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Multi-channel funds rush to speed up infrastructure investment

Date: 2022-05-17
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Special bonds will be issued in the second quarter or exceed 2 trillion yuan at the peak of issuance.

Multi-channel funds rush to speed up infrastructure investment

With the acceleration of infrastructure investment, the capital side has also increased its efforts. The industry expects that the issuance scale of special bonds in the second quarter may exceed 2 trillion yuan, of which the monthly issuance scale in May and June may be close to one trillion yuan, which will give greater support to infrastructure investment. At the same time, with the policy support, the financing of urban investment platform is expected to pick up, and the growth rate of bank loans invested in infrastructure is expected to accelerate significantly. Experts said that in the next step, it is necessary to continuously broaden the long-term financing channels for infrastructure, and guide insurance funds and pension funds to increase investment; At the same time, increase the guarantee of resources such as land, energy conservation and environmental protection, and promote the smooth implementation of infrastructure projects.

The issuance of special bonds will peak.

Special debt is an important tool for the government to stimulate investment. At present, the infrastructure construction is constantly increasing, and the industry expects that May and June will usher in a round of peak issuance of special bonds.

Under the background of steady growth, the issuance and use of special bonds this year started early and acted quickly. Xu Hongcai, Vice Minister of Finance, revealed in an interview with a reporter a few days ago that as of April 25th, the provinces had issued a total of about 1.3 trillion yuan of special bonds, accounting for 89% of the amount of advance issuance, an increase of about 1.17 trillion yuan over the same period last year.

In terms of investment, it is inclined to the infrastructure field. According to the calculation of Xingzheng's revenue collection, from January to April 2022, 70.1% of the project income special bonds were invested in infrastructure, which was higher than that of the same period in 2021 (accounting for 66.1%).

'Compared with the same period of last year, the scale of new special bonds issued this year has almost doubled that of last year. Even if infrastructure investment is moderately advanced, the funding sources of major investment projects are still guaranteed.' Tang Linmin, a senior researcher at China International Futures Co., Ltd., told the reporter of Economic Information Daily. He said that whether it is from the overall progress of issuance or the recent re-emphasis on infrastructure, it is necessary to continue to speed up the issuance of special bonds.

According to the economic situation held on April 11th, the symposium of some local government principals, the issuance and use of special bonds and other policies will be implemented. In the first half of the year, a large amount of money will be put on the ground, forming more physical workload. Xu Hongcai said that it is expected that all localities will complete the issuance of most of the new special bonds in the second quarter, and finish the work in the third quarter.

According to the forecast of China Chengxin International, the total amount of new special bonds will remain 2.35 trillion yuan during the year, and the amount of advance approval will remain 160 billion yuan. According to the requirement of 'the first half of the year will be the first year' for the issuance and use of special bonds, combined with the Ministry of Finance's work plan of completing the issuance of most new special bonds by the end of June, it is estimated that the issuance scale of special bonds in the second quarter may exceed 2 trillion yuan, of which the monthly issuance scale in May and June may be close to one trillion yuan.

Multi-channel capital 'salary increase' infrastructure investment

Under the financial instigation, multi-channel social capital has also stepped up efforts to participate in infrastructure construction and operation, and further broaden the channels of infrastructure funds.

On may 13th, the government and social capital cooperation (PPP) project of G1816 Wuhai-maqin expressway from hezuo to saierlong (ganqingjie) started in luqu, Gannan prefecture. It is reported that the project is implemented by the PPP mode of 'packing' national highways and ordinary highways, with a total investment of 16.959 billion yuan.

As an important way for social capital to participate in infrastructure investment and operation, PPP mode is accelerating its popularization and application. In the first quarter of this year, there were 123 new warehousing projects in the national PPP integrated information platform management library, with an investment of 250.6 billion yuan. Among them, the 'two new and one heavy' project has 93 new warehousing projects in the first quarter, with an investment of 194 billion yuan.

'The 11th meeting of the Central Committee of Finance and Economics clearly stated that it is necessary to promote the standardized development and sunshine operation of the cooperation mode between the government and social capital, and guide social capital to participate in the investment and operation of municipal facilities.' Wang Qing, chief macro analyst of Dongfang Jincheng, told the Economic Information Daily that the meeting made a plan for the incremental fund guarantee of infrastructure investment in the future from the top-level design perspective, and at the same time, it will directly promote the participation of social capital in infrastructure investment.

Support for financial infrastructure has also continued to increase. Recently, China Banking and Insurance Regulatory Commission held a meeting to express its support for giving full play to the key role of effective investment and ensuring the financing of key areas and major projects in the Tenth Five-Year Plan. The People's Bank of China also issued a clear document, supporting local governments to moderately advance infrastructure investment, and ensuring the reasonable financing needs of financing platform companies in accordance with laws and regulations.

According to the Statistical Report of Financial Institutions' Loans Investment in the First Quarter of 2022 released by the People's Bank of China, at the end of the first quarter of 2022, the balance of medium-and long-term loans of local and foreign currency infrastructure was 30.26 trillion yuan, up 13.2% year-on-year, and the growth rate was 2.2 percentage points higher than that of various loans. 'It is expected that the growth rate of bank loans to be invested in the infrastructure sector is expected to accelerate significantly.' Wang Qing said.

Broaden the long-term funding channels.

Experts said that in the next step, it is necessary to continuously broaden the long-term financing channels for infrastructure; At the same time, all aspects of 'quick march' allocate resources such as land, energy conservation and environmental protection to promote the smooth implementation of infrastructure projects.

According to Tan Zhiguo, deputy general manager of China Investment Consulting Co., Ltd., different infrastructure projects can design targeted and easy-to-implement project investment and financing schemes. For public welfare projects, it mainly depends on financial funds and special government bonds; For quasi-public welfare projects and business projects, it is necessary to ask for more funds from the market and actively apply for funds from open policy financial institutions.

Wang Qing pointed out that bank loans will be the main channel of medium and long-term capital sources for infrastructure investment at present and in the future. It can be considered to encourage banks to increase the medium-and long-term loans in the infrastructure sector through macro-prudential assessment (MPA) assessment index adjustment, etc. Accelerate the pilot of infrastructure real estate investment trusts (REITs), and drive the increment by revitalizing the stock; Guide insurance funds, pension funds and other long-term funds to increase investment in infrastructure, and consider introducing some customized preferential policies.

'This year, relevant parties have made efforts in the project reserve, declaration and approval in advance, and investments such as special bonds have also been arranged in advance. On the whole, the funds and project reserves in expanding effective investment are relatively optimistic.' Wu Yaping, a researcher at the Institute of Investment, China Institute of Macroeconomics, said that the construction of infrastructure projects is a systematic project, and all aspects of 'quick march' are needed to allocate resources such as land, energy conservation and environmental protection, as well as the construction conditions such as water supply, power supply and municipal roads. It is necessary for all regions to establish departmental coordination mechanisms to promote departmental information sharing, so as to allocate resources more quickly and better.


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