People’s Governments of All Provincial-Level Cities, Administrative Committees of the Jiyuan Demonstration Zone and the Aviation Port Zone, and All Departments of the Provincial People’s Government:
The “Several Policy Measures of Henan Province to Further Promote the High-Quality Development of Private Investment” have been approved by the Provincial People’s Government and are hereby issued to you. Please ensure their thorough implementation.
General Office of the People’s Government of Henan Province
June 25, 2026
Several Policy Measures of Henan Province
High-Quality Development
To implement the relevant provisions of the “Notice of the General Office of the State Council on Issuing the ‘Several Measures for Further Promoting the Development of Private Investment’” (State Council General Office Document [2025] No. 38) and other related regulations, further stimulate the vitality of private investment, and promote the high-quality development of private investment, the following policy measures are proposed in light of the actual conditions in our province.
I. Deeply Optimizing the Policy Environment for Private Investment
(1) Encourage private capital to participate in project construction. For projects in sectors such as agriculture, water conservancy, transportation, energy, and high-tech industries that require provincial-level approval (or authorization) and are expected to generate a certain level of returns, a dedicated feasibility study on private capital participation must be conducted, and a specific explanation must be included in the feasibility study report (project application).Project approval (authorization) departments shall, within their respective jurisdictions, review the participation of private capital and determine the equity ratio. For eligible projects, the equity ratio held by private capital may reach 10% or higher.(The Provincial Development and Reform Commission, Department of Education, Department of Human Resources and Social Security, Department of Housing and Urban-Rural Development, Department of Transportation, Department of Water Resources, Department of Agriculture and Rural Affairs, Department of Culture and Tourism, and Health Commission shall be responsible in accordance with their respective duties; municipal governments under provincial jurisdiction, the Jiyuan Demonstration Zone, and the Aviation Port Zone Administrative Committee shall implement these measures.The following requirements shall be implemented by the governments of all provincial-level cities, the Jiyuan Demonstration Zone, and the Aviation Port Zone Administrative Committee; they are not listed separately.)
(2) Refine requirements for private capital participation in projects. Relevant provincial industry authorities and local governments shall, based on actual conditions, refine requirements regarding the scope and boundaries of private capital participation in project construction within their respective fields and localities, including eligibility criteria, participation models, equity rules, competition rules, rights and responsibilities management, and exit mechanisms.(Responsibility lies with the Provincial Development and Reform Commission, Department of Education, Department of Industry and Information Technology, Department of Human Resources and Social Security, Department of Housing and Urban-Rural Development, Department of Transportation, Department of Water Resources, Department of Agriculture and Rural Affairs, Department of Culture and Tourism, and Health Commission, in accordance with their respective duties)
(3) Strengthen the management of bidding and tendering activities. Strictly implement the fair competition review system in the public resource trading sector, and revise or abolish all unreasonable restrictions in bidding and tendering activities—such as discrimination based on ownership structure, industry barriers, and local protectionism—in accordance with requirements.Public Resource Trading Centers shall include practices such as illegally restricting the ownership structure of suppliers or requiring suppliers to establish branches within a specific administrative region in the negative list for centralized government procurement, thereby fostering a standardized and orderly market competition environment.(Responsibility lies with the Provincial Development and Reform Commission, Department of Education, Department of Industry and Information Technology, Department of Human Resources and Social Security, Department of Housing and Urban-Rural Development, Department of Transportation, Department of Water Resources, Department of Agriculture and Rural Affairs, Department of Culture and Tourism, Health Commission, and Public Resource Trading Center, in accordance with their respective responsibilities)
(IV) Promote government procurement support for small and medium-sized enterprises. For engineering procurement projects exceeding 4 million yuan that are suitable for provision by small, medium, and micro enterprises, the procuring entity shall strictly reserve, in accordance with regulations, at least 40% of the total budget for that portion of the procurement project specifically for procurement from small, medium, and micro enterprises, with at least 60% of that reserved for small and micro enterprises.Continue to advance the implementation of government procurement policies supporting small and medium-sized enterprises in the field of engineering bidding and tendering. (Responsibility lies with the Provincial Development and Reform Commission and the Department of Finance in accordance with their respective duties)
