Policy and development financial instruments have been put in 300 billion yuan in investment policies and then intensified

In northern Zhejiang, the construction of the pile foundation of the Nanxun to Tongxiang section of the Sutai Expressway is the pile foundation, the drilling machine is punching, the crane is installed, and the Yangtze River Delta integrated and adds a new channel;

In western Guangdong, the oil product pier in the new port area of ​​Boshi Port, Maoming Port, was initially taken shape, and the pipeline bracket was accelerated.

In northern Henan, the runway of the Anyang Airport flight area has been fully connected.

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In recent months, under the deployment of the Party Central Committee and the State Council, policy and development financial instruments have pressed the "acceleration key" for the construction of infrastructure in various places. The physical workload provides a strong motivation for stabilizing the economic market.

Supplement project capital and promote as soon as possible

"1.8 billion yuan, all within two weeks!" Li Feng, chairman of Tongxiang City Traffic Investment Group, described a route from the north of the Jiangsu and Zhejiang province and the Shanghai -Hangzhou high -speed speed on the map. " The fund's funds are used to supplement the project capital. This section of more than 20 kilometers of highways can immediately start construction. "

Project capital is a prerequisite for the project. Since the beginning of this year, in order to give play to the important role of infrastructure construction investment in stable macroeconomics, a series of credit policies have accelerated deployment, but the difficulty of capital in place has become an important factor in restricting many project construction and loans.

In the first half of this year, Li Feng was very anxious. The Sugai Expressway Nanxun to Tongxiang section and Tongxiang to Deqing Link (Phase II) projects invested a large investment, with a total investment of more than 18 billion yuan, of which 35%of the capital accounted for 35%, a total of 6.3 billion yuan It is difficult to raise in place in a short time.

On June 29, the policy deployment of the Executive Meeting of the State Council sent this "Dongfeng". The meeting made it clear that the use of policy and development financial instruments, raising 300 billion yuan through the issuance of financial bonds to supplement major project capital, including new infrastructure, or bridge the capital of special debt projects. In less than a month, the National Development Bank and China Agricultural Development Bank set up special infrastructure funds to complete the first funds.

The dense launch is not a large water irrigation. It cannot be "the radish is faster and not washed the mud". It is essential to accurately select projects and form an effective investment.

Each project is first formed by the National Development and Reform Commission and the central departments, central enterprises and localities to form a list of alternative projects. In accordance with the principles of "a mature and recommended batch", policy banks are recommended; policy banks will follow the principle of marketization. Carry out screening, independent decisions, independent reviews in accordance with laws and regulations, and carry out project docking investment.

From the perspective of the project field, the focus of infrastructure investment funds focuses on these three categories: first, the key areas of the eleventh meeting of the Central Finance and Economic Council clearly clearly clearly infrastructure, including network infrastructure such as transportation and water conservancy and energy; Education and other fields; third, other projects that can invest in special bonds of local governments.

"The project selection takes into account social benefits and economic benefits." Zhang Hui, member of the National Development Bank Party Committee and Deputy Governor, introduced that the fund is preferred to support the “Fourteenth Five -Year Plan” in the “Fourteenth Five -Year Plan” in key infrastructure projects that can start in the third quarter. After ensuring that the funds are in place, the project will start construction on schedule and play a role as soon as possible.

"The Sutai Expressway (Phase II) project meets these conditions, with complete four certificates and mature construction conditions; it can help improve the Yangtze River Delta highway road network, create rich employment positions, but also form a stable economic return." National Development Bank Dou Zhihong, a staff member of the second offices of Zhejiang Branch, said that after the project entered the warehouse, the Development Bank Zhejiang Branch quickly carried out docking, reviewing, and decision -making, and issued the first funds in less than 4 days.

Zou Lan, director of the Division of the People's Bank of China, said at a press conference held by the National New Office held on July 13 that the projects that sooner or later were done, through the support of financial instruments, it was able to quickly and accurately open the blocks caused by capital and could not be in place. Promote the project as soon as possible, form a physical workload as soon as possible, and help stabilize the macroeconomic market.

Not to increase the burden on corporate debt, but also leveraging more social capital

After the establishment of policy and development financial instruments, local applications are positive and the project supply is strong. Some projects have been included in the project library or are fulfilled in the storage process; some projects are improving project elements such as land use, energy use; and some projects are accelerating early work such as investment consulting and feasibility research to provide favorable conditions for financial instrument investment.

