The National Development and Reform Commission Holds a Special Press Conference to Interpret the "Several Measures for Further Promoting the Development of Private Investment"

On the afternoon of November 11, 2025, the National Development and Reform Commission held a special press conference to provide a comprehensive briefing on the recently issued “Several Measures for Further Promoting the Development of Private Investment” (hereinafter referred to as the “Measures”).

One

Policy Framework: Three Major Directions, Thirteen Initiatives

The “Several Measures” focus on Focusing on three core directions—expanding market access, removing bottlenecks, and strengthening safeguards—the proposal puts forward 13 specific policy measures that cover key links across the entire chain of private investment. These measures aim to systematically optimize the environment for private investment and unleash the vitality of private capital.

(1) Expanding Market Access: Breaking Down Barriers and Broadening Areas of Participation

First, clearly define the opening-up pathways for key areas. For projects—such as railways, nuclear power, and hydropower—that require state approval (or ratification) and are capable of generating revenue, a special assessment should be conducted during the preliminary feasibility study stage to evaluate the viability of private capital participation. For projects that meet the requirements, the shareholding ratio of private capital can exceed. 10% Some nuclear power projects already have private enterprises holding equity stakes of up to... 20%.

Second, we will guide orderly entry into emerging fields. We will support private capital in participating in the development of strategic emerging industries such as the low-altitude economy and commercial aerospace. We will dynamically update and make publicly available the list of major national scientific research infrastructure facilities, and encourage private enterprises to take the lead in undertaking major national technological攻关 tasks.

Third, we will remove unreasonable restrictions in the service sector. We will comprehensively review and eliminate implicit barriers to entry in the productive services sector; and standardize public-private partnerships (PPPs). PPP) New mechanism in operation; increase government procurement support for small and medium-sized enterprises.

(2) Unblocking bottlenecks: Safeguarding rights and strengthening innovation support.

First, ensure equitable access to infrastructure rights. Strengthen regulatory oversight over the operation and scheduling of network-based infrastructure such as power grid interconnection, access to oil and gas pipeline networks, and transportation capacity allocation, so that private enterprises enjoy the same usage conditions as other market entities.

Second, we will strengthen support for the construction of pilot-scale platforms. We will encourage private enterprises to accelerate the development of major pilot-scale platforms; and we will promote state-owned enterprises, universities, and research institutes to provide market-oriented pilot-scale services to private enterprises, jointly building an open and collaborative pilot-scale ecosystem.

Third, accelerate the digital transformation of industries. Support leading private enterprises in building digital empowerment platforms to drive collaborative digital upgrades among SMEs across the upstream and downstream segments of industrial chains. Actively foster new business models and formats such as advanced energy storage and virtual power plants.

(3) Strengthening Guarantees: Multi-party Collaboration and Smooth Financing Channels

First, leverage the guiding role of fiscal funds. Central budgetary investments will prioritize supporting privately funded projects that meet the relevant criteria. The 500 billion yuan in new policy-based financial instruments has been fully deployed, with some of the funds specifically directed toward supporting private investment projects.

Second, optimize the credit service mechanism. Banking and financial institutions are required to set annual service targets for private enterprises and implement a due-diligence exemption system for inclusive lending; promote... The “Innovation Credit System” provides targeted services to meet the financing needs of technology-driven private enterprises.

Third, broaden direct financing channels. Implement measures to facilitate IPO financing for technology-based enterprises. "Green Channel" mechanism; Support eligible private investment projects in issuing real estate investment trusts (REITs) in the infrastructure sector. REITs) As of now, there are already Fourteen projects led or participated in by private enterprises have successfully issued infrastructure REITs, raising a total of nearly 30 billion yuan.

Fourth, increase the emphasis on government procurement. Provisions: For government procurement projects in the engineering sector with budgets exceeding 4 million yuan, at least 40% of the budget should be reserved specifically for small and medium-sized enterprises. It is also encouraged to increase the advance payment ratio to over 30% when signing contracts.

Two

Key Concerns Response

At the press conference, relevant departments provided authoritative responses to issues of widespread public concern:

Regarding the shareholding ratios of private capital in key sectors

The policy focuses on state-approved projects—such as railways and nuclear power—that offer stable returns, and requires conducting special feasibility studies involving private capital participation during the early stages of these projects. Shareholding ratios will be determined comprehensively based on the nature of the project, its risk-return profile, and the enterprises’ willingness. Those who meet the conditions may break through. 10% cap Currently, some nuclear power projects have been implemented by private enterprises. 20% equity stake. The policy adheres to treating enterprises of all ownership types equally, and promotes complementary advantages and coordinated development.

Measures to Support Private Investment in the Energy Sector

The National Energy Administration has introduced ten specific measures. In the past two years, there have already been... Twenty private enterprises have taken equity stakes in nuclear power projects. By 2025, the shareholding ratio of private capital in these projects is expected to rise generally to between 10% and 20%. The number of privately-owned electricity retailers nationwide has exceeded 2,400, accounting for nearly 60% of the total market share. The next step will be to establish sound long-term mechanisms and refine the rules governing the entry and equity-holding arrangements for private capital participating in major energy projects.

On Empowering Private Investment through the Digital Economy

Digital transformation is deepening its advance from the consumer internet to the industrial internet. The National Data Administration is guiding private capital toward sectors such as networking, cloud computing, artificial intelligence, and data services by opening up exemplary application scenarios, strengthening support for computing power and data infrastructure, and expanding the market space for data elements, thereby building... A new investment paradigm driven by the dual engines of “data + technology.”

On Investment Opportunities in the Productive Services Sector

During the 15th Five-Year Plan period, high-value-added productive service industries such as industrial design, inspection and testing, technology services, and supply chain management will usher in significant development opportunities. The policy will support private enterprises’ deep involvement through measures such as pilot reforms, standard-setting guidance, and brand development, thereby creating a number of demonstration projects and service brands for transformation and upgrading.

Three

Policy Implementation Mechanism: Strengthen Coordination and Strive for Practical Results

To ensure the effective implementation of the “Several Measures,” the National Development and Reform Commission will take the lead in establishing an inter-departmental coordination mechanism and urge all regions to refine and tailor supporting measures based on their specific circumstances. At the same time, we will continue to improve... “Four Ones” Service System:

With the "Law on Promoting the Private Economy" as institutional safeguards;

Relying on the four-level regular communication mechanism among government and enterprises at the national, provincial, municipal, and county levels;

Using the nationwide, unified comprehensive service platform for the development of the private sector as a carrier;

Build A closed-loop working mechanism consisting of “problem collection—assignment and handling—feedback response—follow-up and effectiveness assessment.”

Conclusion

Private investment serves as a crucial support for stabilizing growth, adjusting the economic structure, promoting innovation, and improving people's livelihoods. The introduction of the "Several Measures" marks a pivotal step forward in China’s efforts to create a world-class business environment that is market-oriented, rule-of-law-based, and internationally competitive. As policy benefits continue to be realized, institutional barriers are gradually removed, and service guarantees keep getting strengthened, private investment vitality will be further unleashed, injecting strong momentum into the drive for high-quality development.