Where does the investment funds from more than new infrastructure and a trillion -dollar level of investment come from?

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New Investment Investment Construction Blows the charge!

Recently, governments in various local governments have announced the investment plans of key projects in 2022. China City Daily reporters sorted out and found that in many places, they were targeting new infrastructure fields and accelerated the deployment of stable investment.

Why is Xinwen Station reaching the center of the stage? Compared with traditional infrastructure, what are the new characteristics and advantages of new infrastructure investment? Where does the trillion -dollar investment capital come from?

In order to solve the "bottleneck" of the congestion of Hongshu Bay Binhai Avenue, Guangdong Province, giving the citizens a better sea space for the sea, opened a "ground+underground" transformation of this coastal east -west trunk road, and built a 1.2 kilometer sinking tunnel. It is integrated with Shenzhen Bay Park to achieve "watching the sea and underground driving on the ground." People's pictures

01

New infrastructure includes three aspects

The role of shortcomings and strengths and weaknesses is more obvious

"Construction workers and project managers are divided into three dials. Three shifts daily and rotated by shafts to ensure that the site is not stopped." Recently, the first phase of the Runze (Southwest) International Information Port undertaken by the Southwest Company of the China Construction Eighth Bureau was officially completed and delivered.

A engineer of the project told the China City News reporter that after the project was completed, it will become the largest data processing center in the Southwest area to provide important technical support and driving forces for the development of emerging industries and the rapid growth of the digital economy in Chongqing and Southwest China.

The construction of Runze (Southwest) International Information Port Fast Horses and Fresh Portrait is just a microcosm of the constant increase of new infrastructure projects. Since the beginning of this year, in the context of supporting the development of new infrastructure many times, various places have risen and aimed at the field.

At the end of May, the Hunan Provincial Department of Industry and Information Technology issued the "List of 100 Labels of" Digital New Infrastructure "in Hunan Province (2022)", with a total investment of over 20.7 billion yuan.

In early June, the "Implementation Plan for Prevention and Control and Stable Economic Growth" released by Beijing proposed that the forward -looking layout of new infrastructure was promoted, promoted the construction of the super computing power center projects such as the sun and the Haidian, and started the construction of the Beijing Garden Park Digital Economic Industrial Park. Zhongguancun Jingxi Artificial Intelligence Innovation Center and other projects have accelerated the construction and deployment of the integrated leather base station system.

In the same month, Guizhou Province issued the "Several Measures of Further Accelerating the Construction of Major Projects and Expanding Effective Investment", proposed to increase investment in industrial supporting infrastructure, effectively accelerate the construction of new infrastructure, and introduce the three -year action plan for the new infrastructure as soon as possible to accelerate the national integrated computing power network State (Guizhou) hub node construction.

What are the specific content of the new infrastructure? Earlier, the National Development and Reform Commission clarified that the new infrastructure mainly included three aspects:

The first is information infrastructure. Mainly refers to the infrastructure generated by the evolution of information technology in the new generation of information technology. For example, a communication network infrastructure represented by 5G, the Internet of Things, the Industrial Internet, and the Satellite Internet, and the new Technical infrastructure, computing power infrastructure represented by data centers and intelligent computing centers.

The second is integrating infrastructure. It mainly refers to the in -depth application of the Internet, big data, artificial intelligence and other technologies to support the transformation and upgrading of traditional infrastructure, and then formed an integrated infrastructure, such as intelligent transportation infrastructure, smart energy infrastructure, etc.

The third is innovation infrastructure. It mainly refers to infrastructure with public welfare attributes that support scientific research, technology development, and product development, such as major scientific and technological infrastructure, science and education infrastructure, industrial technology innovation infrastructure, etc.

Wu Qi, executive dean of the Wuxi Digital Economic Research Institute, said in an interview with the China City Newspaper reporter that under the context of steady growth, consumption is weak and exported, and stable investment, especially the expansion of effective investment, requires a greater role in new infrastructure.

Chen Chuanglian, deputy dean of the Southern Higher Financial Research Institute of Jinan University, holds a similar point of view. He said in an interview with the China City Newspaper reporter that the real estate industry that supported domestic economic growth in the early stage is currently in a relatively stable state. It is a good choice: on the one hand, it is because the industries involved have a strong driving effect, and on the other hand, the new infrastructure helps promote the new urbanization process and technological progress to drive economic growth.

Is the effect of new infrastructure on the economy? Taking the data center as an example, the person in charge of a national power grid branch department told the China Urban Daily reporter that the data center industry chain is long, covered with wide door category, and has a large driving effect. It has invested in a data center to drive the multiplication effect of about 3 times.

"Three times the growth is mainly reflected in two aspects." The person in charge explained specifically that infrastructure investment, such as pulling civil engineering, IT (Internet technology) equipment manufacturing, and temperature control of the computer room; at the same time, production, transmission, access to access Data and other processes also need corresponding suppliers and service providers, which will continue to generate market opportunities and industry dividends.

