Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System
Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System
Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System
July 5, 2016
Since the 18th CPC National Congress, the CPC Central Committee and the State Council have stepped up the reform of streamlining administration, delegating government power, combining delegation of power with strengthening of regulation and improving services and made a breakthrough in reforming the investment and financing system by reducing investment project items subject to approval, shifting the focus of investment management from pre-event approval to process services and in-event and post-event regulation, granting investment autonomy to enterprises and mobilizing social capital. Nevertheless, it is noted that there still exist issues concerning the investment and financing administration system to be solved to fulfill the requirements for the transformation of governmental functions and promoting social-economic development. The main issues are listed as follows: decentralization and streamlining administration lacking coordination and failing to completely fulfill functions, the need to position enterprises as major investors, difficulties and high costs of financing for investment projects, the need to further open up financing channel, innovate governmental investment administration patterns and give free rein to governmental guiding and leading role, non-synchronized decentralization and supporting system construction, the need to tighten in-event and post-event regulation and improve process services, building of the legal system for investment lagging behind and the need to strengthen law-based investment regulation. In order to deepen the reform of the investment and financing system and give full play to the key role of investment in stabilizing growth,adjusting structure and improving people's livelihood, the following opinions are hereby put forward:
I. General Requirements
Comprehensively implement the spirit of the 18th CPC National Congress and the Third, Fourth and Fifth Plenary Sessions of the 18th CPC Central Committee. Guided by Deng Xiaoping theory, the important thought of "Three Represents", and Scientific Outlook on Development, thoroughly study and implement the spirit of a series of speeches of General Secretary Xi Jinping. In accordance with the overall layout of promoting all-round economic, political, cultural, social and ecological progress and the strategy of Four Comprehensives, firmly establish and thoroughly implement the new development concept of innovation, coordination, greenness, openness and sharing. Make more efforts to promote institutional reforms, especially the supply-side structural reforms to give full play to the decisive role of the market in resource allocation and better play the role of government. Further transform government functions and deepen the reform of streamlining administration, delegating government power, combine delegation of power with strengthening of regulation, and improve services to establish and improve a new investment and financing system characterized by independent decision-making rights conferred on enterprises, smooth financing channels, functional transformation, standardized governmental actions, effective macro-control and adequate legal protection.
-- Position enterprises as major investors under the guidance of the government. Scientifically define and strictly control the scope of government investment, equally treat all types of investors and establish the dominant position of enterprises in investment and relax restrictions on social investment to exploit private investment potential and develop innovations. Give rein to the guiding role and the amplification effect of government investment, and optimize the cooperative model between government and social capital.
--Combine delegation of power with strengthening of regulation, and improve services. Exercise investment administration by providing quality services for enterprise investment activities and combine administration with services. Place a premium on pre-event policy guidance, in-event and post-event regulation and restraints as well as process services, innovate service modes, simplify service procedures and increase comprehensive service capabilities.
--Explore innovative mechanisms and open up channels. Open up investment and financing channels, expand fund resources of investment projects and fully exploit the potential of social capital to convert more savings to effective investment and effectively alleviate the difficulties and reduce high costs of financing for investment projects.
-- Comprehensively make arrangements and make concerted efforts to carry out reform. Integrate the reform of the investment and financing system, supply-side structural reform and other reforms in respect of taxation, finance and state-owned enterprises, and make concerted efforts to push through reform to establish a work mechanism characterized by mutual interaction and internal coordination and enhance reform cohesion.
II. Optimize corporate investment administration to encourage social investment
1. Position enterprises as main investors. Minimize the enterprise investment project items subject to approval, and in principle enterprises shall exercise autonomy in investment in accordance with relevant laws and regulations. Implement the enterprises investment project commitment system in some pilot areas and regions in order to explore and innovate the administrative models characterized by government policy guidance, enterprise credit commitments and effective restraints through regulation. For a small number of projects involving national security and ecological security, distribution of national major productive forces, strategic resources exploitation and vital public interests that indeed require government examination and approval for the sake of safeguarding social public interests according to law, draw up the list of relevant matters to reduce the items subject to approval to the maximum extent.
