Central Bank: Policy and development banks use financial instruments to focus on three types of projects

Recently, the executive meeting of the State Council has identified measures for policy and development financial instruments to support major project construction. On July 1, the People's Bank of China officially released the news that the person in charge of the relevant Division of the People's Bank of China said in an interview with the media that it has been affected by multiple factors this year. my country's economy is facing certain downward pressure. Infrastructure construction investment is a stable macroeconomic economy. Important means.

In accordance with the requirements of the Party Central Committee and the State Council's decision -making deployment and the work requirements of the Financial Commission, in order to solve the problem of difficulty in the place of capital in place of major projects, the People's Bank of China supports development banks and agricultural development banks to set up financial instruments, with a total scale of 300 billion yuan. It is used to supplement investment including new types The capital of major projects, including infrastructure, does not exceed 50%of all capital, or bridge the capital of special debt projects. As a staged measure, this tool is conducive to meeting the policy requirements of the capital capital of major projects, leveraging more private capital participation, and forming an infrastructure construction physical workload as soon as possible.

According to the person in charge, policy and development of banks use financial instruments to focus on three types of projects: First, the five major infrastructure key areas of the 11th meeting of the Central Finance and Economics Committee, which are network infrastructure such as transportation and water conservancy and energy. , Infrastructure, technology, logistics and other industrial upgrading infrastructure, underground pipe corridors and other urban infrastructure, high -standard farmland and other agricultural and rural infrastructure, national security infrastructure. The second is major scientific and technological innovation fields. Third, other projects that can be invested by special bonds of local governments.

At the same time, the person in charge stated that the investment of policy and development financial instruments should grasp the following principles: First, in accordance with the principles of marketization, independent decision -making in accordance with laws, self -profit and loss, self -boring risks, keeping the capital, the investment scale should be related to the project income. balance. The second is that investment projects must have strong social benefits and certain economic feasibility. The third is to do only financial investment to exercise the right to shareholders and not participate in the actual construction operation of the project. The fourth is to determine the exit method in accordance with the principle of marketization.

Regarding how the departments cooperate to promote the effectiveness of financial instruments, the person in charge stated that the implementation of policy and development financial instruments requires joint efforts between the central departments, the central government, and the local government. , The People's Bank of China, the Banking Insurance Regulatory Commission, the competent industry department and local governments; it is necessary to standardize the institutional procedures, clarify the division of responsibilities, and provide supporting policies to support. In terms of funds, the People's Bank of China led the support of the development of banks and the issuance of financial bonds issued by the Agricultural Development Bank to raise funds for 300 billion yuan. The central government is appropriately discounted according to the actual equity investment amount, with a discounted period of 2 years. In terms of projects, the Development and Reform Commission has formed a list of sufficient alternative projects with relevant local and central departments and central enterprises. The Development Bank and Agricultural Development Bank choose to invest in accordance with the principle of marketization through financial instruments. For investment projects, the Development and Reform Commission was selected and sent to relevant departments to strengthen the guarantee factor guarantee of land use and environmental assessment. In terms of supervision, supervision and development of banks and agricultural development banks do a good job of tooling, post -investment management, and risk control.

"my country's stable monetary policy has always been compatible with the development of the real economy, and pays attention to the dual functions of the total amount and structure of monetary policy tools and structure. In terms of total amount, the growth rate of broad currency M2 and social financing basically match the growth rate of nominal GDP. Maintain flowing. It is reasonable and abundant, and at the same time insist on not engaged in large water irrigation, no currency, and the potential for the future growth of the economy. Structural, through a variety of policies such as structural monetary policy tools, guide financial institutions to accurately support key areas, enhance financial service entities Economic ability. "The person in charge said that through policy and development financial instruments, increase support for major project financing, which is conducive to adhering to the conditions of not making large water irrigation and not excessive currency. Loans, dredging monetary policy transmission mechanisms, enhancing the stability of credit growth, helping to achieve the comprehensive effect of expanding investment, employment, and promoting consumption, and stabilize the macroeconomic market. (Liu Qi)