300 billion yuan has been invested in policy and development financial instruments
Stabilizing investment policies and re-energizing (new economic orientation, consolidating the trend of economic recovery)
In the north of Zhejiang, the pile foundation construction of the Nanxun-Tongxiang section of the Sutai Expressway is in full swing, the drilling rig is drilling holes, the crane is installed, and a new channel has been added to the integration of the Yangtze River Delta;
In western Guangdong, the oil terminal in the Bohe new port area of Maoming Port has taken shape, and the construction of pipeline supports is accelerating.
In the northern part of Henan, the runway of Anyang Airport’s flight area has been fully connected, the construction of the logistics support building and the terminal building is in full swing, and the expansion and opening of the central part will be accelerated;
…………
In recent months, under the deployment of the Party Central Committee and the State Council, policy-based and developmental financial tools have pressed the "acceleration button" for infrastructure construction in various regions, and a number of major projects to stabilize investment, promote consumption, and benefit people's livelihood have been accelerated. The physical workload provides a strong impetus for stabilizing the economic market.
Supplement project capital to promote early start of construction
"1.8 billion yuan, all in place within two weeks!" Li Feng, chairman of Tongxiang Investment Group, traced a route from the border of Jiangsu and Zhejiang in the north to the Shanghai-Hangzhou Expressway in the south. The funds from the fund will be used to supplement the capital of the project, and the construction of this 20-plus-kilometer expressway will be fully started soon.”
Project capital is a prerequisite for the commencement of the project.
Since the beginning of this year, in order to give play to the important role of infrastructure construction investment in stabilizing the macro economy, a series of credit policies have been accelerated.
In the first half of this year, Li Feng was very anxious. The Nanxun-Tongxiang section of the Su-Taiwan Expressway and the Tongxiang-Deqing liaison line (phase II) invested a lot in the project, with a total investment of more than 18 billion yuan, of which capital accounted for 35%, totaling 6.3 billion yuan , it is difficult to raise funds in a short period of time, "It can be said that everything is ready, and only owes the 'Dongfeng' of capital."
On June 29, the policy deployment of the State Council executive meeting brought this "east wind".
The meeting clarified that 300 billion yuan will be raised through the issuance of financial bonds by using policy-based and developmental financial tools to supplement the capital of major projects including new infrastructure, or to bridge the capital of special debt projects.
In less than a month, the China Development Bank and the Agricultural Development Bank of China respectively established special infrastructure fund companies and completed the first capital investment.
The intensive investment is not to flood irrigation, and it is not possible to "do not wash the mud when the radish is too fast". It is very important to accurately select projects and form effective investment.
For each project, the National Development and Reform Commission, together with central departments, central enterprises and local governments, forms a list of alternative projects, and recommends them to policy banks in accordance with the principle of "a batch of mature projects and a batch of recommended projects"; Screening, independent decision-making in compliance with laws and regulations, independent review, and project docking investment.
From the perspective of project fields, the infrastructure investment funds focus on these three categories: first, the key areas of infrastructure identified at the 11th meeting of the Central Finance and Economics Commission, including network infrastructure such as transportation, water conservancy and energy; second, major scientific and technological innovation, professional Education and other fields; the third is other projects that can be invested by local government special bonds.
"The selection of projects takes into account both social and economic benefits." Zhang Hui, member of the Party Committee and Vice President of China Development Bank, introduced that the fund will give priority to supporting projects in key areas of infrastructure that are within the "14th Five-Year Plan", the preliminary work is mature, and the construction can be started as soon as possible in the third quarter. , to ensure that after the funds are in place, the project will start construction on schedule and play its role as soon as possible.
"The Su-Taiwan Expressway (Phase II) project meets these conditions, with complete four certificates and mature construction conditions; it can not only help improve the highway network in the Yangtze River Delta, create abundant jobs, but also generate relatively stable economic returns." China Development Bank Dou Zhihong, a staff member of the Second Customer Department of Zhejiang Branch, said that after the project was put into storage, the Zhejiang Branch of the Development Bank quickly conducted docking, review and decision-making, and the first funds were released in less than 4 days.
Zou Lan, director of the Monetary Policy Department of the People's Bank of China, said at a press conference held by the State Council Information Office on July 13 that sooner or later, with the support of financial tools, the blockages caused by the inability of capital funds can be quickly and accurately opened up. Promote the project to start as soon as possible, form a physical workload as soon as possible, and help stabilize the macroeconomic market.
It does not increase the debt burden of enterprises, but also leverages more social capital
After the establishment of policy and development financial instruments, local applications were active and project supply was strong.
