The new long march of private capital

As corporate citizens, both state-owned and private should enjoy the same national treatment.　　However, the "identity problem" of the private economy is far from being solved, so it can never get rid of the role of "supporting".　　Now, the private capital finally saw the dawn, a rush to "freedom" of the new Long march, is slowly pulling the curtain. -Wen/Sinorama reporter A long time, the private economy has long been able to and state-owned economy to the point of a rival. The fact is, it does not obtain the corresponding legal dignity, the development of the private economy in the process of embarrassment everywhere, a way of the invisible door in front of it-"national size" in the credit market dash, in the capital market horse enclosure, in all walks of life wander.　　In many near-monopoly areas, the private sector is clearly a rarity. As corporate citizens, both state-owned and private should enjoy the same national treatment.　　However, the "identity problem" of the private economy is far from being solved, so it can never get rid of the role of "supporting". Now, a new deal aimed at "opening the floodgates" for private investment, and brewing it as a driving force for the next round of investment growth is stepping up. Several opinions on further encouraging and promoting private investment, that is, encouraging private investment in 20, were reported to the State Council in early August.　　In the absence of an accident, this document is expected to be introduced within the year. At this point, private capital finally saw the dawn.　　A new march toward freedom is slowly opening the curtain. "Non-national treatment" of the People's capital "now even money is difficult to invest AH!" "Anhui a private enterprise boss big spit bitterness, because want to invest in the field not to go, even in, also have to bear very high cost," or walk to see it, not to say that the state will introduce policies to encourage private investment? It might be better then. "China's private capital" is actually very strong: The end of 2008, the physical private capital of about 11 trillion yuan.　　This figure does not include the existence of the stock market, the real estate market, futures, foreign exchange and other markets of virtual private capital. Despite its sheer size, private investment has been faltering.　　According to statistics of Sichuan Provincial Statistical Bureau, the first half of Sichuan private enterprises invested 232.89 billion yuan, the proportion of social investment from 53.7% to 41.9% in the same period last year, while in Guangdong province, the first half of the private sector investment fell 0.8%, Hubei province is lower than the same period last year 13%. One of the main reasons for the failure of private investment to start is that private investment is being blocked out of some areas.　　Generally speaking, the private capital in the monopoly industry is relatively low, such as power, telecommunications, postal services, finance, tobacco, petroleum, railways, aviation and other industries, the proportion of people in the 10%. On the other hand, the cost and risk of private investment are too high. "It's hard for private capital to invest!" "There are entrepreneurs in the interview, issued such a feeling," investment in a project, it is inevitable to borrow. Once a loan is needed, all shareholders are required to participate in collateral, and the property isBet, but small shareholders do not participate in management, in order to a small proportion of the shares on their own property, the risk is too big. "Companies are going to lend to the banks, pay 3% of the guarantee fee to the security company, and pay the 20%~30% of the guarantee company's loan amount in advance as a deposit," if the guarantee company closes, the enterprise's risk is not greater? He sums up the account: Suppose the enterprise wants to lend 5 million yuan, deduct the guarantee fee and advance money, take the hand of only more than 3 million yuan. "If we want to pull private investment, we must improve the financial system, establish a credit system, business loans rely on credit, not by deposit and high security fees." "Because the financing threshold of private enterprises is much higher than state-owned enterprises, often do not get the state-mandated interest rate loans." Many private enterprises have to turn to guarantee companies to carry out mortgage loans, so that the financing costs of enterprises greatly increased.　　This is the most important factor that affects the investment enthusiasm of private enterprises. Open access is the key. In February 2005, State Council Document No. 3rd (ie, "non-public 36") offered suggestions to encourage, support and guide the development of non-public economies such as private individuals, allowing the non-public sector to enter monopolies, infrastructure industries and utilities.　　However, there is basically no real progress. Compared to "non-public 36", "20" is expected to be a major breakthrough.　　Break the monopoly, become "20" for the folk investment tree from a banner. It is understood that "20" the first part of the draft, will be locked in the "expansion of market access", put forward to further break the industry monopoly, relax the stock ratio limit, reduce private investment access threshold.　　