National Development and Reform Commission: flexibly adopt a variety of ways to effectively revitalize different types of stock assets

On July 1, the General Office of the National Development and Reform Commission issued a notice on the expansion of effective investment in the existing assets (hereinafter referred to as the "Notice"), which aims to further promote the active assets and expand effective investment.

Tian Lihui, dean of the Institute of Financial Development of Nankai University, told a reporter from the Securities Daily that the active assets will become an important starting point for my country's solid economic market. The activation of stock assets can effectively improve the investment efficiency of infrastructure, but also improve the asset operation capabilities and re -investment capabilities of the enterprise, but also prevent some local government debt risks. As a result, under the pressure of the current economic operation, it has made significant contributions to "six stability" and "six guarantees".

The notice clearly states that it is necessary to take a variety of ways to effectively revitalize different types of existing assets. It is specifically mentioned that for infrastructure stock projects with relevant conditions, real estate investment trust funds (hereinafter referred to as "infrastructure REITs"), government and social capital cooperation (PPP) can be adopted.

"my country has a huge infrastructure stock market, which provides a wealth of underlying assets for infrastructure REITs." From the perspective of Wang Jian, chief analyst of the financial industry of Guoxin Securities Economic Research Institute, from the perspective of incremental markets, although it has been fast after years of fast market Construction, my country's infrastructure conditions have been significantly improved, but the regional gap is large, the central and western regions are relatively backward, and the supply of public services such as education and medical care is not enough. At the same time Said that in the future, my country's new and old infrastructure will have a lot of room for development. In addition, as an internationally connected allocation asset, infrastructure REITs uses the product structure of "public fund+infrastructure asset support securities", which is a variety of risk returns than moderate equity investment. Based on the characteristics of high liquidity and relatively stable income, it means that individual investors can participate in large -scale infrastructure projects with less funds to share the dividends of the high -quality development of the country's economy.

Wind data shows that as of now, my country's infrastructure REITs project has been listed in a total of 12. It should be noted that although Guojin China Railway Construction REIT has recently completed fundraising, it has not yet been officially launched. In addition, as Penghua Shenzhen Energy Reit was approved by the Securities Regulatory Commission and the Shenzhen Stock Exchange issued a non -objection letter to the Shenzhen Stock Exchange's registration and the special plan to be listed on the fund listing, there will be a total of 14 single infrastructure REITs projects on the market.

"Given that the current infrastructure REITs has a good development trend, it is expected that subsequent projects will be significantly accelerated." Tian Lihui said.

In addition, the notice also emphasized that supporting supporting policies should be strengthened and the survival of stock assets is solidly promoted. Such as supporting financial asset management companies, financial asset investment companies, and state -owned capital investment, and operation companies participating in active stock assets. Encourage financial institutions such as banks to provide financing support for new projects invested by recycling funds in accordance with the principles of marketization.

Liang Si, a researcher at the Bank of China Research Institute, believes that encouraging state -owned capital and bank financial institutions to enter, which is conducive to giving full play to the leverage effect, leverage more social funds to enter, and provide sufficient sources of funds for project activation. Of course, in terms of increasing supporting policies, specific operating rules need to be formulated in the future to create a fair competitive environment, use market -oriented methods, attract various qualified subjects, and provide more help for the activation of stock assets.

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