How to strongly support water conservancy financing?

Development financial accurate efforts to increase water conservancy financing support

□ Reporter Wei Xiaowen

Ask as my country's largest medium- and long -term credit banks and bond banks, what development financial support did State Development Bank have in the field of infrastructure, especially the water conservancy field?

Zhang Yang: Since its establishment, the National Development Bank (hereinafter referred to as the "National Bank of China") has always regarded water conservancy as a key area of ​​support, and has supported a large number of major water conservancy projects and people's livelihood water conservancy projects. In terms of the water transfer project, projects have supported projects such as the South Water and the North Water, Huaihuai Huai, Central Yunnan Diversion, and Hanji Wei. In terms of water conservancy hub projects, it supports projects such as the Three Gorges of the Yangtze River, the small waves of the Yellow River, the Great Tengxia Gorge in Guangxi, and the Altash in Xinjiang. In terms of key water sources, it supports projects such as Yunnan key water sources and key water sources in Guizhou. In terms of rural water conservancy, it has supported projects such as Jiangxi's urban and rural integration water supply, Fujian urban and rural integration water supply, Yunnan rural water supply, Guangxi Dato Gorge Water Conservancy Irrigation District, and comprehensive management of rural water system in Panshan County, Liaoning. In terms of river and lake governance, projects such as Taihu Governance, Chaohu Governance, Yongding River Governance, and Ganfuwean Governance have supported projects. In recent years, the National Bank of China has continuously increased financing support for the water conservancy industry. As of the end of June 2022, a total of 1334.2 billion yuan of water conservancy funds was invested, which is the main bank of my country's water conservancy financing.

What are the characteristics of the water conservancy infrastructure project? What are the advantages of solving the "market failure" of the water conservancy infrastructure project credit project?

Zhang Yang: Water conservancy infrastructure projects have three characteristics: First, large investment, long construction cycle, existence of over -estimated, super -planned construction risks, especially large water conservancy projects such as water conservancy, water conservancy hubs, and water sources. For water and water sources, the progress of the construction of downstream supporting pipe network projects also directly affects the overall project production and operation. Second, the project has a strong public welfare. my country's water prices are at a lower level. Third, the project reaches the long -term production time, especially the large -scale water -conditioning water project. It takes a long time from the completion of the completion to the complete production of the production. At present, some water conservancy infrastructure construction projects that need a large amount of funding support are large, and they are urgently needed to play a role in developing financial finance. Development finance can provide long -term and large funding support, suitable for the characteristics of water conservancy projects, can solve problems in the field of long -term public financing, and can play an important role in the construction of water conservancy infrastructure. Development financial institutions can prioritize the scale of credit under the premise of complied with national regulations and credit policies. By establishing green channels for projects, priority to conduct due diligence and credit approval to provide loan support for water conservancy infrastructure projects.

Ask for the characteristics of the water conservancy infrastructure project, what optimization of the National Development Bank to the water conservancy credit policy?

Zhang Yang: Guohuang continued to optimize the water conservancy credit policy according to the characteristics of water conservancy infrastructure projects. In particular, in the recent decision -making and deployment of the 11th meeting of the Central Finance and Economics Committee on strengthening infrastructure construction, a series of credit preferential policies were introduced. In terms of loan periods and width period, the long -term loan period for major national water conservancy projects is 45 years, and other water conservancy projects have a maximum of 35-40 years. Based on the construction period to reasonably determine the wide limit period, for major projects with slower production, the width limit can be appropriately extended to alleviate the pressure on the early stage of production. In terms of loan interest rates, special loans of water conservancy are set up to further reduce the loan interest rate of water conservancy projects, and to implement the relevant preferential interest rates that meet the standards of the National Trusted Certification standards. In terms of capital ratio, in accordance with relevant regulations, the minimum requirements of water conservancy projects generally implement the minimum requirements of 20%. On this basis, the eligible social livelihood supplement short board water conservancy infrastructure project will be reduced by no more than 5 percentage points. In terms of credit structure, according to the actual design of the project, guarantee, mortgage guarantee, water supply and power supply charging pledge guarantee, government and social capital cooperation (PPP) agreement, receivable pledge guarantee and other methods. In terms of repayment plan settings, the front and rear highs are arranged according to the construction and operation cycle arrangement, which relieves the initial repayment pressure of the project to the greatest extent. In terms of funding, water conservancy is the focus of support for the development of the bank, enjoy the green channel of review, give priority to review, prioritize and ensure the demand for the scale of credit funds.