In the area of market access for people's capital, "20" also gives the framework--namely, basic industries, infrastructure, financial insurance, education and health and public services in the five areas. In order to protect the private investment more space, "20" at the same time, to amend the "Government approved the list of investment items", further narrowing the scope of approval, reduce the approval of matters, decentralization of approval authority, standardized record management.　　Non-government approved private investment projects to implement the registration and record management, but strictly prohibited in the name of the filing in disguise for approval. "The promotion of private investment has been the work of the NDRC since this year." Officials from the NDRC said that the rise of private investment after government investment will lead to the development of related industries.　　The former mainly focuses on people's livelihood projects and infrastructure, while industrial development depends on private investment.　　Enlarging the market access scope of private capital is the biggest bright spot of "20".　　Private capital is relatively small, relative weakness of state-owned enterprises, and some areas of investment access restrictions on private capital is a relatively unfavourable policy, this policy does not eliminate, to private enterprises to achieve profitability will be a big obstacle. In fact, the relaxation of some areas of private investment access restrictions on the industry itself is also a great boon. The investment of the basic industry is big, the period is long, the technical requirement is high, the original has been mainly government investment. If the admission restrictions are relaxed, the entry of private capital will effectively promote these industrial regulationsMold Development and growth. At present, China in these areas for the "green light" has also achieved some results, such as the financial sector of microfinance companies, is one of the performance of relaxed access.　　However, the industry generally believes that some monopolistic industries such as business services still have some room for relaxation.　　The expansion of "essay" Investment in the financial field needs the support of the financing level, and the financing difficulty is the most outstanding problem of the SMEs in coping with the financial crisis. Therefore, the study on the enactment of the Lenders Ordinance has also been written in the "20" draft. This measure can effectively help private enterprises to raise funds and provide support for the further expansion of investment.　　Some analysts believe that this is intended to break through the forbidden area, from the legal definition of illegal absorption of public deposits, illegal fund-raising and normal private lending boundaries, the loan subject and its behavior should be given legal status, so that private lending "sunshine." "If the Lenders Ordinance is enacted to allow individuals to register for the lending business, eligible businesses and individuals can start lending operations," he said. A breach of the current credit market all the resources are monopolized by the bank, the second is a large number of underground banks ' sunshine ', in favor of the state to fully grasp the financial system of the actual situation.　　Du Xiaoshan, deputy director of the Institute of Rural Development, China Academy of Social Sciences. "20" also proposed that the legal establishment of private investment services for small and medium-sized financial institutions, to increase the number and size of local small and medium-sized banks, village banks and micro-loan companies.　　The existing large financial institutions, but also to the total size of loans to support the development of small and medium-sized enterprises, banking supervision departments to be included in the Bank performance appraisal system.　　In addition to listing financing, supporting financial institutions to carry out SME loan securitization pilot, standardize and promote the development of property rights trading market, the State also actively promote the collection of small and medium-sized enterprises issued debt. Individual SMEs have difficulties in issuing debt, through a number of enterprises set up debt. At present, these practices have become an effective form of alleviating the financing difficulties of SMEs in many places.　　Recently, Beijing, Shenzhen, Dalian and other provinces and cities have successfully issued a collection of SME bonds, the total issue reached 1.82 billion yuan. In addition, the Government is setting up a SME venture capital mechanism to support the establishment and development of small and medium-sized VC companies at different levels.　　The next step will be through tax concessions, financial support, venture capital and other forms of guidance to guide the private investment in the establishment of investment enterprises, encourage the guidance of various types of venture capitalists to invest more in small and medium-sized enterprises. "20 article" puts forward the private capital enters the financial domain, undoubtedly has brought the historical opportunity for the private economy.　　The financing demand of nongovernmental finance and private enterprise is also expected to rely on this kind of multi-pronged policy support, and then really say goodbye to "grey zone". Lighten growth "China's economic growth, investment has been the main driving force. But the first half of the year, the government has just released 4 trillion yuan, the second half of the government's financial resources will be very tense, need private investment to pick up the bar. According to Shen, a professor of Ceibs, "China's employment problem needs to be digested by the rapid development of private enterprises;Consumption, only employment growth, consumption can grow.　　