Investment serves as the engine for economic growth, and private investment acts as a barometer reflecting economic vitality.

The question is how to encourage private capital to invest with confidence, willingness, and competence.

Recently, the Provincial Government General Office issued the "Several Policy Measures for Further Promoting High-Quality Development of Private Investment in Henan Province" (hereinafter referred to as the "Measures").

This initiative delivers a coordinated set of actions across four dimensions: policy environment, key sectors, factor guarantees, and investment/financing methods, aiming to open broader development space for private capital.

In-Depth Optimization of the Policy Environment for Private Investment

Encouraging private capital participation in project development is a key focus.

For projects in sectors like agriculture, water conservancy, transportation, energy, and high-tech industries that require provincial-level approval (verification) and have certain revenue potential, a special assessment on the feasibility of private capital participation must be conducted and detailed in the feasibility study report (project application).

Approval authorities will review the participation details and determine shareholding ratios according to their mandates.

For eligible projects, the shareholding ratio for private capital can reach over 10%.

Furthermore, the Measures call for refining the requirements for private capital participation in projects, strengthening the management of bidding and tendering activities, and promoting government procurement support for small and medium-sized enterprises (SMEs).

Specifically, for engineering procurement projects exceeding 4 million yuan suitable for SMEs, purchasers must strictly reserve over 40% of the total budget for procurement specifically targeting SMEs, with no less than 60% of that reserved for micro and small enterprises.

Deepening price reforms in public utilities is also emphasized to lower business operating costs.

Active Support for Private Capital Investment in Key Sectors

The Measures outline support for private capital involvement in urban infrastructure construction and operation, investment in productive services, and the digital economy.

Private capital is encouraged to participate in new urban infrastructure projects with smaller scale and profit potential, such as affordable housing, underground pipelines, and industrial park infrastructure.

In the digital economy, support is provided for private enterprises to undertake provincial key R&D projects and tackle core technologies in areas like data security and application integration.

Additionally, the document guides private capital to participate orderly in infrastructure construction for emerging sectors like the low-altitude economy and supports private enterprises in frontier technological innovation and major scientific research platform development.

Substantial Strengthening of Factor Guarantees for Private Investment

Ensuring fair access in the energy sector is a priority.

The Measures mandate the implementation of fair opening regulations for facilities like power grids and oil/gas pipelines, safeguarding the legitimate rights and interests of private enterprises in areas such as grid connection and pipeline usage.

Active efforts to secure policy-based funding support and continuously increase financing support are also highlighted.

The document calls for the常态化 operation of coordination mechanisms supporting financing for micro and small enterprises, implementing programs to enhance financial services for SMEs, and strengthening multi-level government-bank-enterprise对接.

Policies like loan renewal without principal repayment and尽职免责 are to be落实, utilizing monetary policy tools such as支农支小 relending to encourage banks to reserve sufficient quotas for first loans,续贷, and medium-to-long-term loans for private micro and small enterprises.

Enhanced financing services for technology-based enterprises and the implementation of "green channel" policies for their investment and financing are also specified.

Sustained Promotion of Innovative Investment and Financing Methods for Private Capital

The Measures advocate for the standardized implementation of the new Public-Private Partnership (PPP) mechanism, strictly prohibiting bidding conditions or evaluation criteria that restrict private enterprise participation to maximize their involvement.

Actively promoting the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector is another key point.

The document encourages seizing the opportunity for the常态化 issuance of infrastructure REITs, supporting private capital participation in revitalizing quality存量 assets and eligible private investment projects issuing infrastructure REITs.

It also explores a "step-by-step" model for REITs上市发行.

Furthermore, the continuous推介 of quality projects is emphasized, utilizing the provincial online investment project审批 platform to regularly select and publicly推荐一批优质 projects with solid preparatory work, clear回报 and risk-sharing mechanisms, and conditions and willingness for private investment participation.

Breaking Down Barriers to Give Private Enterprises Confidence to Invest

Private investment often faces the "glass door" barrier of being visible but inaccessible.

The Measures target this pain point for systematic institutional resolution.

By setting specific shareholding ratio targets and imposing "hard constraints" against隐性壁垒 in bidding and procurement, the policies aim to build a "firewall" for SME development and ensure fair competition is truly implemented at the source.

Expanding Sectors to Give Private Enterprises Space to Invest Willingly

Beyond removing obstacles, the Measures focus on guiding private capital on "where and how to invest," making private enterprises genuine "partners" in the development process.

From urban underground pipelines to low-altitude economy infrastructure, and from productive services to digital economy攻关, the document provides a clear "investment map" for private capital.

In terms of innovation驱动, the Measures not only support private enterprises in applying for national key科研 projects but also specifically propose supporting them in布局建设 innovation platforms like industrial technology engineering centers.

It also aims to establish a sound dynamic management mechanism for provincial pilot-scale bases, guiding provincial state-owned enterprises to expand开放范围 of pilot platforms to private enterprises to promote the落地 of科技成果.

Clearing Channels to Give Private Enterprises the Guarantee to Invest Competently

Financing difficulties and high costs have long been "roadblocks" constraining private economic development.

In response, the Measures deploy a set of "financial组合" actions, striving to attract "source活水" for private investment and畅通融资 channels.

Regarding financing support, the document clarifies the need for常态化 operation of coordination mechanisms,落实 policies like loan renewal without principal repayment, and encouraging banks to reserve sufficient loan quotas.

For projects included in the national key private investment project库, financial institutions are to conduct independent reviews, make autonomous decisions, bear their own risks, and independently select eligible projects for financial support.

The Measures also propose promoting innovative investment and financing methods for private capital, seizing the opportunity for the常态化 issuance of infrastructure REITs, and encouraging private capital participation in revitalizing quality存量 assets.

By utilizing the provincial online审批 platform, quality projects with solid preparatory work and clear回报 mechanisms will be regularly selected and publicly推荐.

The introduction of these Measures aims to ensure private capital can not only "enter the door" but also "take root" and "bear fruit."

Relevant officials from the Provincial Development and Reform Commission stated that the next step involves collaborating with various departments to solidly implement the Measures, address institutional "bottlenecks" in private capital participation in major projects, and strengthen services, guidance, and standardized management for private investment.

The goal is to enable private capital in Henan to invest willingly, confidently, capably, and competently, thereby better empowering the province's high-quality economic and social development.