The hottest trillion special construction bonds wi

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Trillion special construction bonds will solve the thirst for capital of basic construction projects

trillion special construction bonds will solve the thirst for capital of basic construction projects

China Construction machinery information

recently, it was reported that the national development and Reform Commission plans to issue long-term special construction bonds to the postal savings bank through the National Development Bank and the Agricultural Development Bank, and establish a special fund for infrastructure construction. At present, all regions are actively reporting appropriate projects, and Hebei, Henan, Inner Mongolia and other places have launched the deployment of project application work

It is understood that the first batch of special construction bonds will be launched in the near future. The scale of this batch of special construction bonds used to supplement the capital of local construction projects is about 200billion yuan for CDB and 100billion yuan for IFAD, with a total scale of 300billion yuan. The total scale may reach trillion in the future. The central government will give a discount of 90% of the special construction bonds

the above officials told the analysis that this is to promote the construction of projects under construction. If the reported project is supported by special construction bond funds, it will directly promote the progress of the project

the investment fields of this bond issuance include five categories and 22 fields. Among them, five categories include: relocation of ex situ poverty alleviation, dynamic and static universal fatigue testing machine, five test methods, do you know? And so on; Urban infrastructure construction such as rail transit; Photoelectric induction is a relatively advanced technology in major infrastructure such as central and Western railways; Livelihood improvement and other construction projects; Strengthen the core competitiveness of the manufacturing industry and other transformation and upgrading projects

previously, the national development and Reform Commission launched seven engineering packages for major networks such as information, electricity, oil and gas, clean energy, oil and gas and mineral resources, grain and water conservancy, transportation, ecological environmental protection, and health care for the elderly. This year, four engineering packages were added, including urban rail transit, modern logistics, emerging industries, and enhancing the core competitiveness of the manufacturing industry. The investment projects in the above 22 fields are also basically concentrated within the scope of the eleven strategic engineering packages

Hu Chi, a researcher at the research center of the state owned assets supervision and Administration Commission of the State Council, said that because the scope and principle of capital investment have been clearly defined, this special construction bond should be understood as a supporting measure of the National Eleventh National Strategic Investment package, rather than a "strong stimulus". Through this financial instrument innovation, funds can flow to the physical fields that promote effective investment, which not only connects the junction of fiscal policy and monetary policy, but also plays a composite role of stabilizing growth and adjusting structure

lihuiyong, chief macro economist of Shenyin Wanguo, said that the above policies were introduced in a timely manner and in a clear direction. Because the Politburo meeting has just deployed, we should attach great importance to the risk of economic downturn and keep the bottom line of financial risks. Under the current circumstances, the pressure of economic downturn and weak demand require the government to implement the system to ensure growth. In view of the current lack of local funds, it is a good measure to issue long-term bonds by policy banks as capital to drive social funds to maintain growth

is equivalent to low interest loans, and the requirements are strict

"all systems such as housing construction and transportation are reporting projects. We are summarizing them and reporting them before August 8." An official from a state-owned assets department in a county in the East told me

the official said that generally speaking, the minimum capital ratio of fixed asset investment projects in various industries is mostly 20% - 25%. Under normal circumstances, the project capital needs to be paid by the government with abnormal position of the financial pendulum, but now there is no money in the budget, the project capital is insufficient, and financial institutions do not finance, so some projects cannot start

in the first half of this year, the national general public budget revenue increased by only 4.7% in the same caliber, hitting a new low in recent years, and the income of five provinces is now negative growth

"but now special construction bonds provide project capital, with interest of 0.5%~1%, which is basically equivalent to low interest loans, and the bond term is long, usually 8 to 10 years, or even longer. In addition, the project can continue to be financed through other channels. This is equivalent to solving the problem of project capital and directly promoting the progress of the project." The official said

however, the project supported by the special construction bond has strict requirements. In addition to limiting the investment field of bond issuance, the national development and Reform Commission also requires that bond issuance should not be used for non-profit projects or market-oriented projects with high returns. "In addition, the catalogue requires the project investment scale to be more than 1billion yuan." The official said

