDRC recommended a total of 36 projects focusing on four key areas:

| Area | Details | |---|---| | Transportation | Railways | | Logistics | Warehousing | | Water Conservancy (885572) | Water diversion projects | | Energy (850101) | Wind power (885641), energy storage (885921), charging facilities |

• Estimated total investment: 61.4 billion yuan
• Planned introduction of private capital: 15.6 billion yuan
• Participation methods: Sole proprietorship, controlling stakes, and equity participation in project companies

Broader Investment Context

This year marks the inaugural year of the "15th Five-Year Plan." A batch of major engineering projects, including those related to the "Six Networks," has commenced construction sequentially. Cross-regional transportation trunk lines, major energy and water conservancy projects, new infrastructure, and urban renewal projects are being advanced in an orderly manner.

Investment Growth Data (First Eight Months)

• Internet and related services associated with the "Six Networks": +42% year-on-year
• Air transport (884157): +16.7%
• Water transport: +14.7%
• Electricity supply: +12.7%

As of the end of June, China had built over 70 computing power corridors around computing hubs.

Official Perspective

Wang Guanhua, spokesperson for the National Bureau of Statistics, stated on September 15 that investment is shifting from previous emphasis on scale expansion to greater focus on technological innovation, industrial upgrading, and foundational support. He noted that with the transition in economic development stages, investment effectiveness cannot be simply judged by growth rates alone. Dimensions such as whether investment is effective, whether it targets transformation and upgrading sectors, and whether it accumulates momentum for long-term economic development deserve more attention.

Currently, central budgetary investment has been largely disbursed, the issuance and use of local government special bonds have accelerated, funds from new policy-based financial instruments will be promptly deployed, and the construction of the "Six Networks" is proceeding in an orderly manner. Coordinated efforts across various policies are conducive to further stimulating and releasing investment potential, using effective investment to support high-quality economic and social development.