The People's Bank of China recently announced the development of mortgage supplementary loans in January 2024. The China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China had a net new mortgage supplementary loan (PSL) of 150 billion yuan. The balance of mortgage supplementary loans at the end of the period was 3.4022 billion yuan.
It is worth noting that this is the second time the People's Bank of China has invested 150 billion yuan in PSL after restarting PSL investment of 350 billion yuan in December 2023. Research institutions believe that this round of PSL investment is mainly used for the "three major projects" of affordable housing construction, urban village renovation, and "both leisure and emergency" public infrastructure construction, releasing a signal of policy efforts to boost stable growth.
PSL was established by the People's Bank of China in April 2014. As one of the structural monetary policy tools, the main function of mortgage supplementary loans is to provide large-amount financing with a long term to financial institutions to support the development of key areas, weak links and social undertakings of the national economy. The Central Economic Work Conference held in December 2023 proposed to actively and steadily resolve real estate risks, meet the reasonable financing needs of real estate enterprises of different ownerships equally, and promote the stable and healthy development of the real estate market. Accelerate the construction of affordable housing, the construction of public infrastructure for both leisure and emergency use, and the transformation of urban villages.
Ming Ming, chief economist of CITIC Securities, believes that the "three major projects" are one of the priorities of this year's work and can, to a certain extent, hedge against the impact of the downward risk of the real estate market on the macro economy. At the same time, the "three major projects" are important measures to improve people's livelihood and make up for shortcomings, and are necessary and feasible.
The reporter noticed that as of January 30, many cities across the country had announced the local implementation of the first special loans for urban village reconstruction, and the banks involved included the China Development Bank and the Agricultural Development Bank of China. On January 30, the China Development Bank realized the first batch of 9.08 billion yuan in special loans for urban village reconstruction, involving nearly 100 projects in Guangzhou, Zhengzhou, Jinan, Nanjing, Shijiazhuang and other cities, benefiting more than 100,000 villagers (residents), and construction There are 238,400 resettlement houses.
According to the person in charge of the relevant departments of the China Development Bank, since 2023, the Development Bank has established a special work team to actively connect and implement financial support policies, simultaneously formulate internal credit business measures, establish communication mechanisms with local governments, cooperate with overall planning, and comply with regulations Promote project implementation. The Development Bank provides loans in accordance with the principles of marketization and rule of law, strictly implements the requirements for earmarked funds and closed management, issues loans based on project implementation progress, and promotes the implementation of urban village reconstruction projects in compliance with regulations.
On January 30, the Agricultural Development Bank of China issued a loan of 79 million yuan for the Nangaoji Urban Village Renovation Project in Xinhua District, Shijiazhuang City. During the same period, the Agricultural Development Bank of China also invested 4.05 billion yuan and 1.084 billion yuan in Jinan and Chengdu respectively to support the issuance of special loans for the first batch of projects.
According to the analysis of market research institutions, the PSL issued by the People's Bank of China to policy banks is likely to be the main source of funds for this round of special loans for urban village reconstruction. Industrial Securities recently released a research report stating that this round of PSL has a net increase of 500 billion yuan, and financial support for the "three major projects" is expected to continue to increase. The "three major projects" represented by urban village renovation and affordable housing construction continue to have good financial benefits, which will help solve the problems of fund raising and income levels in the promotion of projects in some areas, and speed up the implementation of relevant projects.
Ma Chunyang
(Economic Daily)