Through Issuing Special Financial Bonds, The Central Bank Can "Invest In Project Capital".

The central bank's first 300 billion special financial bonds will be on the market. This policy is "very vigorous". The key point is that the special funds raised by the relevant policy banks through the issuance of special financial bonds can be used for project capital input.

On the 4 day, the implementation plan of the special construction bond of the provincial development and Reform Commission was disclosed. CDB and the Agricultural Development Bank issued special construction bonds to the postal savings bank. The central government provided interest discount to 90% of the special construction bonds. CDB and the agricultural development bank used special construction bonds to raise funds and set up special construction funds. The central bank mainly invested in capital investment, equity investment and participation in local investment Finance Companies funds.

Reporters confirmed that the number of special construction bonds to supplement the capital of local construction projects, the size of the National Development Bank is about 200 billion yuan, the agricultural development behavior 100 billion yuan, the total scale is 300 billion.

Previously, trillions of special financial bonds reported by foreign media may be divided into batches or completed within three years.

At the same time, the multi city investment company is reporting to the provincial development and Reform Commission on the optional projects that are included in the investment scope of the special fund, and is recommended by the NDRC to the two banks.

Alternative projects must be in the 22 categories of affordable housing, water conservancy, urban management corridors, gas and other related projects related to infrastructure and people's livelihood.

The deadline for reporting feasible projects in many provinces is August 5th.

In addition, before August 10th, the relevant list items should be reported to the national development and Reform Commission, the China Development Bank and the head office of the agricultural development bank.

Relevant people said that the policy was "very vigorous" and the focus was on issuing relevant policy banks.

The special construction fund raised can be used for project capital input.

A local city investment company confessed that many local projects were unable to get on the horse, because the capital of the project was insufficient, and the bank would not give a project loan if the capital of the project was less than 30%.

At present, the project capital of 30% of the project undertaker does not need to be paid in advance, which can be supported by the special construction fund.

That is to say, the project side can not start off without having to divide the cost.

A solution for a project's capital shortage was revealed by reporters, to ensure the efficiency and coverage of capital use.

The amount of special funds must be controlled within the minimum capital ratio stipulated by the state.

In terms of the cost of using this fund, the fixed investment return rate of special funds shall be 0.5% to 1%.

The report also clearly stated that this part of the funds should not be used for public welfare projects with no returns or high rate of marketization projects, and the rate of return on investment should generally be between 2% and 6%.

The special fund made arrangements after a certain period (5 to 10 years) and withdrew from certain channels.

"The cost of capital from 0.5% to 1% is quite low. Generally speaking, the lending rates of policy banks to our projects are all the benchmark interest rates, while shed reform projects are slightly lower, but they are also above 4% level."

An eastern province city investment company sources said that although the special construction fund is required to invest in equity, but due to time constraints, the project capital is still first supplemented by loans, and later "debt to equity".

It is also understood that the loan interest rate of CDB has not yet been determined, and the loan interest rate of the agricultural development bank is 1%.

At present, the downward pressure on the economy remains unchanged. Investment in local infrastructure projects is still the key force for steady investment and even steady growth.

Many people in the industry say that although the local government debt issuance has been fully launched this year, the scale of it is far from enough for local investment demand.

The financing cost of the PPP mode is 10%, which is much higher than that of the previous local government financing platform borrowing from the government credit financing. This also causes the difficulty of PPP in local implementation.

The main force of steady growth is the development bank and policy financial institution.

Huang Wentao, chief macroeconomic analyst of CITIC Securities, said that through policy banks, the policy objectives of directional regulation can be better played. Its role will continue to increase in the next few years, but the efficiency of marketization still needs to be strictly regulated in practice.

The way to issue special financial bonds is also intended to give full play to the role of policy banks, guide funds and leverage the leverage of bank funds.

Liang Zan, assistant director and Deputy rating director of Peng Yuan credit rating Co., Ltd., said the future will be

Other banks may also participate in the purchase of such special construction bonds, nor do they exclude the possibility that the central bank may provide financial support to special construction bonds through refinancing, PSL and directional RRR, or other supporting policies other than discount rates.