With the acceleration of infrastructure investment, the capital side has also increased its efforts. From January to June 2022, a total of more than 240 billion yuan of special bond funds have been allocated to be used as capital for major projects; in the first half of the year, infrastructure loans increased by 2.6 trillion yuan; recently, policy and development financial instruments have continued to be implemented... 2022 Since the beginning of the year, the investment of multi-channel funds has been accelerated, escorting the construction of major projects, and exerting efforts to expand investment and stabilize growth.

The analysis pointed out that under the coordinated efforts of finance and finance, infrastructure investment is expected to maintain a relatively high growth in the second half of the year and continue to play an important role in the process of economic recovery.

Infrastructure investment sounded the horn of acceleration

On August 5, the Guangxi Branch of Agricultural Development Bank invested the first infrastructure fund in the region, with a one-time investment of 817 million yuan to support the construction of the Acacia River flood control and drainage improvement project in Guilin New District. The project will carry out the construction of the Acacia River embankment, drainage canals and other projects to effectively improve the flood discharge capacity of the old and new areas of Lingui.

From increasing the 800 billion yuan credit line of policy banks to promoting the establishment of 300 billion yuan policy-oriented development financial instruments, recently, policy-oriented development financial instruments have increased support for infrastructure construction, becoming an important incremental policy for expanding effective investment. tool.

The executive meeting of the State Council held on June 29 decided to raise 300 billion yuan through the issuance of financial bonds 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 respectively established special infrastructure fund companies, and completed the first batch of funds to support major projects such as highways, urban renewal and reconstruction, and water conservancy infrastructure in many places.

In Zhejiang, China Development Bank Zhejiang Branch recently completed the signing of the CDB infrastructure fund contract for the Nanxun-Tongxiang section of the Su-Taiwan Expressway and the Tongxiang-Deqing Link (Phase II) project, and realized the first investment of 138 million yuan; in Ningxia, the national Development Bank Ningxia Branch successfully invested 55 million yuan in the region's first infrastructure fund to support the renewal and renovation project of gas pipelines and facilities in Yinchuan City.

From the perspective of the industry, policy-based development financial tools, focusing on dredging the card points and blocking points, can not only solve the urgent need of the project for insufficient capital, but also better guide banks and other financial institutions to increase supporting financing support and accelerate the project construction.

"Financial instruments can be in place in a relatively short period of time to meet the project capital requirements, so that the project can start construction as soon as possible." Zou Lan, director of the Monetary Policy Department of the People's Bank of China, said at a press conference a few days ago that after the capital is fully in place, the initial 8,000 The medium- and long-term credit funds for policy and development of 100 million yuan can be followed up in a timely manner, and social capital such as commercial bank loans will also follow up quickly, jointly helping to form the physical workload of the project.

"Considering that the current capital ratio of major projects is generally around 20%, 300 billion yuan of funds can drive up to about 1.5 trillion yuan in supporting financing. Therefore, this round of policy financial instruments can introduce up to about 2.6 trillion yuan for major project investment. Yuan's incremental funds." Wang Qing, chief macro analyst at Oriental Jincheng, said.

At the same time as the increase in the amount of financial instruments, the issuance of special bonds, as an important support for infrastructure investment, has also been significantly advanced and accelerated, driving the expansion of effective investment.

According to data from the Ministry of Finance, as of the end of June, 3.41 trillion yuan of new special bonds had been issued in various regions, and the quota of new special bonds for project construction in 2022 had basically been issued, much earlier than in previous years. From January to June, all localities allocated more than 240 billion yuan of special bond funds as capital for major projects. The newly issued special bonds have supported more than 23,800 projects, including about 10,800 projects under construction and about 13,000 new projects.

Yuan Haixia, vice president of China Chengxin International Research Institute, said that the policy will continue to increase the support of financial institutions for infrastructure construction and major projects, which will help to further increase the leverage of special bonds on social capital and infrastructure investment.

How does the capital side continue to make efforts to escort the construction of major projects

The industry pointed out that the coordination of fiscal policy and financial policy is still the key to expanding investment and stabilizing growth in the next step.

The executive meeting of the State Council held a few days ago required that effective investment play a key role in economic recovery and development, accelerate the implementation of investment projects within the central budget, urge local governments to speed up the use of special bonds, and make good use of policy-based development financial instruments in a market-oriented manner.

The National Development and Reform Commission recently held the first meeting of the coordination mechanism for promoting effective investment in important projects. It pointed out that it is necessary to adhere to the principle of "funds and elements follow the project", put funds into eligible projects as soon as possible, and promptly consult commercial banks to issue supporting projects. Loans, seize the time window of the peak construction season in the third quarter, and speed up the start of construction.

Wang Qing suggested that after the policy of overweighting policy-based development financial instruments to support infrastructure construction is clarified, in addition to speeding up project docking, policy-based financial institutions should also identify their positioning, focusing on increasing the construction cycle, policy and public welfare. The investment of the project can reduce the "crowding out effect" and give full play to the incremental role.

"With the cooperation and coordination of fiscal and financial policies, infrastructure investment is likely to maintain a high growth rate throughout the second half of the year, and will continue to play an important role in the process of economic recovery in the second half of the year." Wang Qing said. Editor / Xu Shengpeng