Private investment is a crucial pillar for stabilizing growth, adjusting the economic structure, and promoting employment. Entering 2026, policies will continue to intensify efforts to expand the scale and improve the quality of private investment. In terms of top-level design, the State Council executive meeting held on January 9th proposed implementing loan interest subsidies for small and micro enterprises, establishing a special guarantee plan for private investment, setting up a risk-sharing mechanism to support private enterprise bonds, optimizing the implementation of fiscal interest subsidies for equipment renewal loans, and further reducing the financing threshold and costs for enterprises.
At the local level, Jiangxi, Guizhou, and other provinces have recently introduced policies: On January 7, the Jiangxi Provincial Development and Reform Commission issued the "Several Measures of Jiangxi Province to Promote High-Quality Development of Private Investment"; on January 4, the General Office of the Guizhou Provincial People's Government released the "Three-Year Action Plan for Expanding Private Investment in Guizhou Province." These measures are also concrete implementations of the "Several Measures on Further Promoting the Development of Private Investment" (hereinafter referred to as the "Several Measures") issued by the General Office of the State Council in November 2025, aiming to further stimulate the vitality of private investment and promote its healthy development.
Currently, policies to promote private investment are strengthening the entire chain of safeguards to drive the transformation of private investment from "scale expansion" to "quality improvement." A series of measures are gradually forming a virtuous cycle of "private capital daring to invest, industrial upgrading, and economic quality improvement."
Policy support stimulates investment vitality
Private investment is an important indicator of economic activity and plays a vital role in stabilizing growth, employment, and expectations. According to data released by the National Development and Reform Commission, in the first three quarters of 2025, private investment in projects excluding real estate development increased by 2.1% year-on-year, maintaining stable growth. Among them, private investment in infrastructure increased by 7% year-on-year, and private investment in manufacturing increased by 3.2% year-on-year, maintaining a good momentum of development.
Currently, private investment development still faces some difficulties and obstacles. The "Several Measures" aims to stimulate private investment vitality and improve overall investment efficiency from three aspects: expanding access, removing obstacles, and strengthening guarantees. In particular, in terms of innovation, it guides private capital to participate in the construction of infrastructure in the low-altitude economy in an orderly manner, and supports leading private enterprises, chain enterprises, and third-party service providers to build comprehensive digital empowerment platforms, providing strong support for industrial innovation and technological development.
Taking commercial spaceflight as an example, commercial spaceflight entered a period of rapid development in 2025, with private enterprises making numerous innovative breakthroughs. In December 2025, the Dier-5 China Science and Technology City (B300-L02) space experiment spacecraft, independently developed by Beijing Ziwei Yutong Technology Co., Ltd. (hereinafter referred to as "Ziwei Technology"), successfully entered its predetermined orbital altitude aboard the Kuaizhou-11 carrier rocket, marking a successful launch mission. In the same month, Ziwei Technology completed its B1 round of financing, led by Sichuan Provincial Science and Technology Innovation Investment Group, with follow-on investments from Mianyang Gaocheng Equity Investment Fund managed by Sichuan Xingchuan, Chengdu Jiazi Economic Development Zone New Energy Vehicle Equity Investment Fund managed by Longchu Fund, and Chengdu Jiaotong Zongheng Equity Investment Fund managed by Zhuoyue Fund.
In an interview with the Securities Daily, Zhang Xiaomin, Chairman of Ziwei Technology, stated that under the major trend of commercial aerospace development, Ziwei Technology is collaborating with partners to build multimodal and multi-field innovative partnerships, enabling more people to participate in the development of the space application ecosystem. The Series B1 financing will primarily be used for the research and development and manufacturing of the C2000 medium-sized cargo spacecraft in Chengdu Economic and Technological Development Zone and Youxian District of Mianyang, bringing a positive impact to the company's development.
