Policy oriented and development oriented financial instruments continued to land. Following the successful investment of the first infrastructure fund of 55 million yuan by Ningxia Branch of China Development Bank to support the construction of Yinchuan gas pipeline and facility renovation project; After several branches of the Agricultural Development Bank successively put in infrastructure funds, recently, the first supporting financing business of infrastructure fund projects of national commercial banks has also been completed. The experts interviewed by the Securities Daily said that there is still much room to release the policy effectiveness of policy oriented development financial instruments, and large and medium-sized commercial banks can more actively carry out supporting financing business. The policy oriented and development oriented financial instruments focus on three types of projects. Recently, many important conferences have focused on policy oriented and development oriented financial instruments. In order to solve the problem of difficulty in getting the capital funds for major projects, the people's Bank of China supported the National Development Bank and the agricultural development bank to set up financial instruments with a total scale of 300 billion yuan to supplement the capital funds for major projects including new infrastructure, but not more than 50% of the total capital, or to bridge the capital funds for special debt projects. Liang Si, a researcher of the Research Institute of the Bank of China, told the Securities Daily that the use of policy oriented and development oriented financial instruments has released the signal of stabilizing economic growth through increasing infrastructure investment, and is also conducive to solving the problem of capital shortage of some infrastructure projects. The person in charge of the relevant departments and bureaus of the people's Bank of China previously introduced that policy oriented and development oriented banks use financial tools to focus on three types of projects: first, the five major infrastructure key areas identified at the 11th meeting of the central financial and Economic Commission, namely, network infrastructure such as transportation, water conservancy and energy, industrial upgrading infrastructure such as information technology and logistics, urban infrastructure such as underground pipe corridors, agricultural and rural infrastructure such as high-standard farmland National security infrastructure. Second, major scientific and technological innovations. Third, other projects that can be invested by special bonds of local governments. The reporter learned that in late July this year, the China Development Bank and the Agricultural Development Bank established infrastructure fund Co., Ltd. respectively after obtaining the approval of the China Banking and Insurance Regulatory Commission, and completed the first batch of capital investment. "The continuous implementation of policy oriented and development oriented financial instruments is conducive to promoting investment growth and project promotion. In particular, the 300 billion yuan financial instruments can promote more infrastructure projects to be financed through financial institutions such as commercial banks, so as to better give play to the leverage role of commercial bank funds in stabilizing the economic market. Its leverage scale is expected to exceed 1 trillion yuan and is expected to reach 1.5 trillion yuan." Mingming, chief economist of CITIC Securities, said in an interview with Securities Daily. Wang Qing, chief Macro Analyst of Dongfang Jincheng, told the Securities Daily that since the capital ratio of major projects is generally around 20%, it can be as low as 15%. Financial instruments of 300 billion yuan can be used to supplement the capital of major projects including new infrastructure, but not more than 50% of the total capital, or to bridge the capital of special debt projects. According to this calculation, including playing a bridge role, it can drive up to about 1.5 trillion in supporting financing. However, the specific scale also depends on the actual implementation. The first supporting financing business of commercial bank