(5) Deepen price reforms in the public utilities sector. Encourage localities to establish and improve price linkage mechanisms between upstream and downstream natural gas markets, and orderly advance adjustments to end-user gas prices. Guide localities to regularly conduct cost verifications for urban water supply, dynamically adjust urban water supply prices, and reduce enterprises’ operating costs. (Led by the Provincial Development and Reform Commission)
II. Actively Support Private Capital Investment in Key Sectors
(6) Support participation in the construction and operation of urban infrastructure. Encourage private capital to actively participate in the construction and operation of new urban infrastructure projects—such as affordable housing projects, underground pipeline networks, environmental sanitation, public spaces, and industrial park infrastructure—that are relatively small in scale but have profit potential. (The Provincial Development and Reform Commission and the Department of Housing and Urban-Rural Development shall be responsible in accordance with their respective duties)
(7) Support investment in productive services. Fully leverage the guiding role of the provincial special fund for service industry development, carry out efforts to eliminate and rectify market barriers, and drive private capital to actively participate in major project construction in key areas such as improving the quality and efficiency of productive services, reducing logistics costs, the integration of the service and manufacturing sectors, and new supply in the service industry.Deepen reforms in the accreditation of testing and inspection institutions. Support enterprises, universities, and social organizations in jointly organizing competitions in the manufacturing sector; guide private small, medium, and micro design firms to enhance their capabilities, expand their influence, and broaden the application of new products, technologies, and scenarios, thereby deeply empowering industrial upgrading. (The Provincial Development and Reform Commission, Department of Science and Technology, Department of Industry and Information Technology, and Market Regulation Bureau shall be responsible in accordance with their respective duties.)
(8) Support Investment in the Digital Economy. Support private enterprises in undertaking provincial key R&D projects, tackling key core technologies in areas such as data security and data integration and application, and enhancing their capacity for independent innovation.Encourage private enterprises in key industrial chains and clusters, as well as enterprises at critical nodes, to build industry-specific, specialized, and collaborative industrial internet platforms and second-level nodes for identifier resolution, promote the integrated development of platforms and nodes, and drive the chain-based transformation of upstream and downstream enterprises. Support private enterprises in key sectors to build comprehensive digital and intelligent empowerment platforms to drive the digital and intelligent transformation and upgrading of upstream and downstream enterprises.Support the digital transformation of industrial parks. Guide and support small and medium-sized private enterprises in their transformation and upgrading, and advance urban pilot programs for the digital transformation of small and medium-sized enterprises in a manner tailored to local conditions. (The Provincial Development and Reform Commission, Department of Science and Technology, Department of Industry and Information Technology, and Communications Administration shall be responsible in accordance with their respective duties)
(9) Support participation in infrastructure construction in areas such as the low-altitude economy. Guide private capital to participate in a prudent and orderly manner in infrastructure construction within the low-altitude economy sector.Continue to optimize the market access review and approval processes for private investment projects in satellite communications fields such as satellite IoT; actively organize relevant private enterprises to apply for national special programs; and orderly advance the implementation of projects such as commercial launch vehicle industrial parks and launch vehicle R&D and manufacturing. (The Provincial Development and Reform Commission and the Communications Administration Bureau shall be responsible in accordance with their respective duties)
(10) Support cutting-edge scientific and technological innovation. Encourage private enterprises to apply for national key scientific research projects and actively seek policies, funding, and national innovation resources. Guide private enterprises that comply with national policies to take the lead in applying for the “Two Major” Construction Special Programs; support capable private enterprises in undertaking national industrial foundation revitalization projects; and strengthen research into key technologies as well as industrialization and application demonstrations.(The Provincial Development and Reform Commission, Department of Science and Technology, and Department of Industry and Information Technology shall be responsible in accordance with their respective duties)
(11) Support participation in the construction of major scientific research platforms. Focusing on key sectors and industrial chains, support private enterprises in establishing innovation platforms such as industrial technology engineering centers and enterprise technology centers. Establish and improve a dynamic management mechanism for provincial-level pilot-scale testing bases to enhance their service capabilities. Guide provincial-level state-owned enterprises to expand access to pilot-scale testing platforms for private enterprises, thereby promoting the commercialization of scientific and technological achievements.(The Provincial Development and Reform Commission, Department of Science and Technology, Department of Industry and Information Technology, Department of Finance, and Provincial State-owned Assets Supervision and Administration Commission shall be responsible in accordance with their respective duties)