"Fund's investment in one way has greatly enhanced the enthusiasm of enterprise investment." Li Feng believes that the fund is used to supplement project capital, which not only promotes the project as soon as possible, but also helps reduce the company's asset -liability ratio, reduce the company's shareholders investment pressure.

More importantly, policy and development financial instruments have further guided commercial banks and social capital to participate together, and have exerted the effect of four or two pounds. Taking the Sutai Expressway (Phase II) project as an example, in terms of capital, 1.8 billion yuan of funds have invested in commercial banks to follow 132 million yuan; in terms of loans, commercial bank loans of 3.343 billion yuan will also be driven.

The central bank said that through policy and development financial instruments, increase support for major project financing, which is conducive to guiding financial institutions to issue medium- and long -term low -cost supporting loans without insisting on not engaged in large water irrigation and no currency conditions. Mechanisms to enhance the stability of credit growth.

The project docking is smooth, and the fund launch continues to accelerate. As of August 26, the National Kaifang Infrastructure Investment Fund has signed 422 projects, with a total of 210 billion yuan. The Nongfa Infrastructure Fund has also completed 90 billion yuan of funds. In less than two months, policy and development financial instruments have been put in 300 billion yuan.

Zhang Hui said that the Development Bank will focus on the three major links of funds, actual use, and supporting financing, adhere to accurate investment, protect the capital, and operate compliance, effectively strengthen risk prevention and control, and do a good job of fund operations and post -investment management various tasks. Essence

This tool is constantly expanding. On August 24, the executive meeting of the State Council deployed that the 300 billion yuan policy and development financial instruments had fallen to the project, and increased by more than 300 billion yuan.

Give full play to the advantages of medium and long -term investment and financing to gather more joint efforts

Promoting infrastructure, stable investment, policy and development financial instruments are not "single -fighting", but also form a combination of fisting with other policies.

——Sugue with policy bank loans to provide dual help for the project. On June 1st this year, the executive meeting of the State Council made it clear that the policy bank increased the credit limit of 800 billion yuan in policy banks. After the policy and development financial instruments help the capital is in place, the early period of 800 billion yuan in policy, developmental medium- and long -term credit funds can be followed up in time.

"These two policies and measures complement each other, which not only increases the supply of medium and long -term credit, but also supplements project capital, which can play a comprehensive effect in terms of stable investment and stable growth." Zhang Hui analyzed.

"In addition to the capital of 1.8 billion yuan project, the Development Bank also provided 3 billion yuan in credit support for the Su Taiwan Expressway (Phase II) project." Li Feng said that the investment and loan are combined and the two -pronged approach will be promoted at the same time as soon as possible. Provide medium and long -term credit assistance for project construction operations.

——Sugue with fiscal policy to bridge the capital of special bond projects. Since the beginning of this year, the financial department has accelerated the rhythm of the issuance and use of special bonds, and has increased its efforts to support the construction of major projects. Zhang Hui said that the fund investment in the central project adopts a special bond capital bridge model. For the projects incorporated into the project in the local special bond issuance plan, before the completion of the special bond issuance and the funds in place, the fund funds will be supplemented in place. Special bond funds are replaced in batches to achieve fund exit and form a joint force for financial financial services.

Policy portfolios play a joint force, and the stimulation effect on infrastructure investment has been steadily manifested. In the first July of this year, infrastructure investment increased by 7.4%year -on -year, 0.3 percentage points accelerated from the first half of the year, and the growth rate accelerated for three consecutive months.

In the next step, how to better play the role of policy and development of financial stability? Zhang Hui said that we must give full play to the function advantage in three aspects--

Pay more attention to planning first. More active participation in the preparation of major infrastructure development planning and the design of systemic financing programs for key projects, and use the advantages in terms of political and silver cooperation, policy combing, project planning, and financing model research.

Optimize fund supply period. At present, the proportion of long -term loans of infrastructure for more than 15 years of Development Bank accounts for more than 70%of the loan, and the longest loan period for major water conservancy projects and other projects can be extended to 45 years. It is necessary to continue to use long -term large amounts of capital to better adapt to the life cycle of infrastructure projects.

Give play to lead the role. Through innovative financing models, supplementary capital, and leading the establishment of a synapl, guide commercial banks and social capital to invest more and longer -term funds in the infrastructure field to achieve coordination.

(Zhao Zhanhui)

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