To help stabilize the growth of infrastructure investment, we must do a good job in project and fund protection

Solve the mid-year economy – ask (3)

Original title: To help stabilize the growth of infrastructure investment, we must do a good job in project and capital guarantee

According to data released by the National Bureau of Statistics a few days ago, in the first half of this year, infrastructure investment increased by 7.1% year-on-year, 0.4 percentage points faster than that from January to May. From the perspective of leading indicators, the total planned investment in newly started projects in the first half of the year increased by 22.9% year-on-year, maintaining a relatively rapid growth. An industry insider interviewed by a reporter from China Economic Times said that the global epidemic is still at a high level, and investment is still the “ballast stone” for stabilizing the economy under the epidemic. Since the beginning of this year, steady investment has been increased, and major projects have been accelerated. Among them, infrastructure investment will be an important support for steady growth.

Infrastructure investment growth continues to pick up

In the first half of this year, investment in fixed assets increased by 6.1% year-on-year, which continued to fall from 6.2% in January-May. In June, the month-on-month increase was 0.95%, the highest level since December last year. In the first half of this year, private fixed-asset investment increased by 3.5% year-on-year, down from 4.1% in January-May, and infrastructure investment increased by 7.1% year-on-year, up from 6.7% in January-May.

Liang Jing, a senior researcher at the Bank of China Research Institute, told this reporter that in the first half of this year, despite the repeated outbreak of the epidemic which brought certain disturbances to the growth of infrastructure investment, the growth rate slowed down in April, but the overall infrastructure investment maintained rapid growth. This is higher than the 0.4% growth rate for the whole of last year. On the one hand, due to the improvement of the epidemic situation, its impact on the supply chain, production and engineering construction has gradually weakened, and the recovery of infrastructure investment activities has accelerated. On the other hand, due to the government’s increased efforts to stabilize growth this year, the start and implementation of major projects in various regions have been significantly advanced, the issuance and use of special bonds has been accelerated, and project approval has been accelerated.

Wen Bin, chief economist of China Minsheng Bank, told this reporter that the growth rate of infrastructure investment continued to pick up. First, the policy of smooth transportation and logistics has achieved practical results and the construction progress has been guaranteed. Second, the source of funds is guaranteed. On the one hand, the issuance of special bonds has accelerated, and the issuance has been basically completed by the end of June. On the other hand, the executive meeting of the State Council increased the credit line of policy banks by 800 billion yuan and raised 300 billion yuan through the issuance of financial bonds to supplement the capital of major projects including new infrastructure, and further supplement the source of funds for infrastructure projects. . The third is the gradual implementation of the project. In addition to the 102 major projects in the “14th Five-Year Plan”, a package of economic stabilization policies has decided to start a number of new water conservancy projects, especially large-scale water diversion irrigation, transportation, renovation of old communities, underground integrated pipe gallery and other projects. form support.

“In the first half of this year, the growth rate of infrastructure investment has picked up, which is actually the result of the joint efforts of fiscal and financial policies.” Wen Laicheng, a professor at the Central University of Finance and Economics, told this reporter.

Statistics from financial departments at all levels show that as of the end of June, 3.41 trillion yuan of new special bonds had been issued in various regions, and the proactive fiscal policy was ahead. Data show that from January to June this year, the newly issued special bonds supported more than 23,800 projects, including regarding 10,800 projects under construction and regarding 13,000 new projects, actively supporting the construction of major projects.

“Accelerating the issuance and use of special bonds is mainly to stimulate effective investment as soon as possible. In the first half of this year, the growth rate of infrastructure investment has further accelerated, and fiscal policy has played a positive role.” Wen Laicheng said.

Infrastructure investment is an important support for stable growth

“Infrastructure investment will be an important support for stabilizing investment and growth.” Bai Wenxi, chief economist of IPG China, told this reporter that the importance of infrastructure investment to stabilizing growth is highlighted, and it should be in project reserve, fund raising and preparation for construction , construction planning and other aspects to make necessary preparations to ensure that the investment in infrastructure in the second half of the year will not be reduced.

To ensure the growth of infrastructure investment in the second half of the year, industry insiders pointed out that it is necessary to focus on the protection of projects and funds.

Liang Jing said that on the one hand, it is necessary to optimize the epidemic prevention and control measures, ensure the smooth flow of logistics and industrial chain supply chains, and minimize the impact of the epidemic on project construction. Continue to accelerate the restoration of the normal construction progress of major projects, and strive to create more physical workload. On the other hand, strengthen the reserve and rolling succession of major projects. Improve the investment project reserve implementation mechanism, strengthen the unified coordination of cross-regional infrastructure, adhere to “projects follow the plan”, and promptly plan a number of major projects. Promote the implementation of projects with better social benefits and certain profitability.

As for strengthening the financial security of investment projects, Wen Laicheng said that the guiding role of financial funds should be brought into play to leverage social capital investment. In the first half of this year, the PPP policy has recovered, and various departments have also increased their enthusiasm for PPP projects. As an effective tool to leverage social capital to increase investment, PPP projects have gradually recovered following a period of cleaning and rectification. , with the implementation of PPP projects, it can also stimulate part of the investment, thereby promoting economic growth.

“In the process of using special bonds, for projects with relatively good economic benefits, the Ministry of Finance is also actively promoting the effective connection between credit funds and special bond funds. On the premise of ensuring the repayment of government bonds, the project construction unit can Through the form of loans, we can provide financing to the society and speed up the construction of infrastructure projects.” Wen Laicheng said.

Liang Jing said that it is necessary to give full play to the role of policy finance, and to support major infrastructure projects through measures such as special construction funds and PSL to support specific areas of infrastructure. Promote the pilot and promotion of relevant REITs, continuously improve product structure, issuance and pricing mechanism, supporting taxation and state-owned asset transfer policies, and revitalize existing infrastructure assets. (Reporter Sun Zhao）