(12) Support investment in high-growth sectors. Focus on emerging industries, future industries, the service sector, modern infrastructure, and specific sub-sectors with significant investment potential and strong investment interest from private enterprises; develop a list of policy measures to continuously tap into the potential of private investment. (Led by the Provincial Development and Reform Commission)
III. Effectively Strengthen the Supply of Factors for Private Investment
(13) Strengthen operational coordination in the energy sector. Implement regulations on the fair access to facilities such as power grids and oil and gas pipeline networks; conduct routine oversight of fair access; and safeguard the legitimate rights and interests of private enterprises in areas such as power grid connection and the use of oil and gas pipeline facilities.Based on the needs for ensuring the supply of coal, electricity, oil, and gas, reasonably organize and allocate transportation capacity resources, and strengthen emergency material support for energy enterprises, including private enterprises. (Led by the Provincial Development and Reform Commission, Department of Transportation, and Henan Energy Regulatory Office according to their respective responsibilities)
(14) Actively Seek Policy-Based Financial Support. In accordance with project application requirements and the scope of support, strengthen policy guidance for private enterprises and private investment projects in key industries and priority areas; assist in improving construction conditions and enhancing the maturity of preliminary work; and support private investment projects that comply with national policies in applying for policy-based funding.(Responsibility lies with the Provincial Party Committee’s Financial Affairs Office, the Provincial Development and Reform Commission, the Department of Education, the Department of Science and Technology, the Department of Industry and Information Technology, the Department of Civil Affairs, the Department of Finance, the Department of Human Resources and Social Security, the Department of Housing and Urban-Rural Development, the Department of Transportation, the Department of Water Resources, the Department of Agriculture and Rural Affairs, the Department of Culture and Tourism, the Health Commission, the People’s Bank of China Henan Branch, and the Henan Financial Regulatory Bureau, in accordance with their respective responsibilities)
(15) Continue to strengthen financing support.Regularly operate the coordination mechanism to support financing for small and micro enterprises; implement the project to enhance financial service capabilities for small, medium, and micro enterprises; strengthen multi-level coordination among government, banks, and enterprises; explore the provision of financing services through the Henan Financing Credit Service Platform; periodically evaluate the effectiveness of financial services for the private sector and the impact of credit policies for small and micro enterprises; and encourage financial institutions to provide high-quality and efficient services to private small and micro enterprises.Implement policies such as principal-free loan renewals and due diligence exemption; make full use of monetary policy tools such as re-lending for agriculture and small businesses, carbon emission reduction support instruments,reloans for stock buybacks and share purchases, and other monetary policy tools to the fullest extent possible; urge banks to reserve sufficient credit quotas for first-time loans, loan renewals, and medium- to long-term loans to private micro and small enterprises; guide government-backed financing guarantee institutions to increase support for private micro and small enterprises; innovate guarantee products; reduce guarantee fees; and support the allocation of high-quality financial resources to private investment projects.For projects included in the National Key Private Investment Project Database, relevant financial institutions shall, in accordance with market-oriented and rule-of-law principles, conduct independent reviews, make autonomous decisions, assume their own risks, and independently select eligible projects to provide financial support. (The Provincial Party Committee’s Financial Affairs Office, the Provincial Development and Reform Commission, the People’s Bank of China Henan Branch, and the Henan Financial Regulatory Bureau shall be responsible in accordance with their respective duties)
(16) Strengthen financing services for technology-based enterprises.Thoroughly implement the “Implementation Plan for the Innovation Point System for Science and Technology Enterprises in Henan Province,” systematically expand the scope of application of the “Innovation Point System,” and guide financial institutions to develop financial products based on this system. Make full use of re-lending policies for scientific and technological innovation and technological transformation to guide financial institutions in increasing credit allocation to science and technology enterprises, as well as to projects involving technological transformation and equipment upgrades in key sectors.Strengthen the evaluation of the effectiveness of science and technology credit policies and encourage financial institutions to allocate more financial resources to the field of scientific and technological innovation. (Responsibility lies with the Provincial Party Committee’s Financial Affairs Office, the Provincial Development and Reform Commission, the Department of Science and Technology, the Department of Industry and Information Technology, the People’s Bank of China Henan Branch, and the Henan Financial Regulatory Bureau, in accordance with their respective duties.)
