Investment plays a key role in steady growth. The government work report puts forward that "infrastructure investment should be carried out moderately ahead of schedule around the major national strategic deployment and the 14th five year plan" and that "it is necessary to optimize the investment structure, solve investment problems and give full play to the key role of investment." How to use financial means to create a "fulcrum" to leverage social investment? How to resolve the "difficulties" of new infrastructure financing with development finance? How to dredge the "blocking point" of traditional infrastructure capital recycling through capital market innovation? The reporter conducted an interview. Financial means to stimulate social investment, stabilize expectations and lower the threshold During the Beijing Winter Olympics, the "ice ribbon" of the national speed skating hall attracted public attention. It is understood that the national speed skating hall is the first venue to be built in the mode of government social capital cooperation (PPP) for the Beijing Winter Olympic Games. In recent years, PPP model has played an increasingly important role in stimulating effective investment. In 2021, 451 major projects of new infrastructure, new urbanization, transportation and water conservancy construction were signed and implemented, with an investment of 1094.1 billion yuan; 456 construction projects were started, with an investment of 926.9 billion yuan. "These projects not only focus on adjusting the structure and increasing the aftereffect, but also promote consumption and benefit the people's livelihood, giving play to the investment multiplier effect." Jiao Xiaoping, director of the PPP center of the Ministry of finance, said that the next step will focus on major national strategic tasks and support moderately advanced infrastructure development. "Riders, feel the cool driving on 5g high-speed!" Last September, the news of the opening of shawu expressway, the first smart Expressway in Guangxi, was posted by many netizens. This expressway built with special debt funds as project capital and attracting social capital for combined financing is of great significance to improve Guangxi's transportation network and carry out interconnection for ASEAN. In recent years, thanks to the support of special bonds, Guangxi's transportation construction has been rapidly promoted - by the end of 2021, the Department of finance of the autonomous region has approved 35 government toll roads for market-oriented supporting financing, with a supporting financing scale of more than 130 billion yuan. "The new financing model can guide more social capital to participate in the construction of major projects, help reduce the pressure of financial investment, and effectively prevent the risk of local government debt while accelerating the implementation of projects." Wang Daiyu, deputy director of the Guangxi finance department, said. "At present, the scale of special bond funds available for project capital accounts for 25% of the scale of special bonds in various provinces, which can further drive market institutions to use their own funds or credit funds to participate in construction." Long Xiaoyan, an associate researcher at the Chinese Academy of financial Sciences, said that in 2022, it is planned to increase the amount of special bonds of local governments by 3.65 trillion yuan, the same as that of the previous year; By the end of 2021, the Ministry of Finance had issued a quota of 1.46 trillion yuan of new special bonds in 2022 in advance, promoting provinces to form physical workload as soon as possible in the first quarter of this year. Henan, Hainan and other provinces have successively announced plans for local bond issuance in the first quarter, "From the perspective of capital investment, this year's special bonds are mainly used in nine major directions: transportation infrastructure, energy, agriculture, forestry and water conservancy, ecological and environmental protection, social undertakings, logistics infrastructure such as urban and rural cold chain, infrastructure in municipal and industrial parks, major national strategic projects and affordable housing projects. We should make good use of this' leverage 'function of special bonds, stabilize social capital expectations and make progress We will further promote effective investment and support the expansion of domestic demand and steady growth. " Long Xiaoyan said. The Ministry of Finance said recently that it will adhere to "funds follow projects", optimize the investment of special bonds, strictly supervise the use of funds, do not sprinkle "pepper", focus on supporting projects under construction and projects that can start as soon as possible, and expand effective investment. Development finance develops new infrastructure, and financing "integrates wisdom" The southeast health and medical big data center, located in Binhai New Town, Fuzhou City, Fujian Province, has completed the civil engineering part of the project and put some machine rooms into use. "At present, we have collected the data of 17 hospitals in the province and began to provide hospitals with integrated storage and computing services such as telemedicine and case big data analysis." Chen Lilin, general manager of Fujian southeast health and medical big data center construction and Operation Co., Ltd., introduced that at the beginning of the project construction, she faced financing problems such as large capital gap and less