Make a good use of policy development financial tools to grow up steadily

Core point: Mao Tonghui, the author of China Economic Net column, believes that grabing policy opportunities, attaching importance to and making good use of policy and developmental financial instruments to support the construction of infrastructure projects will effectively drive investment and contribute to stabilizing the macroeconomic market.

Since this year, my country's economy has faced a certain downward pressure. Especially when global economic growth has slowed down, high inflation operation, the external environment is more severe and complicated, and the domestic economic recovery foundation needs to be stable, and the key role of effective investment is not only conducive to short -term stable economic growth, but also conducive to benefits Adjust the future supply structure. Based on this, incremental policies to promote infrastructure investment as the main starting point are accelerating.

After the first time the State Council Executive Meeting of the State Council first proposed "determining measures for policy, developmental financial instruments to support major project construction", within two months, the State Kaishin Infrastructure Investment Fund established by the State Development Bank and through China's agricultural development through the development of China's agricultural development The agricultural hair infrastructure fund established by the bank, policy development financial instruments have been put in 300 billion yuan. Recently, the executive meeting of the State Council has made it clear that policy development financial instruments have added more than 300 billion yuan, and the support areas have further expanded. Based on the previous basis, the transformation of old communities and provincial highways were included.

Infrastructure construction investment is an important means to stabilize the macroeconomic. It has obvious multiplication effects. In the short term, it can drive GDP, increase employment, and stabilize the macroeconomic market. In the medium and long term, it can lay the foundation for the next round of economic growth and innovation. Financing is the key factor in infrastructure construction, especially major projects with large investment and long working period, which requires the support of medium and long -term funds.

Utilizing policy and development of financial instruments to conduct equity investment in infrastructure projects to solve the problem of difficulty in infrastructure project capital in place, and will press the "acceleration key" for the construction of infrastructure in various places to promote a number of investment, consumption, and benefit people's livelihood. Major projects accelerate the formation of physical work. At present, in northern Zhejiang, the construction of the pile foundation of Nanxun to Tongxiang from the Su Taiwan Expressway is the first place in western Guangdong.

Policy and development financial instruments, as staged measures, also have strong external effects. The first is the "leverage" effect. With the accelerated investment of the first batch of 300 billion yuan in policy and development financial instruments, the supporting loans of many commercial banks have kept up, and the role of prying more of the investment in the funds of more commercial banks has emerged. In addition, it is also conducive to effectively integrating resources from all parties and leverage more private capital participation.

The second is the "ironing" effect. 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, and to clear the monetary policy transmission mechanism. Enhance the stability of credit growth. This helps to "iron" economic fluctuations and further consolidate the foundation of economic recovery development.

The third is the "superposition" effect. The executive meeting of the State Council held on September 7 decided to revitalize the 500 billion yuan special debt limit deposited by the local area since 2019 to give priority to supporting projects under construction. This will form a "superposition effect" with policy and development financial instruments, which will help expand investment, bring employment, and promote consumption.

Grasping the current economic development situation and making every effort to grow steadily is the key task of prominent positions in various places. Seize the policy opportunities, attach importance to and make good use of policy and development financial instruments, and provide support for the construction of infrastructure projects. It will effectively drive investment and contribute to stabilizing the macroeconomic market. (Chinese Economic Network columnist Mao Tonghui)

Economic Daily-China Economic Network Review Theoretical Channel is open for submission. Original reviews and theoretical articles can be sent to CEPL#CE.CN (#to@). For details, please refer to Economic Daily-China Economic Network Review Theory Channel's Publishing Channel.

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