Li Qilin, a fixed income researcher at Minsheng securities, said that the incremental stimulus space brought by the increase in the deficit ratio and the new issuance quota of local bonds is limited, and the bank's risk appetite is not strong. Coupled with the high cost of PPP financing, which is mostly more than 10%, and the social capital is not enthusiastic, the amount of urbanization funds is limited. Therefore, in order to stabilize economic growth, we can only launch new special financial bond instruments, and special financial bonds are traded in the inter-bank market, It provides space for monetary policy to support stable fiscal growth

the key is to solve the funding gap of strategic projects

in the first half of this year, the country launched a large number of strategic investment projects. However, according to the investment data released by the National Bureau of statistics, the total planned investment of new projects is 19193.6 billion yuan, an increase of 1.6%, which is lower than the growth rate of the total planned investment of all construction projects. One of the important reasons is that local implementation needs to be strengthened and funding sources are scarce

in the first half of the year, China's fixed asset investment in place was 26150.7 billion yuan, an increase of 6.3% year-on-year, of which the national budget fund increased by 18.6%, and the growth rate increased by 8.3 percentage points. However, the capital from domestic loans in fixed asset investment still fell by 4.8%. The state's control over local overall debt also made it difficult for local governments to supplement the capital of investment projects through conventional channels in the past

project capital is the premise for the start of the whole project and the prerequisite for obtaining bank loans. According to the notice of the State Council on adjusting the capital ratio of fixed asset investment projects issued in 2009, the minimum capital ratio of iron and steel and electrolytic aluminum projects is 40%; For cement projects, the minimum capital ratio is 35%; For coal, calcium carbide, ferroalloy, caustic soda, coke, yellow phosphorus, corn deep processing, airport, port, coastal and inland river shipping projects, the minimum capital ratio is 30%; The minimum capital ratio of railway, highway, urban rail transit and chemical fertilizer (excluding potash fertilizer) projects is 25%; The minimum capital ratio of affordable housing and ordinary commodity housing projects is 20%, and that of other real estate development projects is 30%; The minimum capital ratio of other projects is 20%

therefore, this special bond aims at the "seven inches" of investment problems, and specifically solves the problem of capital. It is understood that the funds of this bond issuance are required to be invested in projects that are relatively mature in terms of project approval, land, planning, environmental assessment procedures, etc; Projects with high expected income and a good overall grasp that can be started in the second half of this year or the first half of next year, as well as projects under construction that have started construction but still have gaps in capital contributions that need to be borne by the government

there are changes in the policy ideas of accelerating local implementation

Li Huiyong analyzed that when using funds, we should pay attention to the key investment direction, and in the short term, we can choose the fields that have quick results and sufficient preparation in the early stage. For example, the underground comprehensive pipe gallery, new energy, railway, rail transit, environmental protection, as well as the transformation of shanty towns and old cities are the focus of the industry. In terms of regions, we will focus on supporting Hebei, Northeast China, Xinjiang, Tibet and Shanxi, which experienced slower economic growth in the first half of the year

the above policies also reflect the optimization of the central and State Council's ideas for promoting local implementation in the second half of the year, that is, we should not only speed up local implementation, but also provide channels to facilitate local implementation of policies

the commentary published in the headline of the people on the 5th directly pointed out that, "Whether a policy is good or not depends on whether it is effective. To improve the quality of the policy, first, we should pay attention to the classification guidance and enhance the pertinence of the policy. We should not replace the oil suction filter and filter element regularly. One prescription can cure all diseases. Second, it should be easy to understand and operable. When formulating policies, we should think more from the perspective of the executor and implementer. Third, we should take more small and practical policies and measures, and small victories turn into big victories. The most important thing is to achieve reality Effective. "

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