The National Development and Reform Commission's General Office issued a notice on further improving the regulatory implementation of the new mechanism for government and social capital cooperation projects. The notice points out that for revitalizing existing Assets projects that do not involve new construction or expansion, it is necessary to reasonably forecast project returns and determine project valuation based on the project's historical Operation and the actual situation in the region. An in-depth demonstration of the feasibility and necessity of adopting the franchising model should be conducted. Strict implementation of requirements to prevent and resolve hidden local government debt risks must be adhered to; it is forbidden to misuse the revitalization of existing Assets as a means for local governments, local state-owned enterprises, or platform companies to sell assets or covertly finance. New hidden local government debt and other risks must not be added during the process of revitalizing existing Assets. Priority should be given to supporting private enterprises participating in revitalizing existing Assets projects through the franchising model, and encouraging eligible state-owned enterprises to participate in a regulated manner in franchising projects for revitalizing existing Assets that do not involve new construction or expansion.