All the leaders of the State Council in Beijing, as well as the heads of 31 provincial (autonomous regions and municipalities) governments and ministries and commissions gathered in the first conference room of the State Council, Zhongnanhai, just to arrange one thing: to promote the healthy development of social investment. This scene happened on July 18th, when Premier Li Keqiang presided over a working meeting of provincial (autonomous regions and municipalities) government leaders to promote the healthy development of social investment.
"There is no precedent for such a grand lineup to discuss such a thing." A staff member of the State Council said.
As an important force to promote China’s economic growth, private economy has created about 60% of GDP, about 80% of social employment and more than 50% of fiscal revenue every year in recent years. Private investment is growing faster than social investment, accounting for more than 60% of fixed assets investment in the whole society. However, since the fourth quarter of 2015, the growth rate of private investment has dropped significantly.
For this reason, Li Keqiang held several meetings in succession to deploy and expand social investment, especially private investment. In May this year, he presided over the the State Council executive meeting and decided to carry out special supervision on the implementation of policies to promote private investment; At an executive meeting in June, the Prime Minister and the participants specially listened to the report on the special supervision of the implementation of private investment policies, and this topic alone was fully discussed for more than three hours. This time, Premier Li Keqiang once again called the heads of governments of all provinces (autonomous regions and municipalities) to gather in Beijing to make special arrangements to further mobilize the enthusiasm of social investment.
"We are holding this meeting today to grasp one point and drive the overall situation." Li Keqiang said at the beginning, "While seeing achievements and strengthening confidence, we should seize social investment, especially private investment, which is a key point affecting the future development of China’s economy, and give full play to the power of promoting development."
The total amount of private investment is large, which has a strong driving effect on consumption and employment.
Four days ago, China’s economy just handed over its "report card" for the first half of the year. Premier Li Keqiang listed a set of "head-on" figures at the meeting on July 18th: GDP growth rate was 6.7%, and 7.17 million new jobs were created. The survey unemployment rate in 31 large and medium-sized cities dropped, and the economy was operating in a reasonable range. At the same time, the contribution rate of consumption increased to 73.4%, the proportion of tertiary industry increased to 54.1%, the energy consumption per unit GDP decreased by 5.2%, and the economic structure continued to be optimized.
"It is commendable that an economy with a volume of 10 trillion US dollars can achieve such achievements, which also sends a positive signal to the world." Li Keqiang said, "But at the same time, we must also see that there is a prominent problem in these data, that is, the growth rate of social investment, especially private investment, has dropped significantly."
Statistics show that 1-mdash in 2016; In June, China’s private investment in fixed assets was 15,879.7 billion yuan, a nominal increase of 2.8% year-on-year, with a growth rate of 1-mdash; It dropped by 1.1 percentage points in May. Private fixed assets investment accounted for 61.5% of the national fixed assets investment (excluding farmers), which was 3.6 percentage points lower than the same period last year.
"It must be recognized that the total amount of private investment is large and has a strong driving effect on consumption and employment. This is not only related to ‘ Steady growth ’ , but also affects ‘ Adjust the structure ’ ; It will not only affect the current situation, but also affect the development in the next few years. " Li Keqiang said, "So we must insist on ‘ Two unwavering ’ Promote the healthy development of social investment, especially private investment. "
Expanding effective investment has strong correlation effect, multiplier effect and structural effect.
Principal officials from six provinces (autonomous regions and municipalities) first reported the basic situation of social investment, especially private investment. In the first half of this year, the total investment in fixed assets in Guangdong Province increased by 13.5%, of which the growth rate of private investment reached 19.6%. However, in the central and western provinces such as Anhui and Sichuan, the growth rate of private investment has dropped to about 6%, especially in the northeast, including Liaoning 1-mdash; In June, private investment was negative growth of 58.1%.
Li Keqiang pointed out that at present, the economic trends in different regions and industries are clearly differentiated. The growth rate of social investment, especially private investment in the eastern region is not low, but the decline of private investment in many central and western regions, especially in some northeastern provinces, is worrying.
