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China's Chongqing Issues New Investment, Management Measures

By VIVIAN YANICHONGQING|Jan 13,2021

Chongqing- The Chongqing Municipal People’s Government released its investment management measures recently, which started to implement from January 1.

The Chongqing Municipal Government Investment Management Measures started to implement on January 1.

The updated requirements for government investment management are advancing in times, including optimizing and improving relevant systems and promoting a better combination of effective market and government.

Specifically, the Chongqing Municipal Government Investment Management Measures have three highlighted features. The first feature is to improve the accuracy of government investment.

For example, the Measures clarify that the government investment will focus on public welfare services, public infrastructure, agriculture, and rural areas, ecological, environmental protection, major technological progress, social management, national security, and other public projects where the market cannot effectively allocate resources.

In particular, government investment in non-operating projects avoids occupying social capital space and market regulation failure.

The second feature is to improve the efficiency of government investment projects.

The Measures propose to focus on key links in the preliminary planning and process management of government investment projects through establishing and improving the five aspects of working mechanisms. This involves project reserves, element guarantees, preliminary work funds, simplification of procedures, and information management.

For example, for projects included in the three-year-rolling plan of government investment projects, the documents and approval procedures that need to be submitted for approval can be simplified, and the approval time can be further shortened.

The third feature is to improve government investment management norms.

Efforts are made to eliminate ambiguities in government investment management, including the scope of application, investment methods, decision-making procedures, management systems, legal responsibilities, etc.

The measures further refine the management system, clarifying that government-invested projects should implement the project legal person responsibility system, agent construction system, bidding system, project supervision system and contract management system, etc. Strict requirements were also put forward when starting a project, guaranteeing funds, managing the construction period, transferring property rights, and conducting a post-evaluation.

The Measures release will lead to much more standardized government investment behaviors and efficient project promotions, and a wide range of investment benefits. They will also strengthen institutional support to accelerate the construction of a useful government and an effective market.

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