(17) Implement “green channel” policies for investment and financing of technology-based enterprises. Strengthen the identification and cultivation of potential candidates for initial public offerings (IPOs). Enhance the routine identification and cultivation of technology-based enterprises that have achieved breakthroughs in key core technologies, and continue to implement “green channel” policies for IPO financing, mergers, and reorganizations.Implement the “Several Policy Measures of Henan Province to Support M&A and Restructuring of Listed Companies” to enhance the ability of technology-based enterprises to utilize the capital market. Implement “one-on-one” dedicated services for the registration of mergers and demergers of technology-based enterprises. (Responsibility lies with the Provincial Party Committee’s Financial Affairs Office, the Provincial Development and Reform Commission, the Department of Science and Technology, the Department of Industry and Information Technology, the Market Regulation Bureau, and the Henan Securities Regulatory Bureau, in accordance with their respective duties)
IV. Continuously Promote Innovative Investment and Financing Methods for Private Capital
(18) Standardize the implementation of the new Public-Private Partnership (PPP) mechanism. Strictly implement the “Notice of the General Office of the State Council Forwarding the ‘Guiding Opinions on Standardizing the Implementation of the New Public-Private Partnership (PPP) Mechanism’ Issued by the National Development and Reform Commission and the Ministry of Finance” (State Council General Office Letter [2023] No. 115),prioritize the selection of concessionaires through open bidding; do not set bidding conditions or bid evaluation criteria that restrict the participation of private enterprises; and encourage private enterprise participation to the greatest extent possible. (Responsibility lies with the Provincial Development and Reform Commission, the Department of Housing and Urban-Rural Development, the Department of Transportation, and the Department of Water Resources, in accordance with their respective duties)
(19) Actively promote the issuance of infrastructure REITs (Real Estate Investment Trusts). Seize the opportunity presented by the regular issuance of infrastructure REITs, encourage private capital to participate in revitalizing high-quality existing assets, and support eligible private investment projects in issuing infrastructure REITs.Explore and implement a “phased approach” for the public offering of infrastructure REITs (guiding relevant entities to identify and consolidate high-quality assets, first establishing Pre-REITs for incubation and development, gradually transitioning to the publicly offered REITs stage, and ultimately achieving the public listing of infrastructure REITs).Seize opportunities for the issuance of commercial real estate REITs to help private enterprises broaden their equity financing channels, optimize their balance sheet structures, and effectively revitalize existing commercial real estate assets. (The Provincial Development and Reform Commission and the Henan Securities Regulatory Bureau shall be responsible in accordance with their respective duties.)
(20) Continue to promote high-quality projects. Relying on the Provincial Online Approval and Supervision Platform for Investment Projects, and focusing on the project scope clearly defined by the state, regularly select and publicly promote a batch of high-quality projects that have solid preliminary work, clear mechanisms for returns and risk sharing, and meet the conditions and willingness for private investment participation.We will continue to identify private investment projects and actively recommend them for inclusion in the National Database of Key Private Investment Projects. (Led by the Provincial Development and Reform Commission)