In the face of different types of water conservancy infrastructure projects, what financing models did the State Development Bank provide?

Zhang Yang: The National Kaishou Water Conservancy Infrastructure Project provides its own cash flow repayment. Its all -factor resources are integrated, unified planning, unified approval, unified financing, and PPP and other financing models. Different types of water conservancy infrastructure projects should choose the appropriate financing model according to their own characteristics. For projects with water conservancy hubs, water conservancy hubs, water sources, irrigation areas, etc., and water -cost income from water costs, promote the implementation of reasonable water price standards and fees, can adopt its own cash flow repayment model. For projects with waters and water supply and water sources involved in regional wide, single projects, and insufficient engineering income capacity, unified planning, unified approval, and unified financing models can be used. The overall financial balance. For projects that do not generate direct income or less income for flood prevention projects, water ecological restoration, etc., they can adopt all -element resources coordinating and integrated models, integrating and optimizing natural resources such as water sources, as well as operating infrastructure resources and industrial resources. , Ecological value equity resources, etc., coordinate the construction content and source of the project. PPP projects with insufficient income and giving a certain feasible gap subsidy for the government can apply for loan support according to the actual situation of the project. Ask how to use financing methods to revitalize water conservancy projects on existing assets?

Zhang Yang: For existing assets with large scale, good current income or greater growth potential, and clear ownership, the transfer-operation-transfer (TOT), reconstruction-operation-transfer (ROT) and other models can be used to revitalize the stock water conservancy assets , Effectively form effective investment. For example, to revitalize reservoir stock assets through TOT, reduce the risk of government debt, form a virtuous circle of existing assets and new investment, and have the level of improving infrastructure operation management, broadening social investment channels, reasonable expansion of effective investment, and reducing government debt risks. important meaning.

Asked about deepening the cooperation of silver administration in the new situation and promoting the financing of water conservancy infrastructure projects, what suggestions do you have?

Zhang Yang: During the "Fourteenth Five -Year Plan" period, the National Development Bank will support the implementation of the implementation of the national water network project, and help improve the ability to optimize water resources and the capacity of water security. Focus on supporting the construction of major water resources allocation projects, the construction of weak flood prevention links, the construction of agricultural and rural water conservancy, recovering the ecological environment of rivers and lakes, key industries, regions, and fields, including water conservancy, and smart water conservancy construction. The following suggestions are made for further use of developmental financial support for water conservancy construction: First, to build the main body to enrich the strength. By injecting high -quality assets and other methods, support the water market entities to become bigger and stronger. Taking the market -oriented water conservancy financing entity as the starting point, strengthen the construction of project cash flow, implement risk prevention and control measures, and promote project financing to the ground in a market -oriented manner. The second is to accelerate the preliminary work of the project and sort out the project design model. Seize the opportunity, speed up the project administrative approval, and effectively expand effective investment. Related water conservancy and infrastructure projects together with the National Development Bank jointly do project planning and design financing solutions. Third, multi -channel solution to the capital gap. Try to strive for central subsidy funds, and under the premise of meeting the repayment of the project, appropriately reduce the proportion of local supporting funds and increase the amount of project loan; through local government special debt, the national opening infrastructure investment fund and other channels to meet the needs of water conservancy projects. The fourth is to deepen the reform of water prices. Accelerate the reform of water supply prices in water conservancy projects, implement the principles of water price formulation of "compensation costs, reasonable returns, high -quality and high -quality, and fair burden", establish a reasonable return mechanism, strengthen the construction of project cash flow, improve project profitability, create good market -based financing conditions Essence Fifth, reduce financing costs. Strive for low -cost funds for special use of water conservancy project loans to further reduce project financing costs. Sixth, strengthen communication and coordination. Water administrative departments at all levels and the General Branch of the State Bank of China shall establish a multi -level cooperation mechanism, strengthen communication and coordination, deepen the cooperation of silver administration in the new situation, and jointly promote the construction of water conservancy engineering financing.

Source | "China Water Conservancy" Issue 5159 review | Chen Rui's supervision | Fan Yanzi responsibility | Chen Shuai school pair | Wang Yu

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