http://www.ce.cn/xwzx/gnsz/szyw/202511/t20251110_2570552.shtml

Document of the General Office of the State Council [2025] No. 38

国办发〔2025〕38号

People’s governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries and commissions of the State Council; and all agencies directly under the State Council:

各省、自治区、直辖市人民政府，国务院各部委、各直属机构：

The “Several Measures on Further Promoting the Development of Private Investment” has been approved by the State Council and is hereby printed and distributed to you. Please implement it conscientiously.

《关于进一步促进民间投资发展的若干措施》已经国务院同意，现印发给你们，请认真贯彻执行。

General Office of the State Council

国务院办公厅

November 3, 2025

2025年11月3日

(This document is publicly released.)

（此件公开发布）

Several Measures on Further Promoting the Development of Private Investment

关于进一步促进民间投资发展的若干措施

In order to further stimulate the vitality of private investment and promote the development of private investment, the following measures are hereby put forward.

为进一步激发民间投资活力、促进民间投资发展，现提出如下措施。

1. For projects in such fields as railways, nuclear power, hydropower, interprovincial and interregional direct current transmission channels, oil and gas pipelines, import LNG receiving and storage/transport facilities, and water supply, which require examination and approval (or verification) by the state and have a certain level of return, a special demonstration on the feasibility of private capital participation shall be carried out, and a special explanation shall be made in the feasibility study report (project application). Participation of private capital is to be encouraged and supported, and the specific equity ratio of the project shall be determined in light of the actual project situation, the willingness of private enterprises to participate, and relevant policy requirements. For projects that meet the conditions, the shareholding ratio of private capital may be set at 10 percent or above.

一、对需报国家审批（核准）的具有一定收益的铁路、核电、水电、跨省跨区直流输电通道、油气管道、进口液化天然气接收和储运设施、供水等领域项目，应专项论证民间资本参与的可行性，并在可行性研究报告（项目申请书）中专项说明。鼓励支持民间资本参与，并结合项目实际、民营企业参与意愿、有关政策要求等确定具体项目持股比例。对具备条件的项目，民间资本持股比例可在10%以上。

1. Competent industry departments and localities shall, based on actual conditions, refine the specific requirements for private capital to participate in project construction, and the project examination and approval (or verification) authorities shall, according to their powers, review private capital participation and determine the equity ratio. For new projects in urban infrastructure fields at the local level that are relatively small in scale but have room for profit, private capital shall be encouraged to participate in construction and operation.