The scale is 300 billion! Policy and development financial instruments are mainly invested in three types of projects

　　China News Service, July 2nd. According to the news on the WeChat public account of the People's Bank of China on the 1st, a few days ago, the executive meeting of the State Council determined measures to support the construction of major projects with policy and development financial tools.

On the 1st, the heads of the relevant departments of the People's Bank of China answered questions from the Financial Times reporter on issues related to financial instruments.

What are the functions and establishment background of policy and development financial instruments?

　　The central bank said that due to multiple factors this year, my country's economy has faced certain downward pressure, and investment in infrastructure construction is an important means to stabilize the macro economy.

In accordance with the decisions and arrangements of the Party Central Committee and the State Council and the work requirements of the Finance Committee, in order to solve the problem of difficulty in obtaining capital for major projects, the People's Bank

, which will

.

As a phased measure, this tool is conducive to meeting the policy requirements for the availability of capital for major projects, leveraging more private capital to participate, and forming the physical workload of infrastructure construction as soon as possible.

What is the direction of investment in policy and development financial instruments?

　　The central bank said that policy and development banks use financial tools to

: First, the five key infrastructure areas identified at the 11th meeting of the Central Finance and Economics Commission, which are network infrastructure such as transportation, water conservancy and energy, and information technology. Industrial upgrading infrastructure such as logistics, urban infrastructure such as underground pipe corridors, agricultural and rural infrastructure such as high-standard farmland, and national security infrastructure.

The second is major scientific and technological innovation and other fields.

The third is other projects that can be invested by local government special bonds.

What are the principles for the investment of policy and development financial instruments?

　　The central bank stated that investment in policy and development financial instruments should adhere to the following principles: First, in accordance with the principle of marketization, make independent decisions in accordance with laws and regulations, be responsible for profits and losses, bear risks, keep capital and small profits, and balance the scale of investment with project returns.

Second, investment projects should have strong social benefits and certain economic feasibility.

The third is to only make financial investment to exercise the corresponding shareholder rights and not participate in the actual construction and operation of the project.

The fourth is to determine the exit method in accordance with the principle of marketization.

How can various sectors work together to make financial instruments effective?

　　The central bank said that the implementation of policy and development financial instruments requires joint efforts, division of labor and cooperation between central departments and between the central and local governments, involving the National Development and Reform Commission, the Ministry of Finance, the People's Bank of China, the China Banking and Insurance Regulatory Commission, industry authorities and local governments. ; It is necessary to standardize institutional procedures, clarify the division of responsibilities, and provide supporting policy support.

In terms of capital, the People's Bank of China took the lead in supporting the development of banks and the Agricultural Development Bank to issue financial bonds to raise 300 billion yuan.

The central government will give appropriate discounts according to the actual equity investment, and the discount period will be 2 years.

In terms of projects, the National Development and Reform Commission has formed a sufficient list of alternative projects with various localities, relevant central departments and central enterprises, and the Development Bank and the Agricultural Development Bank can independently choose investment through financial instruments in accordance with the principle of marketization.

For investment projects, the National Development and Reform Commission will select and send relevant departments to strengthen the guarantee of land use, environmental impact assessment and other factors for starting construction.

In terms of supervision, urge development banks and agricultural development banks to do a good job in tool operation, post-investment management, risk control and other related work.

What role do policy and development financial tools play in dredging monetary policy transmission?

　　The central bank said that my country's prudent monetary policy has always been in line with supporting the development of the real economy, focusing on the dual functions of the total amount and structure of monetary policy tools.

In aggregate, the growth rate of broad money M2 and social financing basically matches the growth rate of nominal GDP.

Maintain a reasonable and sufficient liquidity, and at the same time insist not to flood, not to over-issue currency, and not to overdraw the future growth potential of the economy.

Structurally, through various policies such as structural monetary policy tools, financial institutions are guided to accurately support key areas and enhance the ability of financial services to serve the real economy.

　　Increasing financing support for major projects through policy and developmental financial instruments is conducive to guiding financial institutions to issue medium and long-term low-cost matching loans, dredging the monetary policy transmission mechanism, and enhancing the The stability of credit growth helps to achieve the comprehensive effect of expanding investment, creating employment, and promoting consumption, and stabilizes the macroeconomic market.

(Zhongxin Finance)