According to the website of the CSRC, at the first Yangtze River Delta REITs Forum and China REITs Forum 2022 held today, Li Chao, vice chairman of the CSRC, introduced that since the launch of the infrastructure REITs pilot in April 2020, by the end of November this year, 24 infrastructure REITs products had been approved, 22 of which had been listed, raised more than 75 billion yuan, and the total market value was about 83 billion yuan, up about 20% from the initial launch. Li Chao said that since the launch of China's infrastructure REITs pilot project, the construction of basic institutional rules and regulatory framework has been accelerated, and the market system has been gradually improved. The pilot project and related institutional arrangements have initially withstood the market test, been widely recognized by all parties, and played an increasingly important role in serving the real economy. China's infrastructure REITs market has the following four distinctive features: in terms of service direction, REITs in mature overseas markets are generally launched during the downturn of the real estate market, and basically start from the commercial real estate field. China's REITs market insists on serving the real economy, and takes the lead in launching the public REITs pilot project by relying on the large-scale high-quality assets accumulated in infrastructure fields such as transportation, energy, municipal administration, warehousing and logistics, and parks. At the same time, we will implement the central government's requirement of "no speculation in housing" and expand the scope of the pilot program to affordable rental housing. In terms of development path, after more than ten years of research, demonstration and practical exploration, China's REITs market has gone through the embryonic exploration period, pilot cultivation period and normalization promotion period, which reflects the effective combination of government guidance and market drive at the initial stage of development; Relying on the pilot project, relevant ministries and government departments were simultaneously promoted to clarify supporting policies such as taxation, accounting treatment, transfer of state-owned assets and investor access, giving full play to the joint efforts of all parties. In terms of system and rules, China's infrastructure REITs pilot focuses on top-level design, and has built an institutional system and business processes in which the Exchange is responsible for listing review, the CSRC is responsible for product registration, and the National Development and Reform Commission is responsible for project compliance check and recommendation. In the secondary market trading link, a rise and fall system was established, market maker mechanism was introduced, price discovery was promoted, and market liquidity was increased. The average daily turnover rate of listed REITs was 2.11%, which was higher than that of Japan, Singapore, Hong Kong, China and other markets. At the initial stage of the pilot project, we adhered to high standards and started steadily, defined appropriate requirements for the return rate and asset scale of infrastructure projects, and strengthened the protection of investors' legitimate rights and interests. In terms of operation mode, limited by the current legal basis and practical needs, different from the overseas corporate or contractual securities listing supervision mode, we have adopted the contractual public offering REITs pilot mode of "public offering fund+ABS" in combination with China's actual situation; The governance structure is dominated by the fund manager, with the participation of the original equity holders. At the same time, the external management mode is adopted. The relevant institutional arrangements are not only conducive to protecting the interests of investors, but also conducive to giving play to the operational capabilities of the original equity holders and enhancing their enthusiasm for participation. This is a beneficial innovation and exploration of the corporate governance mechanism. Li Chao pointed out that the CSRC should focus on five aspects of work in the next step: first, maintain normal issuance and give full play to scale efficiency