The CSRC recently held a special meeting, which listed "studying and expanding the pilot scope of infrastructure REITs" as one of the main means to help the macroeconomic stability. In the context of steady growth and broad credit, infrastructure investment is expected. Tian Lihui, President of the Financial Development Research Institute of Nankai University, told the Securities Daily that broadening the pilot scope of REITs is to expand the asset securitization in the field of risk control, provide financing support for the development of specific projects, form a stronger cash flow, and then promote economic activity with financial activity and ensure economic stability with financial stability. According to incomplete combing, coupled with the statements made at the above-mentioned special meeting, the CSRC has mentioned broadening the pilot scope of REITs at least twice in recent two months. On March 18, the CSRC issued a document to disclose that it is working with relevant ministries and commissions to further promote the pilot of infrastructure REITs, improve the system and mechanism, broaden the scope of the pilot, give better play to the functional role of public offering REITs, further promote the virtuous cycle of investment and financing and help the development of the real economy. The real estate investment department of AVIC fund told reporters that there are two implications for the regulation to broaden the pilot scope of REITs: first, enhance the ability of the capital market to serve the real economy and help stabilize the macro-economic market. REITs tools can effectively revitalize stock assets, drive incremental investment, reduce the occupation of enterprise funds, accelerate the return of funds, realize the expansion of business scale, and continuously improve the quality and efficiency of financial services to the real economy. Second, improve the imbalance between supply and demand in the public offering REITs market and expand the market scale. At present, the investment demand of public REITs is strong, but the market supply is relatively small. Broadening the pilot scope of REITs can effectively alleviate the imbalance between supply and demand and continuously expand the market scale of REITs. The reporter learned that the Shanghai Stock Exchange has made clear its position on broadening the pilot scope of REITs. Lu Dabiao, deputy general manager of Shanghai Stock Exchange, said at the "2022 Tsinghua Wudaokou global financial forum" on April 16 that Shanghai Stock Exchange will give full play to the function of capital market hub and promote the continuous supply of high-quality project resources; Accelerate the pilot of affordable rental housing REITs, and vigorously develop REITs projects in clean energy and other aspects. Innovation driven fields such as science and technology industrial parks and livelihood guarantee fields such as cultural tourism are also the focus of the Shanghai Stock Exchange. In addition, some participating institutions of public REITs that have been listed and are still under review also said that they will actively explore the pilot scope of public REITs. The real estate investment department of AVIC Fund said that in the future, in terms of project screening, AVIC fund will fully study the regulatory requirements according to the direction of national support and encouragement, and continue to explore the pilot scope of public offering REITs, including scenic spots, water conservancy facilities, clean energy, etc. Wang Qiaochu, REIT fund manager of Boshi Shekou Industrial Park, introduced that there are frequent support policies for public offering REITs. Local enterprises actively screen assets with the support of local governments, and a certain number of projects have been submitted to the local development and Reform Commission and the national development and Reform Commission. However, whether the approval can be completed and listed smoothly depends on the maturity of the assets. At present, assets of similar industrial parks and highways are very mature, but other types of assets, including intercity railways and airports, need to be further demonstrated. "The launch of infrastructure public offering REITs has broadened equity financing channels for China's infrastructure and related enterprises. At the same time, REITs has high liquidity, relatively stable income and dividends, low participation threshold and low correlation with other financial products such as stocks and bonds, which are favored by investors. The benign resonance at both ends of investment and financing shows that the pilot work of REITs in China has achieved initial success." Zhou Ning, deputy general manager of Penghua Fund infrastructure fund investment department, said that the value of China's existing infrastructure assets exceeds one billion yuan. If the securitization rate reaches 1%, the potential market scale of infrastructure REITs will reach trillion yuan, which will affect the development pattern of public offering industry to a certain extent. In Tian Lihui's view, the pilot scope of REITs can not only be expanded to the fields of education and medical related infrastructure, but also consider the national pilot scope of relevant industry projects. REITs is a securitization product with certain financial risks. The expansion of the pilot scope cannot be equivalent to the laissez faire supervision. It is suggested to strengthen the supervision of specific projects while encouraging more infrastructure to realize securitization and social financing through REITs. At the same time, all participants should strengthen information disclosure and investor education, so that REITs can not only be recognized and recognized by the public, but also enable investors to find REITs products suitable for their own risk-taking ability. (Xinhua News Agency)