......
July 5, 2016
Since the 18th CPC National Congress, the CPC Central Committee and the State Council have stepped up the reform of streamlining administration, delegating government power, combining delegation of power with strengthening of regulation and improving services and made a breakthrough in reforming the investment and financing system by reducing investment project items subject to approval, shifting the focus of investment management from pre-event approval to process services and in-event and post-event regulation, granting investment autonomy to enterprises and mobilizing social capital. Nevertheless, it is noted that there still exist issues concerning the investment and financing administration system to be solved to fulfill the requirements for the transformation of governmental functions and promoting social-economic development. The main issues are listed as follows: decentralization and streamlining administration lacking coordination and failing to completely fulfill functions, the need to position enterprises as major investors, difficulties and high costs of financing for investment projects, the need to further open up financing channel, innovate governmental investment administration patterns and give free rein to governmental guiding and leading role, non-synchronized decentralization and supporting system construction, the need to tighten in-event and post-event regulation and improve process services, building of the legal system for investment lagging behind and the need to strengthen law-based investment regulation. In order to deepen the reform of the investment and financing system and give full play to the key role of investment in stabilizing growth,adjusting structure and improving people's livelihood, the following opinions are hereby put forward:
I. General Requirements
Comprehensively implement the spirit of the 18th CPC National Congress and the Third, Fourth and Fifth Plenary Sessions of the 18th CPC Central Committee. Guided by Deng Xiaoping theory, the important thought of "Three Represents", and Scientific Outlook on Development, thoroughly study and implement the spirit of a series of speeches of General Secretary Xi Jinping. In accordance with the overall layout of promoting all-round economic, political, cultural, social and ecological progress and the strategy of Four Comprehensives, firmly establish and thoroughly implement the new development concept of innovation, coordination, greenness, openness and sharing. Make more efforts to promote institutional reforms, especially the supply-side structural reforms to give full play to the decisive role of the market in resource allocation and better play the role of government. Further transform government functions and deepen the reform of streamlining administration, delegating government power, combine delegation of power with strengthening of regulation, and improve services to establish and improve a new investment and financing system characterized by independent decision-making rights conferred on enterprises, smooth financing channels, functional transformation, standardized governmental actions, effective macro-control and adequate legal protection.
-- Position enterprises as major investors under the guidance of the government. Scientifically define and strictly control the scope of government investment, equally treat all types of investors and establish the dominant position of enterprises in investment and relax restrictions on social investment to exploit private investment potential and develop innovations. Give rein to the guiding role and the amplification effect of government investment, and optimize the cooperative model between government and social capital.
--Combine delegation of power with strengthening of regulation, and improve services. Exercise investment administration by providing quality services for enterprise investment activities and combine administration with services. Place a premium on pre-event policy guidance, in-event and post-event regulation and restraints as well as process services, innovate service modes, simplify service procedures and increase comprehensive service capabilities.
--Explore innovative mechanisms and open up channels. Open up investment and financing channels, expand fund resources of investment projects and fully exploit the potential of social capital to convert more savings to effective investment and effectively alleviate the difficulties and reduce high costs of financing for investment projects.
-- Comprehensively make arrangements and make concerted efforts to carry out reform. Integrate the reform of the investment and financing system, supply-side structural reform and other reforms in respect of taxation, finance and state-owned enterprises, and make concerted efforts to push through reform to establish a work mechanism characterized by mutual interaction and internal coordination and enhance reform cohesion.
II. Optimize corporate investment administration to encourage social investment
1. Position enterprises as main investors. Minimize the enterprise investment project items subject to approval, and in principle enterprises shall exercise autonomy in investment in accordance with relevant laws and regulations. Implement the enterprises investment project commitment system in some pilot areas and regions in order to explore and innovate the administrative models characterized by government policy guidance, enterprise credit commitments and effective restraints through regulation. For a small number of projects involving national security and ecological security, distribution of national major productive forces, strategic resources exploitation and vital public interests that indeed require government examination and approval for the sake of safeguarding social public interests according to law, draw up the list of relevant matters to reduce the items subject to approval to the maximum extent.
......