Technological innovation is characterized by high risk, long cycles, and high investment, often placing significant risks on private capital. Yuan Shuai, deputy director of the Investment Department of the China Urban Development Research Institute, told reporters that the State Council executive meeting proposed several measures to support private investment, further lowering the financing threshold and costs for enterprises, thus encouraging private capital to invest. When private capital is no longer deterred by financing difficulties and high risks, more funds will flow into technological innovation and infrastructure.
Infrastructure construction is also an important area where policies encourage private investment. Fu Qiang, president of Mushroom CarLink Information Technology Co., Ltd., told reporters: "As a private enterprise deeply involved in the field of intelligent transportation, the introduction of policies such as the 'Several Measures' to promote private investment has broken down the hidden barriers in the industry, provided a solid guarantee for private capital to participate in the construction of intelligent transportation infrastructure, and allowed the enterprise's innovation vitality and market resources to be fully released."
Fu Qiang stated that while encouraging and supporting private capital to participate in the construction of key projects, he hopes to open up public resources. For example, in the field of intelligent transportation, he hopes to gradually promote the sharing of high-precision maps and vehicle-road cooperative equipment to help private enterprises reduce costs and accelerate innovation.
Policies have actively elevated private investment from a "supplementary role" to a vital force for "structural adjustment and stable growth," guiding it towards infrastructure, green and low-carbon development, and the digital economy, thus providing a continuous source of vitality for consumption and manufacturing development.
Financial support helps private investment break through traditional barriers.
Finance is a crucial tool for promoting private investment, playing a key role in stimulating market vitality, optimizing resource allocation, and driving economic restructuring and upgrading. The "Several Measures" proposes to continue implementing the "green channel" policy for the listing and financing, mergers and acquisitions of technology-based enterprises that have made breakthroughs in key core technologies. It also actively supports more eligible private investment projects in issuing real estate investment trusts (REITs) in the infrastructure sector.
Fu Yifu, a special researcher at Jiangsu Commercial Bank, analyzed for reporters that the policy is guiding the optimization of the structure of private investment through a four-dimensional mechanism of "expanded access + financing empowerment + performance incentives + risk mitigation". On the access side, the policy is gradually opening up sectors such as railways and nuclear power, and releasing a list of high-quality projects. On the financing side, central government budgetary investment and policy-based financial instruments are precisely targeted, the "innovation points system" is being promoted, credit is being given to technology-based enterprises, and a "green channel" for listing has reduced the direct financing costs for science and technology innovation enterprises. Regarding risk mitigation, infrastructure REITs are being issued regularly to revitalize existing assets and shorten the investment recovery period. In addition, local policies such as the "Three-Year Action Plan for Expanding Private Investment in Guizhou Province" set targets for the proportion of private investment, guiding investment towards advantageous industries and forming a structural optimization synergy of "national direction setting and local implementation strengthening".
In 2020, the National Development and Reform Commission (NDRC), aiming to smooth the investment and financing cycle and promote the expansion of effective investment, jointly launched a pilot program for infrastructure REITs with the China Securities Regulatory Commission (CSRC). In 2024, this program was pushed into a normalized recommendation and issuance phase and continued to expand. As of November 2025, the NDRC had recommended 105 projects to the CSRC, of which 83 had been issued and listed. These projects cover 18 asset types across 10 industries, including toll roads, clean energy, urban heating, ecological and environmental protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure. The total amount of funds issued reached 207 billion yuan, and it is expected to drive total investment in new projects exceeding 1 trillion yuan.
Zheng Lei, chief economist of Samoyed Cloud Technology Group, told reporters that in terms of finance, the central government provides zero-interest re-lending at a certain percentage of the loan amount through the "carbon emission reduction support tool," and local governments provide investment subsidies for the first industrialization projects, forming a three-tiered leverage of "bank lending + fiscal interest subsidies + local subsidies," which further leverages the participation of private capital and significantly accelerates the pace of industrialization.
With the deepening of the construction of a unified national market and the continuous optimization of investment and financing mechanisms, the financial sector continues to play a "booster" role, driving private investment towards strategic emerging industries and infrastructure, thus building a more solid microeconomic foundation for high-quality economic development. (Securities Daily reporter Guo Jichuan)