Some projects have been included in the project database or are in the process of entering the warehouse; some projects are improving the project elements such as land use and energy use; and some projects are accelerating the preliminary work such as investment consulting and feasibility studies to provide favorable conditions for financial instrument investment.
"The investment of the fund serves multiple purposes, which greatly enhances the enthusiasm of enterprises for investment." Li Feng believes that the fund is used to supplement project capital, which not only promotes the early start of the project, but also helps to reduce the company's asset-liability ratio and reduce the company's shareholders' investment. pressure.
More importantly, policy-based and development-oriented financial tools have further guided and driven commercial banks and social capital to participate together, which has played a major role.
Taking the Su-Taiwan Expressway (Phase II) project as an example, in terms of capital, the investment of 1.8 billion yuan in funds has led commercial banks to invest 132 million yuan; in terms of loans, it will also drive 3.343 billion yuan in commercial bank loans.
The central bank said that increasing financing support for major projects through policy and development financial tools is conducive to guiding financial institutions to issue medium and long-term low-cost matching loans and dredging the transmission of monetary policy under the condition of not engaging in flooding and over-issuing money. mechanism to enhance the stability of credit growth.
Project docking was smooth, and fund investment continued to accelerate.
As of August 26, the CDB Infrastructure Investment Fund has signed 422 projects with a total investment of 210 billion yuan.
The Agricultural Development Infrastructure Fund has also completed the investment of 90 billion yuan.
In less than two months, 300 billion yuan has been invested in policy and development financial instruments.
Zhang Hui said that the Development Bank will focus on the three major links of capital investment, actual expenditure and supporting financing, adhere to precise investment, guaranteed capital and small profits, and compliant operation, effectively strengthen risk prevention and control, and do a solid job in fund operation and post-investment management. .
This tool is still expanding.
On August 24, the executive meeting of the State Council made arrangements to increase the quota of more than 300 billion yuan on the basis of the 300 billion yuan of policy and development financial instruments that have fallen into the project.
Give full play to the advantages of medium and long-term investment and financing, and gather more synergy
Promoting infrastructure construction and stabilizing investment, policy-based and development-oriented financial tools are not "single-handed", but also cooperate with other policies to form a combined punch.
—— Cooperate with policy bank loans to provide double assistance for the project.
On June 1 this year, the executive meeting of the State Council made it clear that the credit line of policy banks will be increased by 800 billion yuan.
After the policy and development financial tools have helped the capital in full, the early 800 billion yuan of policy and development medium and long-term credit funds can be followed up in a timely manner.
"These two policies and measures complement each other, not only increasing the supply of medium and long-term credit, but also replenishing project capital, which can play a comprehensive effect in stabilizing investment and growth." Zhang Hui analyzed.
"In addition to the project capital of 1.8 billion yuan, the Development Bank also provided 3 billion yuan of credit support for the Su-Taiwan Expressway (Phase II) project." Li Feng said that the combination of investment and loan, a two-pronged approach, will promote the project start as soon as possible while at the same time Provide medium and long-term credit assistance for project construction and operation.
——Coordinate with fiscal policy to bridge the capital fund of special bond projects.
Since the beginning of this year, the financial department has accelerated the pace of issuance and use of special bonds, and stepped up efforts to support the construction of major projects.
Zhang Hui said that some projects in the fund's investment adopt the special bond capital bridging model. For the projects included in the local special bond issuance plan, before the special bond issuance is completed and the funds are in place, the fund funds will be replenished first, and finally according to the issuance plan. Special bond funds will be replaced in batches to realize fund withdrawal and form a joint force of financial and fiscal services to stabilize investment.
The combination of policies has played a role in driving infrastructure investment steadily.
In the first seven months of this year, infrastructure investment increased by 7.4% year-on-year, 0.3 percentage points faster than the first half of the year, and the growth rate accelerated for three consecutive months.
In the next step, how to better play the role of policy and development finance in stabilizing investment?
Zhang Hui said that it is necessary to give full play to the functional advantages in three aspects:
Pay more attention to planning ahead.
More actively participate in the formulation of major infrastructure development plans and the design of systematic financing plans for key projects, and give full play to its advantages in government-bank cooperation, policy review, project planning, and financing model research.
Optimize the funding period.
At present, the development bank's long-term infrastructure loans for more than 15 years account for more than 70%, and the longest loan period for major water conservancy projects and other projects can be extended to 45 years. It is necessary to continue to invest in large amounts of long-term funds to better adapt to the life cycle of infrastructure projects.
Play a leading role.
By innovating financing models, supplementing capital, and leading the formation of syndicates, commercial banks and social capital are guided to invest more and longer-term funds in the field of infrastructure to achieve synergy.
Data source: China Development Bank, Agricultural Development Bank of China
Our reporter Zhao Zhanhui