Policy development financial tools increase to support the formation of more physical workload

The executive meeting of the State Council held on August 24 deployed a policy measure of a policy of stabilizing the economy, and consolidated the foundation of economic recovery development. The meeting proposed that "300 billion yuan of policy development financial instruments have fallen on the basis of the project, and an increase of more than 300 billion yuan; use more than 500 billion yuan in special debt deposits in accordance with the law, and the issuance will be issued by the end of October."

Chen Li, chief economist of Chuancai Securities and Director of the Institute of Research, told a reporter from the Securities Daily that the amount of policy development financial instruments increased by more than 300 billion yuan. The capital of the special debt project is a bridge; coupled with the use of more than 500 billion yuan in special debt deposit limits, this will further increase effective investment, which is conducive to the lack of loan demand. The physical workload provides effective support.

Policy development financial instruments accelerate the launch

The executive meeting of the State Council held on June 29 this year proposed that "the use of policy and development financial instruments, raising 300 billion yuan through the issuance of financial bonds, etc., to supplement the capital capital of major projects including new infrastructure, but not exceeded more than exceeding 50%of all capital, or the capital of the special debt projects. "Subsequently, the National Development Bank and Agricultural Development Bank set up 21 billion yuan and 90 billion yuan infrastructure funds to accelerate funds.

According to relevant disclosure data, a number of major projects have received financial support. For example, as of August 22, Yunnan Province has used policy development financial instruments to support the construction of 37 projects and the amount of investment is 16.848 billion yuan; as of August 21, 64 major infrastructure projects in Zhejiang Province have obtained policy development. Financial instrument funds invested 18.4 billion yuan.

Judging from the use of funds recently disclosed by the Agricultural Development Bank, as of August 20, the Agricultural Fund Infrastructure Fund has completed all 90 billion yuan of funds. The fund has supported more than 500 infrastructure projects, involving municipal and industrial park infrastructure infrastructure In areas such as transportation infrastructure, agricultural and rural infrastructure and energy infrastructure, it is expected that the total investment of the project can increase the total investment of over trillion yuan.

Feng Lin, a senior analyst at the Ministry of Eastern Jincheng Research and Development Department, told a reporter from the Securities Daily that the overall investment in policy development financial instruments is relatively fast, while the local government's general budget revenue and land transfer income shrinkage, follow -up infrastructure Investment force also requires incremental policy tools to support financial support. This is the background of the quota of policy development financial instruments more than 300 billion yuan.

Chen Li said that the total policy development financial instruments of 600 billion yuan are estimated according to the minimum capital ratio of infrastructure projects at 20%. It is expected that the project investment will be up to 3 trillion yuan.

Special debt continues to drive effective investment

In addition to increasing the amount of policy development financial instruments, the State Council Executive Meeting on August 24 also proposed that more than 500 billion yuan of special debt deposits were used in accordance with the law.

Bai Yanfeng, Dean of the School of Finance and Taxation of the Central University of Finance and Economics, said in an interview with the "Securities Daily" reporter that "the special debt limits are determined by the relevant national departments after comprehensive consideration. Government's debt risk, related risks within the controlled range. "

"At the same time, considering that the economic operation has been affected by the excellent expected factors at home and abroad since this year, the revenue and expenditure gap in the fiscal budget is large. If you use the special debt deposit limit in accordance with the law, you can give full play to the role of active fiscal policy reverse cycle regulation and hedge the hedge, hedge, and hedge The downward pressure on the economy is stabilized. "Bai Yanfeng believes.

In order to stabilize the economy, this year's special debt issuance is unprecedented. As of the end of July, the 3.45 trillion special debt quota used for project construction this year has basically been issued. Recently, the National Development and Reform Commission has also organized local submitted to the third batch of special bond projects.

"Considering the demand for funding for subsequent infrastructure investment, the executive meeting of the State Council clearly uses more than 500 billion yuan in special debt deposits in accordance with the law. The scale of funds directly invested in infrastructure is more than 300 billion yuan, "said Feng Lin.

According to Oriental Jincheng statistics, about 2.28 trillion yuan of new special bonds in the first seven months of this year invested in various infrastructure projects, mainly investing in infrastructure projects such as transportation, municipal, agricultural and forestry, ecological and environmental protection, and energy urban and rural logistics. According to estimates, in the first half of this year, more than 240 billion yuan of special bond funds were arranged in various places for major project capital, and market -oriented supporting financing exceeded 530 billion yuan, thereby calculating the leverage multiple of 3.2 times.

Feng Lin predicts that the special debt funds for major project capital for the first seven months will be about 300 billion yuan. According to a 3.2 times leveraged multiples, the market -oriented supporting financing can be leveled by about 660 billion yuan. As a result, the new special debt issued by the first seven months of the issuance of new special bonds is directly or indirectly driven by an infrastructure investment scale of about 3 trillion yuan.

Looking forward to the growth rate of infrastructure investment throughout the year, Chen Li said that the infrastructure investment in the first 7 months increased by 7.4%year -on -year. Considering that the domestic epidemic in the first half of the year had a certain impact on the start of infrastructure projects, it is expected that the promotion of infrastructure projects in the third quarter will accelerate the overall speed. The annual infrastructure investment growth rate remained above 7%.

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