collateral. Fortunately, the national development bank sent "timely rain". "After establishing the credit structure of the project and determining the source of repayment, we have customized the financing scheme - from 2019 to 2024, we will adopt the mode of investment, construction and operation." Yang Zhen, account manager of CDB Fujian Branch, introduced that up to now, CDB has issued loans of more than 400 million yuan to the project. "The financing plan is divided into two phases." Chen Lilin explained that the "step-by-step" can use the rental income, data operation services and other cash flows generated by the part that has been put into use as a source of repayment to ensure that subsequent projects continue to receive loan support and build steadily. Accelerating the construction of new infrastructure such as 5g network and data center is an important deployment for China to expand new economic growth points and cultivate new drivers of development. However, the new infrastructure is quite different from the traditional infrastructure in terms of mortgage guarantee and project risk, and generally faces financing problems. Hou Huawei, director of the second industry division of the second industry department of CDB, said for example: as the commercialization of data elements is still in the exploratory stage, the profit model of the new infrastructure is not so clear; In addition to servers and other hardware equipment, the new infrastructure construction mainly includes networks, algorithms and other software facilities, most of which are light assets and difficult to mortgage. According to Hou Huawei's analysis, new infrastructure projects often need a long market cultivation cycle. Development finance focuses on bank government cooperation and can better provide long-term loans. At the same time, it can also take advantage of policy and professional advantages to provide "intelligent" services such as project design, system design and market cultivation for new infrastructure. "Since 2019, CDB has issued more than 35 billion yuan of new infrastructure loans. In the future, we are confident to increase financing support for new infrastructure." Hou Huawei said. The pilot of real estate investment trust fund in infrastructure has been steadily promoted to promote a virtuous circle of investment "We took the first bus of real estate investment trusts (REITs) in infrastructure, which opened a new way for Shougang to revitalize its assets and open up a virtuous circle of investment." Liu Jian, general manager of AVIC fund, told reporters that after the listing of "AVIC Shougang green REITs" with Shougang Lujiashan waste incineration power generation project as the underlying asset on the Shenzhen Stock Exchange, the enterprise raised 1.338 billion yuan and will gradually invest in the construction of new environmental protection infrastructure projects. China has a large number of high-quality infrastructure assets, but in the past, the financing channels of these projects were relatively single, and most of them can only rely on debt to obtain financial support. In April 2020, the CSRC and the national development and Reform Commission jointly launched the pilot work of infrastructure REITs. On June 21 last year, the first batch of infrastructure REITs were successfully listed on the exchange. "Infrastructure REITs refers to the conversion of real estate with sustained and stable income into asset-backed securities with high liquidity through securitization." Yan Yunsong, director of the first supervision division of the corporate bond Supervision Department of the CSRC, introduced that from the first batch of pilot projects, all kinds of social funds, especially long-term funds, actively participate in investment; Participating pilot enterprises have revitalized the stock assets, reduced the debt level, actively invested the recovered funds as project capital in the investment and construction of similar and homogeneous infrastructure assets, accelerated the turnover of investment funds, and formed a virtuous circle of stock assets and new investment. "'reits of China Merchants Shekou Industrial Park 'not only helps us open up the exit channel of asset capitalization, but also helps to improve our asset light operation and management ability and large-scale business development." Yu Zhiliang, assistant general manager of China Merchants Shekou and general manager of asset management center, said that the funds withdrawn from heavy assets can be used to invest or acquire more industrial parks, and then cooperate with REITs to form a scale effect and virtuous circle, which will help reduce costs and increase efficiency in operation and management, and form a win-win situation for original stakeholders and investors. According to the data of the CSRC, by the end of last year, 11 infrastructure REITs had been publicly issued and listed on the stock exchange, covering asset types such as industrial parks, highways, warehousing and logistics and sewage treatment, raising a total of 36.4 billion yuan. Yan Yunsong introduced that in the future, industries such as affordable rental housing, wind power or photovoltaic, hydropower, urban heating and water supply will be promoted to participate in the pilot of infrastructure REITs, and priority will be given to supporting infrastructure projects that are conducive to achieving the "double carbon" goal, enhancing scientific and technological innovation capacity and improving people's livelihood. (Xinhua News Agency)