The central bank interprets 300 billion policy development financial instruments, focusing on three types of projects

The person in charge of the relevant Division of the People's Bank of China answered a reporter from the "Financial Times" reporter on policy development financial tools

A few days ago, the executive meeting of the State Council identified measures for policy and development financial instruments to support major project construction. The person in charge of the relevant Department of the People's Bank of China answered questions from the "Financial Times" reporter about financial instrument -related questions.

Question: What are the functions and backgrounds of policy and development financial instruments?

Answer: Affected by multiple factors this year, my country's economy is facing a certain downward pressure. Infrastructure construction investment is an important means to stabilize the macroeconomic economy. In accordance with the requirements of the Party Central Committee and the State Council's decision -making deployment and the work requirements of the Financial Commission, in order to solve the problem of difficulty in the place of capital in place of major projects, the People's Bank of China supports development banks and agricultural development banks to set up financial instruments, with a total scale of 300 billion yuan. It is used to supplement investment including new types The capital of major projects, including infrastructure, does not exceed 50%of all capital, or bridge the capital of special debt projects. As a staged measure, this tool is conducive to meeting the policy requirements of the capital capital of major projects, leveraging more private capital participation, and forming an infrastructure construction physical workload as soon as possible.

Q: What is the direction of policy and development financial instrument investment?

Answer: Policy and development banks use financial instruments to focus on three types of projects: First, the five major infrastructure key areas of the 11th meeting of the Central Finance and Economics Committee are the network infrastructure, information technology logistics such as transportation water conservancy and energy and other network infrastructures and other networks. Such industrial upgrading infrastructure, underground pipe corridors and other urban infrastructure, high -standard farmland and other agricultural and rural infrastructure, national security infrastructure. The second is major scientific and technological innovation fields. Third, other projects that can be invested by special bonds of local governments.

Question: What are the principles of policy and development financial instrument investment?

Answer: Policy and development financial instrument investment should grasp the following principles: First, in accordance with the principles of marketization, independent decision -making in accordance with laws, self -profit and loss, self -boring risks, capital protection, and investment scale should be balanced with project income. The second is that investment projects must have strong social benefits and certain economic feasibility. The third is to do only financial investment to exercise the right to shareholders and not participate in the actual construction operation of the project. The fourth is to determine the exit method in accordance with the principle of marketization.

Q: How do departments cooperate to promote financial instruments to achieve practical results?

Answer: The implementation of policy and development financial instruments requires the joint efforts between the central departments, the central and local governments, and the division of labor and cooperation. It is necessary to standardize institutional procedures, clarify the division of responsibilities, and provide supporting policies. In terms of funds, the People's Bank of China led the support of the development of banks and the issuance of financial bonds issued by the Agricultural Development Bank to raise funds for 300 billion yuan. The central government is appropriately discounted according to the actual equity investment amount, with a discounted period of 2 years. In terms of projects, the Development and Reform Commission has formed a list of sufficient alternative projects with relevant local and central departments and central enterprises. The Development Bank and Agricultural Development Bank choose to invest in accordance with the principle of marketization through financial instruments. For investment projects, the Development and Reform Commission was selected and sent to relevant departments to strengthen the guarantee factor guarantee of land use and environmental assessment. In terms of supervision, supervision and development of banks and agricultural development banks do a good job of tooling, post -investment management, and risk control.

Question: What is the role of policy and development financial instruments on unblocking monetary policy transmission?

Answer: my country's stable monetary policy has always been compatible with the development of the real economy, and pays attention to the dual functions of the total amount and structure of monetary policy tools. In terms of total, the growth rate of broad currency M2 and social financing basically match the growth rate of nominal GDP. Maintain a reasonable and abundant liquidity, and at the same time insist on not engaged in large water irrigation, no currency, and the potential for the future growth of the economy. Structurally, through a variety of policies such as structural monetary policy tools, financial institutions guide financial institutions to accurately support key areas and enhance financial services to the real economy capabilities.

Increasing the financing support of major projects through policy and development financial instruments, it is conducive to guiding financial institutions to issue medium- and long -term low -cost supporting loans without adhering to the conditions of not making large water irrigation and not excessive currency. The stability of credit growth helps to achieve the comprehensive effect of expanding investment, employment, and promoting consumption, and stabilize the macroeconomic market.

Responsible editor: Wang Shidan | Audit: Li Zhen | Director: Wan Junwei

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