Yue Xiangyu, a researcher at the China Institute of Economics and Thinking of Shanghai University of Finance and Economics, analyzed in an interview with the China Urban News reporter. Compared with traditional infrastructure, the role of new infrastructure supplementing shortcomings and strengths and weaknesses is more obvious. Community transformation, affordable leased housing, etc. This is an area where social economy is more urgently needed to be supported. Choosing this field is more effort. It's lower. "

02

Multi -way funding aid

Enterprises should be the main body of new infrastructure investment

Although the multiplication effect brought by the new infrastructure investment is considerable, it is not necessary to ignore that its investment itself is not a small number. Taking Hunan as an example, the province's "digital new infrastructure" single project has an average investment of more than 20 million yuan, and 13 projects above 100 million yuan. According to Goldman Sachs Research Department, new infrastructure investment will reach RMB 15 trillion from 2020 to 2025. Under the macro, a new question surface -Where does such a huge amount of funds come from?

China City Daily reporters learned that the source channels for new infrastructure funds are mainly relying on fiscal funds and special bonds.

Since the second quarter of this year, the pace of special bond issuance has accelerated significantly. On May 23, the Executive Meeting of the State Council requested that the special bond this year was basically used in place before the end of August, and the scope of support was expanded to new infrastructure. On May 25, the national market phone conference on the economic market also mentioned Go to new infrastructure and new energy projects.

It should be pointed out that huge investment is not enough for financial investment and special debt financing. Earlier, Xiao Gang, a member of the National Committee of the Chinese People's Political Consultative Conference and the former chairman of the China Securities Regulatory Commission, bluntly said in his speech: "Enterprises should be the main body of new infrastructure investment, which is completely different from traditional infrastructure."

In other words, in order to meet large -scale financing needs, social capital must be required. However, the status quo is that many social capitals still have a wait -and -see attitude towards new infrastructure projects.

The reason is that on the one hand, the new infrastructure investment financing model is not sound. "There are many details about the design and management, strategy and methods of new infrastructure investment and financing, and the relevant laws and regulations and regulatory regulations are yet to be improved." Yuan Shuai, deputy secretary -general of the Rural Revitalization and Construction Committee of the Chinese Cultural Management Association, told the Chinese City Newspaper The reporter, the investment risk of new infrastructure construction is high, and the investment enthusiasm of enterprises is not high; traditional investment entities invest in new infrastructure such as restrictions, etc., resulting in difficulties in the landing of new infrastructure projects, and low willingness to invest in capital and financial investment.

On the other hand, bank loans are currently relying on mortgages to provide guarantees. Most traditional infrastructure projects include land and real estate mortgage, but new infrastructure involves software, hardware, data, algorithms, etc., and valuations are difficult.

"‘ Optimistic ’is easy,‘ understand ’is difficult.” Li Qiang, deputy director of the three deputy deputy deputy deputy deputy deputy deputy deputy deputy deputy deputy deputy deputy director of the National Development Bank, said that the evaluation of the new infrastructure project is a new issue for financial institutions.

Chen Shaoqiang, a researcher at the Resources, Ecological Civilization Research Center of the Chinese Academy of Fiscal Sciences, suggested that the data asset value evaluation model was established, the data assets were discovered to the pledge business, and the special credit approval strategy of new infrastructure projects was formulated.

In addition, the large investment scale, long investment period, and limited short -term return of new infrastructure projects are also important reasons for companies, especially private enterprises, to be discouraged.

For the profitability of the new infrastructure project, Yue Xiangyu's view is that although the new infrastructure is new, it is still infrastructure. It has "positive and externality", that is, the beneficiary does not necessarily pay.

"If many projects calculate the general account, the return is greater than the investment. But if it is only at the project level, it is not easy to make a balance and even achieve an attractive return." Yue Xiangyu suggested State -owned enterprises or private enterprises with long -term equity investment can provide long -term policy low -cost capital leverage and reduce financing costs.

It is worth mentioning that on June 16, the National Development and Reform Commission held a press conference, saying that it would actively promote the investment projects of major investment in financial institutions and REITS funds such as banking financial institutions, REITS funds, etc., and play the role of emerging industry entrepreneurial investment guidance funds. The financing in related fields is facilitated, and the enthusiasm of social capital investment is further stimulated.

03

Expert suggestion: market subject

Can participate in preliminary planning and preparation

The China Data Center Industry Development Alliance previously released a survey report that the data center resources in the central and western regions of my country are relatively excess. The overall vacancy rate of the data center in the west is above 50%, and the listing rate of some areas is less than 10%.

This vacant phenomenon not only appears in the central and western regions, but even in first -tier cities. The "Research Report on the IDC Market of Shanghai and Surrounding Regions from 2020-2021" released by Kezhi Counseling shows that the average vacancy rate of IDC computer rooms in Shanghai in 2020 was 16.4%, and the vacancy rate of some data centers exceeded 40%.

Some interviewed experts reminded that new infrastructure investment should not lose efficiency to pursue scale. In addition, we must make a scientific top -level planning, which is also an important prerequisite for avoiding blind investment.

Some people in the industry believe that compared with traditional infrastructure, the focus of new infrastructure lies in later operations, and market -oriented companies will dominate. Therefore, it is recommended to allow the market -oriented subject to participate in planning, which can improve the landing nature of the plan and be conducive to planning implementation.

"The core of the new infrastructure lies in 'use' instead of 'to build', which is useful, useful, and effective." Yuan Shuai said that it is necessary to strengthen the training of relevant industrial policy formulation departments and personnel to make it accurately understand the new infrastructure related industries The basic situation and development trend of development, reduce information asymmetric issues; in addition, it is necessary to guide the performance assessment indicators of key nodes with clear results goals.

■ China City News Reporter: Zheng Xinyu

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