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“In recent months， the growth rate of private investment picks up is related with the improvement of the entire market environment， in particular， with the emergence of raw material prices rapid rebounding， enterprises have a strong will to increase their stock around the Spring Festival.” Wang Jun， Vice Minister of Consulting and Research office of China International Economic Exchange Center， said such an analysis to the “China Business” reporter before he went to Hainan Participating in the Boao Forum for Asia.
Investment in the tertiary industry is hot
According to Changjiang Securities statistics， in terms of the areas， private investment in the eastern and central rebounded faster， and interms of industry， private investment of the tertiary industry achieved a growth of 9.4%， significantly higher than the previous data， which is the mainly contributed by the growth of private investment. From January to February， among the tertiary industry， water conservancy， environmental and public facilities management industry growth rate enhance the largest compared with last year. Private investment in public facilities management industry achieve a growth of 49%， a substantial rebound of 43.2 percentage points， driving 1.8 percentage points of all private investment. Transportation and warehousing， postal services， health and social work， culture， sports and entertainment industry growth rate is also significant.
As for the recovery of private investment growth， the National Bureau of Statistics spokesman， told reporters that the private investment in January and February had positive changes. Here are three reasons： First， the policy effect continues to appear. Since last year， the CPC Central Committee and the State Council have introduced a series of policy measures in promoting the growth of private investment. This includes the increase of reform but also the increase of supervision of private investment； Second， the overall market environment is improving， which is conducive to entrepreneurs to increase investment. In the recovery of manufacturing investment， real estate investment in January and February， most of the main investment is private investment， private capital； Third， the government PPP project landing is accelerating. This year is an important year after the "thirteen five" plan implementation. The government investment projects landing is also accelerated， PPP after nearly two years of preparation， also introduced a lot of preferential terms， attracting some private capital to participate in. "Private investment growth rate has a big incrasse means investment endogenous power continues to increase." National Bureau of Statistics， chief economist Wang Baobin gave this interpretation. As the economic environment improved， the real economy appears stable production， good recovery situation， which enhances the investment will of enterprises to a large extent. At the same time， with the policy of promoting private investment gradually implemented， private enterprises investment confidence is gradually increasing.
The First Quarter of 2017 Entrepreneur Survey Report released On March 21 by the central bank showed that the entrepreneur confidence index was 61.5%， 7.4 percentage points higher than the previous quarter， up 17.8 percentage points over the same period last year.
The warmth of private investment is also related to the increase in entrepreneurial confidence. "We have already felt from the central to the local governments at all levels have begun to pay close attention to the economy， from the indicators in January and February this year， the economy appeared to better trend."， Liu Han Yuan， Eleventh CPPCC Standing Committee and Chairman of Tong Wei Group said to accept the"China Business" reporter.
Huang Weijian was chairman of Wenzhou private capital investment ser vice center， he confirmed to reporters， "Wenzhou equity investment institutions increased significantly since last year， the scale of these institutions has also been expanding.
The reform needs to and implemented
W h a t t h e i n t e r v i e w e d entrepreneurs mentioned most is the overall market environment is warming up. In this regard， chief macro analyst of Changjiang Securities Zhao Wei’s view is that the new infrastructure contributed most to the recent growth trend of private investment， with some provinces overweight infrastructure and PPP projects landing speed up the， private investment growth will be further warmer.
From January to February this year， infrastructure investment increased by 21.3% year on year， up 5.5 percentage points from December last year， the highest growth rate in the past two years. Zhao Wei believed investment recovery in water conservancy and public facilities management， transportation and warehousing and postal industry is more closely related to the infrastructure investment.
This year a number of provinces clearly raised investment growth rate， and investment overweight mainly concentrated in the infrastructure sector， which will continue to stimulate the private investment. In Zhao Wei’s view， accelerated expansion of PPP projects will also help to further pick up private investment growth.
According to Changjiang Securities’ data， as of the end of last year， PPP project landing rate has risen to 31.6%， demonstration project average landing cycle is 12.8 months， which compared with the end of June last year， the average landing cycle 13.5 months shortened 0.7 months； the average landing cycle of three batches of demonstration projects were 15， 15.6 and 11 months， the new batch of project landing cycle significantly shortened， landing efficiency has improved.
However， there are experts in the interview who believe that the sustainability of private investment remains to be seen.
From the monetary policy’s point of view， this year’s monetary policy was set to sound and neutral. Coupled with the Fed has begun to raise interest rates， the loose space of China’s future monetary policy may be smaller. And the investment will be affected by the source of funds and the availability of funds. If the capital is tight， future investment growth will be affected.
On March 16， the central bank carried out the rate of tendering to reverse the operation of 80 billion yuan， and to carried out medium-term lending facilities （MLF） operation of 303 billion yuan to 17 financial institutions . Reverse repurchase and MLF bid rates are both up to 10 basis points.
At the same time， due to the market will usher in extra money into the generalized credit at the end of this month after the first MPA（macro-prudential assessment system）， recently capital in the market began to be significantly tight， interest rates continued upward.
Interest rates rising up will increase corporate financing costs. According to UBS analysis， the market interest rate this year is still high and volatile， but the central bank will not adjust the benchmark deposit and lending rates. High interest rates will lead to higher financing costs in some sectors， but the actual financing costs have fallen sharply over the past year， and more than half of corporate finance has come from bank loans priced at benchmark rates.
To keep private investment， Wang Jun also suggested comprehensive tax cuts， improving laws and regulations and other initiatives to further create a fair competitive environment， to promote the reform of stateowned enterprises giving private capital national treatment in the field of competitiveness to stimulate their investment will， to enhance investment confidence. "If the tax burden of the enterprise can be further resolved， with the concerted efforts of the government， society and enterprises，we believe that this year ’s economic situation will be optimistic." Liu said.
Deputy Director of the Central Committee of the Central Committee of the People’s Republic of China and Chairman of the Association of Private Investment Enterprises of Zhejiang Province Zhou Dewen introduced the Wenzhou government increased the intensity of decentralization. In the past， the approval proces of private investment was complicated and had to go back and forth， spend half a month. Now will be able to go through the approval process on the phone at once.
According to public data， ， in the context of the national private investment growth decline in the first half of 2016， private investment growth rate of the first half of last year in Wenzhou was gratifying， with an increase of 20.2%， more than the growth rate of Zhejiang province 15.7 percentage points.