In order to protect growth, "20" to encourage private enterprises running forward another big positive, it is "reduce the operating tax burden of private enterprises." It was revealed that "20" the reduction policy included in the draft includes: private enterprises to use after-tax profits for reinvestment and technology research and development, can enjoy a certain degree of tax credit; private investment in national incentive projects, import domestic production of key equipment, raw materials and spare parts, tax exemption levy import duties, For the state to encourage and support the development of private investment projects, can appropriately shorten its plant, machinery and equipment, such as fixed assets depreciation years, accelerate the depreciation of fixed assets.　　The cost of technical research and development paid for the transformation and introduction of scientific and technological achievements by private enterprises shall be counted into the production cost according to the actual occurrence amount, and not subject to the proportional restriction. The new Enterprise Income Tax law, which was introduced early last year, was levied at a low rate of 20% for small profit-keeping enterprises.　　The state needs to focus on supporting High-tech enterprises to reduce the levy of 15% tax rate. In addition, the central government has set up a technology innovation fund for Small and medium-sized enterprises.　　By the end of last year, has been issued to support the development of small and medium enterprises to the Special Fund reached 20.85 billion yuan, the 2009 Central Finance Special Fund in 2008 3.9 billion yuan has been increased to 9.6 billion yuan. Next, the country will also standardize the small and medium-sized enterprises to charge the market, comprehensively clean up the administrative licensing and compulsory access to the intermediary services charges, monopolistic operating services charges, where not according to the provisions of the Authority and approval of the administrative fee and the Government fund category items are all canceled.　　In addition, the state will strictly enforce various tax administration laws and regulations, prohibiting the early taxation of SMEs or the apportionment of taxes. The next round of investment growth depends on the three major positive, "20 draft" at the same time, it also puts forward the reasonable use of public goods price formation mechanism and government investment subsidy, loan discount, tax incentives and other benefits compensation mechanism, to encourage and guide private investment in sole proprietorship, joint ventures, associates and project Concession management,　　Participate in the construction of industries and fields that can carry out market-oriented operation. From a deep point of view, to encourage private capital to enter the market should be the most effective way out of the economic crisis. The economics of economic cycle research shows that the crisis is actually the prosperity, because the economic prosperity caused by labor, physical resources and credit imbalance. This ultimately leads to no further growth in private spending, and new business opportunities become unprofitable, and recessions and crises emerge.　　Therefore, the so-called economic recovery is nothing more than to solve the problem of resource bottlenecks.　　Clearly, the only sensible way to address the problems facing China today is to motivate companies and individuals with higher investment efficiency to enter the market. Chennai, deputy director of the NPC Standing Committee, said, "to start private investment, to increase the next stage of investment is of great significance." Government investment of 4 trillion yuan should be invested in the big projects that can pull the economy development, the industrial chain relatively long project, at the same time also pry to move private investment. This pry is 10 times times, 20 times timesPry move, 4 trillion yuan to pry 40 trillion yuan, 80 trillion yuan, even more just go.　　"In the long run, the government's large-scale investment is difficult to sustain, therefore, the prosperity of private investment is of great significance to the sustained and steady growth of our economy." Experts point out that, compared with the country's huge investment, sporadic private investment is not a big, but also can not be underestimated.　　Once launched, not only can enhance the economic growth of the independent power, but also in employment, especially to solve the migrant workers, urban unemployed laid-off workers to play a role in the consumption will also have a very large pull. Not long ago, Su Ning, Deputy central bank governor, said in Shanghai that in this crisis, the Government to guide investment first is inevitable, otherwise short-term to expand domestic demand to stimulate economic recovery is more difficult. But "to truly overcome the financial crisis, so that the economy embarked on a virtuous circle, must have social investment, private investment development."　　Su Ning pointed out that social investment, private investment can keep up with the economic recovery is the key. In fact, for private investment, and no matter how much contribution to the economic recovery, at least they are expected to get a "outlaws" and "guards" opportunities to compete with Taiwan. Perhaps, this is the most gratifying place, but also we really want to see the results.