Recently, the State Council executive meeting studied and deployed several measures to further promote the development of private investment. The meeting clearly pointed out that private investment is a key force in promoting economic development and stabilizing social employment. Under the current economic situation, stimulating the vitality of private investment is not only a short-term strategy, but also a long-term plan to build a high-level socialist market economy system and promote high-quality economic development. This requires us to carry out systematic planning, formulate precise and effective policies, solidly promote the implementation of various measures, effectively solve the pain points and difficult problems encountered by enterprises in the development process, open up broader space for the development of the private economy, and enable the private economy to play a greater role in the development of the national economy. Deeply understand why private capital, with its flexible mechanism, market sensitivity, and high efficiency, has become the most active "capillary" in China's economic body. Its importance is reflected in three aspects: firstly, it is the "driving force" for stable growth. Private investment accounts for more than half of the investment in the whole society, covering a wide range of fields and having a long industrial chain. Its vitality is directly related to the scale of fixed assets investment in the whole society and plays a decisive role in stabilizing the economic market. The second is the "source of vitality" that promotes innovation. Private enterprises are important entities in technological and model innovation, especially in new fields such as digital economy and green economy. Private investment dares to take risks and is good at capturing new opportunities, which is the core engine for cultivating new quality productivity. The third is the "main channel" for ensuring employment. Private enterprises contribute more than 80% of urban labor employment, and the enhancement of investment vitality means the expansion and stability of market entities, which can effectively absorb employment, ensure people's livelihoods, and promote common prosperity. Therefore, further stimulating the vitality of private investment is an inevitable requirement for stabilizing expectations, boosting confidence, and smoothing the economic cycle, and must be placed in a prominent position in current economic work. System planning "how to do it" system planning to stimulate private investment, cannot "treat the head and foot", must build a policy system that is interrelated and mutually supportive. Firstly, expanding investment space is the core prerequisite, and we need to focus on solving the problem of "nowhere to invest". This is the foundation for stimulating vitality. We must break through the "glass door" and "spring door" and establish a clear investment track for private capital. We must move towards the "new" direction and clearly support private capital investment in new quality productivity fields, such as artificial intelligence, commercial aerospace, low altitude economy and other future industries. Secondly, we must make efforts towards "practicality" and guide private capital to participate in the construction of new infrastructure, such as 5G base stations, big data centers, etc. We need to expand towards' service '. Fully open up and access emerging service industries such as health and elderly care, cultural tourism, etc., and encourage private capital to provide diversified and high-quality service supply. Secondly, creating a fair environment is the fundamental guarantee, and we should focus on solving the problem of "not daring to invest". This is the key to stabilizing expectations. We must adhere to the "two unwavering" principles and ensure that private enterprises have equal access to resources and participate in competition fairly. We need to break down implicit barriers. Comprehensively clean up discriminatory clauses and implicit thresholds set against private capital in qualification licensing, government procurement, and project bidding. Strictly implement the "fair competition review" system in the field of bidding and tendering to ensure fair and transparent procedures. Secondly, we need to strengthen the protection of rights and interests. Protect the property rights of private enterprises and the legitimate rights and interests of entrepreneurs in accordance with the law, so that entrepreneurs can operate and invest with peace of mind. Establish a long-term regulatory mechanism for enterprise related fees, and control irregular fees, fines, and levies. Thirdly, strengthening factor guarantee is a key support, and we should focus on solving the problem of "no money to invest". This is a guarantee for providing power. We must promote the precise flow of funds, policies, and other resources towards high-quality private investment projects. On the one hand, we need to strengthen financing support. Innovate financial products, develop inclusive finance, and reduce financing costs for private enterprises. On the other hand, we need to increase government investment traction. Increasing support for private investment projects, such as increasing investment within the central budget, can leverage the leverage effect of "four ounces of a thousand pounds" through capital injection, investment subsidies, loan interest subsidies, and other means. The specific implementation of "how to do it" to stimulate the vitality of private investment should not only be limited to policy formulation, but also focus on policy implementation and execution. This requires us to take practical and effective measures, refine the macro policy framework into specific micro operational steps, ensure that various policy measures can truly benefit private enterprises, and promote the continuous enhancement of private investment vitality. We need to establish a project promotion mechanism to provide more investment opportunities for private capital. Governments at all levels should dynamically sort out the list of investment projects in key areas, clarify the return mechanism of projects in the process of promoting projects, make private capital aware of the benefits that can be obtained from investing in the project, enhance the enthusiasm and initiative of private capital to participate in investment, and attract more private capital to participate in the construction of key projects. Secondly, we must implement the "unveiling the list and leading the way" system, encourage private enterprises to participate in major scientific and technological breakthroughs and fill the gaps in the industrial chain. Against the backdrop of increasingly fierce technological competition and challenges to industrial and supply chain security, it is of great significance to encourage private enterprises to participate in major scientific and technological breakthroughs and fill gaps in the industrial chain. We need to implement the "unveiling the list and leading the way" system, fully mobilizing the enthusiasm of private enterprises to participate in scientific and technological innovation and industrial chain construction. Thirdly, we need to optimize approval and regulatory services to provide convenience for the investment and development of private enterprises. The cumbersome approval process and improper regulatory methods are important factors that constrain the development of private investment. We need to deepen the reform of "streamlining administration, delegating powers, and improving services", further simplify the approval process, implement "one-stop service", and improve approval efficiency. At the same time, we need to innovate regulatory methods, promote inclusive and prudent supervision, and create a relaxed environment for the investment and development of private enterprises. We need to improve the communication service mechanism and promptly solve the difficulties and problems of private enterprises. Private enterprises inevitably encounter various difficulties and problems in their development process. It is necessary to smooth the communication channels between private enterprises and government departments, timely solve the difficulties and problems encountered by private enterprises, make them feel the care and support of the government, and enhance their development confidence. We must strengthen policy promotion and interpretation to ensure that policy dividends are accurately delivered to private enterprises. Insufficient policy promotion and interpretation can lead to private enterprises not understanding and familiarizing themselves with policies, and unable to fully enjoy policy dividends. When interpreting policies, private enterprises should be able to "understand, remember, and use them" to ensure that policy dividends can accurately reach private enterprises and promote the continuous enhancement of private investment vitality. (Xinhua News Agency) Authors: Yang Zekun (Researcher at the National Development and Strategic Research Institute of Renmin University of China), Yang Yiyong (Second level Researcher at the China Institute of Macroeconomics)