Source: General Office of the State Council
Notice from the General Office of the State Council on Issuing the “Several Measures to Further Promote the Development of Private Investment”
State Council General Office Document [2025] No. 38
People’s Governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries, commissions, and agencies directly under the State Council:
The “Several Measures for Further Promoting the Development of Private Investment” have been approved by the State Council and are hereby issued to you; please ensure their thorough implementation.
General Office of the State Council
November 3, 2025
(This document is for public release.)
Several Measures to Further Promote the Development of Private Investment
To further stimulate private investment and promote its development, the following measures are hereby proposed.
I. For projects requiring national approval (or authorization) that generate a certain level of revenue—such as railways, nuclear power, hydropower, interprovincial and inter-regional direct-current power transmission lines, oil and gas pipelines, imported liquefied natural gas (LNG) receiving, storage, and transportation facilities, and water supply—that require national approval (authorization) and are expected to generate a certain level of revenue, a separate feasibility study on private capital participation must be conducted, and this must be specifically addressed in the feasibility study report (project application). Private capital participation is encouraged and supported; specific equity ratios for individual projects shall be determined based on the project’s actual circumstances, the willingness of private enterprises to participate, and relevant policy requirements. For eligible projects, the private capital equity ratio may exceed 10%.
II. The competent industry authorities and local governments shall, based on local conditions, specify the detailed requirements for private capital participation in project construction. The project approval (authorization) departments shall, within their respective jurisdictions, review the participation of private capital and determine the equity ratios. For new urban infrastructure projects in local areas that are relatively small in scale and have profit potential, private capital is encouraged to participate in their construction and operation.
III. Guide private capital to participate in an orderly manner in the construction of infrastructure for the low-altitude economy. Treat private investment projects on an equal footing during the licensing of commercial space frequencies and the approval of launches, and optimize market access policies for satellite communications services. Accelerate the publication of a list of major national scientific research infrastructures open to private enterprises and update it dynamically; actively support capable private enterprises in taking the lead in undertaking major national technological research and development tasks.
IV. Eliminate unreasonable restrictions on market entry for business entities in the service sector, and strictly prohibit the creation of barriers that violate regulations beyond the established entry requirements for environmental protection, public health, security, quality inspection, and fire safety. Support increased investment of private capital in productive service sectors such as industrial design, generic technology services, testing and inspection, quality certification, and digital transformation.
V. Standardize the implementation of the new Public-Private Partnership (PPP) mechanism; revise the list of concession projects that provide categorized support for private enterprise participation; reasonably establish requirements and conditions for private capital participation in concession proposals, bidding documents, and other materials; strictly review concession proposals; and strengthen supervision and management.
VI. Strictly implement relevant systems and regulations in the field of bidding and tendering; strictly prohibit the imposition of additional conditions on private enterprises—such as requiring them to establish branch offices or subsidiaries or forcing them to join associations—in violation of regulations; and resolutely eliminate unreasonable requirements, such as those regarding historical performance records and qualifications, that are imposed exclusively on private enterprises.
VII. Further strengthen government procurement support for small and medium-sized enterprises (SMEs). For engineering procurement projects exceeding 4 million yuan that are suitable for delivery by SMEs, strictly reserve at least 40% of the total budget for such projects specifically for procurement from SMEs in accordance with regulations; local governments are encouraged to further increase the reserved share based on local conditions. Procuring entities are encouraged to increase the proportion of contract advance payments to private enterprises to 30% or more of the contract amount.
VIII. Strengthen oversight of the operation and scheduling of network-based infrastructure to safeguard the legitimate rights and interests of private enterprises in areas such as grid connection for electricity, use of oil and gas pipeline facilities, and allocation of transportation capacity. Accelerate the formulation and promulgation of administrative measures for railway line connections, standardize and streamline the procedures for such connections, and publicly disclose relevant requirements; support eligible railway projects in implementing autonomous transportation scheduling within their own networks; and improve financial settlement rules regarding railway network usage fees and other related matters. Deepen price reforms in the infrastructure and public utilities sectors.
IX. Focusing on key sectors and key industrial chains, we will encourage and support private enterprises to accelerate the construction of a number of major pilot-scale testing platforms with strong industry-leading potential; support state-owned enterprises, universities, and research institutes in providing market-oriented pilot-scale testing services to private enterprises; and explore ways to streamline and optimize the approval procedures for prerequisites in the construction of pilot-scale testing facilities.
X. Support leading private enterprises, industry chain leaders, and third-party service providers in building comprehensive digital empowerment platforms; eliminate data bottlenecks in industrial and supply chains; promote cross-sector data integration and application; and drive the coordinated digital transformation of upstream and downstream small and medium-sized enterprises (SMEs). Accelerate the development of a group of digital service providers catering to private SMEs; thoroughly implement the Special Action Plan for Digital Empowerment of SMEs; and support more private SMEs in accelerating their digital upgrades and transformations.
XI. Increase support from central budgetary investments for eligible private investment projects and actively leverage their guiding and catalytic role. Make effective use of new policy-based financial instruments to support a group of eligible private investment projects in key industries and priority sectors, and supplement project equity capital.
12. Make effective use of the coordination mechanism for supporting financing for small and micro enterprises. Banking institutions should establish annual service targets for private enterprises, fully and accurately implement the due diligence exemption and non-performing loan tolerance systems for inclusive credit, refine internal implementation rules, and meet the reasonable credit needs of private enterprises. Establish a national comprehensive investment and financing service platform, strengthen interconnectivity with national financing and credit service platforms, and allocate credit resources with greater precision. Promote the “Innovation Points System” to guide financial resources toward precisely serving technology-based enterprises.
XIII. Continue to effectively implement the “green channel” policies for science and technology-based enterprises to raise capital through initial public offerings (IPOs) and to facilitate mergers and acquisitions (M&A) and restructuring, with a focus on breakthroughs in key core technologies. Actively support more eligible private investment projects in issuing real estate investment trusts (REITs) in the infrastructure sector.
All regions and relevant departments should strengthen services, guidance, and standardized management for private investment; improve the statistical system for private investment; enhance monitoring and analysis of private investment; guide private enterprises to operate with integrity and in compliance with the law; make sound investment decisions; actively fulfill their social responsibilities; effectively prevent various risks; and promote the high-quality development of private investment. The National Development and Reform Commission, in collaboration with relevant parties, shall strengthen policy guidance, coordinate efforts, and oversee implementation. Important matters shall be reported to higher authorities in a timely manner in accordance with established procedures.