"Some comrades analyzed that the reason why the growth rate of private investment in Northeast China plummeted was because the infrastructure construction was relatively sound in previous years and the investment space was small. Is this really the case?" Li Keqiang asked, "Not to mention Liaoning, even Beijing has obvious shortcomings in infrastructure construction, and waterlogging will occur in some areas when it rains heavily. How can there be no investment space in other regions? The flood of the Yangtze River since June this year reminds us that our city still has many shortcomings in infrastructure construction, and there is still great potential for water conservancy project construction. "
Li Keqiang pointed out that China is still in the process of industrialization and new urbanization. Expanding effective investment has strong correlation effect, multiplier effect and structural effect. It is an irreplaceable and indispensable tool, and it is also an important aspect of moderately expanding total demand and promoting development with supply-side structural reform as the main line.
"Industrial upgrading, new economic growth, and strengthening the construction of weak areas such as infrastructure and public services have all brought opportunities for expanding investment space." The Prime Minister said. He stressed that all localities and departments should conform to the trend of conversion of old and new kinetic energy, strengthen the guidance of social funds while making good use of limited government funds, and prevent investment in industries with overcapacity and environmental pollution, and use them more to fill shortcomings, optimize structure and mass entrepreneurship, innovate, cultivate new kinetic energy, improve people’s livelihood, etc., and play a "thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-thousand-
Stimulating the vitality of social investment is both a development issue and a reform issue.
To expand effective investment, why must we promote the healthy development of social investment, especially private investment? Premier Li Keqiang calculated an account: according to the statistics of last year, the investment in China’s fiscal budget was around 500 billion, while the total amount of private investment was nearly 15.9 trillion, which was 31.8 times of the investment in the fiscal budget, and the proportion of private investment in social fixed assets investment exceeded 60%.
"So we must make good use of financial funds ‘ Four or two thousand catties ’ The role of fully releasing the great vitality of social investment, especially private investment. " The Prime Minister said.
He emphasized to the heads of various localities and departments attending the meeting that we must be soberly aware that stimulating the vitality of social investment is "both a development issue and a reform issue".
"If we can’t fully mobilize social capital, especially private capital, but rely more on government investment, won’t we return to the old road of planned economy?" Li Keqiang asked in a sonorous tone, "So we must further deepen the reform and rely on the strength of the reform to promote the social investment ‘ Temperature ’ 。”
Development is the key to solving all problems in China.
On the morning of the meeting presided over by Premier Li Keqiang, the heads of the governments of 31 provinces (autonomous regions and municipalities) and the heads of relevant departments in the State Council also discussed in groups, and sorted out dozens of policy suggestions to promote the healthy development of social investment. Li Keqiang asked all departments in the State Council to "sit in the right place" on these suggestions. He then put forward three policy requirements: further relaxing market access and simplifying administrative procedures; Try to alleviate the financing difficulties and expensive financing; Innovate the investment mode and enhance the investment ability of private enterprises.
"Over the years, we have promoted ‘ Streamline administration, delegate power, strengthen regulation and improve services ’ The achievements of reform are obvious to all, but there is indeed power ‘ Put ’ Did you go down below ‘ Then ’ The phenomenon of living. " The Prime Minister said, "I have seen that in some places, private enterprises have to invest in a project. In the past, they had to go through more than 200 approvals, but now they have been reduced to 90 or 60, but there are still too many. The institutional transaction cost of our enterprise is really too high! "
He asked all localities and departments to improve relevant policies, clarify the list of government powers, and give private enterprises a "reassurance". “‘ Power list ’ Not clear, how to build a new type of political and business relationship? " The prime minister asked.
Finally, Li Keqiang said earnestly to the participants that he hoped everyone could "make good use of the eighteen martial arts" from the interests of the country and the people. It is necessary to do a good job in implementing the decision measures and prevent the policy from being "suspended"; It is also necessary to improve the communication mechanism between government and enterprises, boost enterprise confidence and establish a new type of political and business relationship; It is also necessary to sum up and popularize the advanced experience of various places, further improve the incentive and restraint and fault-tolerant and error-correcting mechanisms, and promote the formation of a situation of competing for reform, restructuring and development.
"Development is the key to solving all problems in China!" Li Keqiang’s tone is sincere and firm. "All localities and departments should unswervingly adhere to the party’s basic line, stabilize social investment, especially private investment, in a reasonable range, ensure the realization of the main objectives and tasks of economic and social development this year, and lay a solid foundation for economic development and structural adjustment next year and even in the next few years."