Policy development financial instrument funds to accelerate the development

Our reporter Bao Xingan

The pace of 300 billion yuan in policy development financial instruments is accelerating to key areas of infrastructure. Recently, a number of major projects in Jiangsu, Zhejiang, Anhui, and other places have been supported by financial development financial instruments to form a physical workload as soon as possible to help stabilize the macroeconomic market.

"It is seizing the economic restoration window period in the third quarter, focusing on promoting economic rebound, and striving to make up for the gap in the second quarter. Among them, the launch of policy development financial instruments has become an important starting point for promoting economic restoration." Dongfang Jin Cheng's chief macro analyst Wang Qing told the Securities Daily that 300 billion yuan of funds can drive up to approximately 1.5 trillion yuan of supporting financing.

Can drive about 1.5 trillion yuan supporting financing

Policy development financial instruments are supported by the People's Bank of China. National Development Bank and China Agricultural Development Bank set up special infrastructure fund companies with a total scale of 300 billion yuan. However, it does not exceed 50%of all capital, or the capital of the special debt project is bridged. The National Development and Reform Commission leads the review and determine the list of alternative projects. In accordance with the principles of marketization, it is compliant and independent in accordance with the principle of marketization, independent investment, and investing in funds through equity investment and shareholders' loans.

Recently, the meeting held by the relevant ministries and commissions requested the above financial instruments. On August 1st, the People's Bank of China held a work conference in the second half of 2022 stated that using policy development financial instruments and focusing on supporting the construction of infrastructure fields. On the same day, the National Development and Reform Commission held a notice of development and reform in the first half of the year, saying that accelerating the funds of policy development financial instruments and forming a physical workload as soon as possible.

Chen Li, chief economist of Chuancai Securities, told a reporter from the Securities Daily that in the context of the current stable economy, accelerating the support of infrastructure construction is inseparable from the support of policy development financial instruments. The financial instrument can make timely supplementation of capital for major projects, give full play to the key traction role of government investment, drive and stimulate private investment vitality through large -scale infrastructure projects, form a physical workload faster, and stabilize economic growth.

According to Wang Qing's calculations, considering that the current proportion of capital of the project is generally about 20%, the minimum can be reduced to 15%, and 300 billion yuan of funds can drive up to about 1.5 trillion yuan of supporting financing. Of course, the specific scale depends on the actual implementation. Coupled with 800 billion yuan in policy development, medium- and long -term credit funds, this round of financial instruments can introduce up to about 2.6 trillion yuan in investment in major project investment, which is equivalent to 4.8% of fixed asset investment scale in 2021 Essence In other words, if the potential of the above policy tools is fully exerted, it can drive the year -on -year growth rate of fixed asset investment to accelerate by about 4.8 percentage points.

Power points cover infrastructure and other projects

The reporter noticed that since July 21, Agricultural Development Bank launched the country's first agricultural hair infrastructure fund 500 million yuan to support the construction of the Jianquan water storage power station project in Yunyang County, Chongqing City, and the funds for policy development financial tools have been accelerated. A batch of major projects has received financial support.

On July 28, Jiangsu Province's first policy development financial instrument (fund) landed in Suzhou High -tech Zone, and funds will be used for new projects (talent apartments) projects in Tong'an. The total investment of the project was 2.1 billion yuan, and the construction of over 2000 sets of affordable leased housing was constructed; on July 29, the Agricultural Issuance Anhui Branch successfully launched the first policy financial instrument in Anhui Province 110 million yuan to support the public use of Chizhou Port Wusha Port District The construction of the dock engineering project; on July 29, the first policy development financial instrument (fund) in Hunan Province was landed in Yongzhou City, and funds will be used to solve the capital of the Xiangjiang River Basin ecological governance project; on July 31, policy development Sexual financial instruments (funds) landed in Tongxiang City, Zhejiang Province. The infrastructure fund set up by the State Development Bank invested 1.8 billion yuan to support the Susai Expressway (Phase II) project.

Wang Qing said that the effort of policy development financial instruments covers major projects such as infrastructure and technological innovation.

Regarding the capital investment, the executive meeting of the State Council recently held clearly stated that the policy development financial instruments were made in a market -oriented manner. , Logistics, agriculture and rural areas and other infrastructure and new infrastructure, they must not be used for land reserves and make up for local fiscal revenue and expenditure gaps.

"Through the support of policy development financial instrument funds, it can better play the synergy effect of various funds." Xie Login, a senior investment consultant in Jufeng Investment Consulting, told the reporter of "Securities Daily" that from the perspective of funds in many places, policies Sexual development financial instruments mainly invest in infrastructure, such as transportation, water conservancy, energy and other infrastructure. Such projects need to invest in large amounts of funds and long cycles, and also require the support of policy development financial instruments.

Local active application project

At present, many places actively strive for policy development financial instrument funds.

Recently, the Ningxia Hui Autonomous Region Development and Reform Commission held a meeting to increase the efforts to increase policy development financial instrument funds and strive to include more projects into the national alternative list.

According to the latest disclosure of the Chongqing Municipal Congjiang County Development and Reform Commission, the county declared two7 projects (funds) projects (fund) projects in accordance with the principles that should be reported, proactively declared, and strived to win. Development financial instruments (funds) demand is 2.443 billion yuan. Regarding the issue of how to make good policy development financial tools, Chen Li said that the key is to play the role of precision dripping irrigation in structured monetary policy tools. Under the premise of ensuring that the market liquidity is reasonable and ample Policy banks do a good job of credit investment, meet the policy requirements of capital capital in place, and support the construction of major projects in key areas.

Xie Login suggested that the projects that are first invested should be selected, and they must have strong social benefits and considerable economic benefits. Secondly, in accordance with the principle of marketization, the investment scale should be balanced with project income and negative profit and loss. Prioritize a number of demonstration projects to attract social capital to actively participate and drive larger social capital investment.

Wang Qing said that in addition to accelerating project docking and paying close attention to the next step, policy banks must also find positioning, focusing on increasing the credit and funds of the project of long -term construction cycles, prominent policy and public welfare projects, and try to avoid other with others as much as possible. State -owned banks and small and medium -sized banks in the competition in strong commercial projects, especially in more developed areas such as the East Triangle and the Pearl River Delta. This can effectively reduce the "extrusion effect" and give full play to the incremental role of policy development financial instruments.

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