On September 28th, China Bank Infrastructure Fund announced the completion of the investment task of 50 billion yuan. So far, the second batch of 300 billion infrastructure funds involving three policy banks have all been invested. So today, Bian Xiao is here to sort out the infrastructure funds for everyone. Let's take a look!
The second batch of policy financial instruments was accelerated.
Compared with the 58 days from the establishment to completion of the first batch of 300 billion policy development financial instruments, the second batch of policy development financial instruments once again ran out of the "acceleration" from expansion to landing. As of September 28th and August 24th, the executive meeting of the State Council announced that the amount of newly added policy development financial instruments reached 300 billion yuan.
As a new investor with expanded quota, the Export-Import Bank established Gold and Silver Infrastructure Fund Co., Ltd. on September 2, and completed its first investment on the same day. On September 28th, the Export-Import Bank announced that the investment task of the bank's infrastructure fund of 50 billion yuan had been completed, and * * * supported 106 major project.
According to the news of the Agricultural Development Bank, as of September 17, 732 projects have been invested in the second phase of the IFAD Infrastructure Fund, amounting to10 billion yuan; As for China Development Bank, as of September 20th, the second phase of CDB Infrastructure Investment Fund has invested 654.38+50 billion yuan and supported 4,265.438+0 projects.
This also means that, on August 24th, the the State Council executive meeting announced that the amount of newly added policy development financial instruments has reached 300 billion yuan.
According to relevant sources, in order to ensure the smooth landing of infrastructure funds, the three banks have specially sent personnel to relevant ministries to carry out docking fund projects.
The Securities Times reporter noted that local governments are also actively docking and implementing infrastructure funds. Taking the Agricultural Development Bank as an example, after the first batch was launched (August 20th), relevant leaders from Henan, Inner Mongolia, Jiangxi, Guizhou, Zhejiang and other places successively met with the Party Secretary and Chairman of the Agricultural Development Bank on the spot/video, and all the discussions involved the use of policy financial instruments to support local economic and social development.
The first batch of 300 billion yuan will gradually take effect.
The the State Council Standing Committee has made it clear that more than 600 billion yuan of policy development financial instruments are mainly used to supplement the capital of major projects, including new infrastructure, or to bridge the capital of special debt projects. The first batch of 300 billion policy development financial instruments was launched on August 26th, and the second batch of 300 billion was accelerated, further unblocking the fund blockage and speeding up the construction of major projects.
Take Sichuan as an example. On September 26th, Sichuan held the on-site promotion activity of major projects in the third quarter of 2022, and promoted 2 19 major projects on the spot, with a planned total investment of 595.63 billion yuan. According to reports, among them, there are 196 policy financial instrument projects, with a planned total investment of 41684 million yuan, and 38.23 billion yuan has been invested, and the ratio of invested funds to total investment is close to 1: 10. The first batch of 126 projects can all be started before the end of September, driving the total investment of the projects to 330.5 billion yuan.
The relevant person in charge of the Sichuan Provincial Development and Reform Commission pointed out that under the background of the decisive battle in the fourth quarter, policy-oriented development financial instrument projects started one after another, adding confidence and weight to the "decisive battle". In addition to the first batch of projects at the end of September, "there will be some construction during the year."
All localities seized the construction window period, and the demand of the downstream building materials industry further picked up.
According to the data of Centennial Construction Network, from September 20 to September 26, the outbound volume of cement enterprises was 8,982,500 tons, up 4.64% from the previous month, and the outbound volume reached the highest point in the year. The direct supply of cement in this period was 2.65 million tons, up 3.92% from the previous month. According to the analysis of Cinda Securities Research Report, the direct supply data of cement, which represents the consumption demand of large infrastructure, continued to exert its strength, accounting for nearly 30% last week, and the direct supply increased by more than 4.5%. The progress of infrastructure projects has returned to normal and the demand has been supplemented.
In addition, Wind data shows that since September, the operating rate of petroleum asphalt plant has been rising for four consecutive weeks, which is 8. 1 percentage point higher than that at the end of August. Huachuang Securities Research Report once pointed out that September ~ 10 is the traditional construction peak season. Among the three unexpected factors that restrict the construction in August, the disturbance of the first two factors has obviously subsided. Microscopically, the operating rate of asphalt has exceeded seasonality, and it has even reached the level of 20 18~20 19 only in the first two weeks of September. Zhang Yu, chief macro analyst of Huachuang Securities, believes that the super-seasonal upward trend of asphalt operating rate actually proves that the formation of more physical workload lags behind the allocation of project progress funds, which also means that after the early acceleration of special debt and policy development financial instruments, more physical workload will still be formed during the year.
Special debt balance limit "opens the gate" to support infrastructure construction at the end of the year
According to China Bond Information Network, on September 27th, Liaoning provincial government issued special bonds (16-20), which indicated that local governments used the special debt balance limit to issue special bonds to realize "opening the floodgates and releasing water". According to public information, the 6.7 billion yuan special bonds issued by Liaoning Province used the special debt balance limit, which was mainly invested in infrastructure construction and shed reform. Previously, Liaoning Province took the lead in completing the task of issuing new bonds nationwide on June 23rd.
Not only in Liaoning province, but also in many parts of the country, at the recent policy briefing meeting on measures to stabilize the economy, it was clearly necessary to seize policy-oriented development financial instruments and special bonds to increase the scale. According to the reporter's incomplete statistics, the Ministry of Finance has approved the special debt limits of Jiangxi, Gansu and Henan as 23.4 billion yuan, 8.7 billion yuan and 365.438+0.4 billion yuan respectively.
On September 7th, the executive meeting of the State Council decided that the local special debt limit of more than 500 billion yuan since 20 19 should be activated according to law, and all localities should issue it before the end of 10. Judging from the recent opening of the floodgates, the special debt balance limit will "relay" the infrastructure funds that will be put into operation, mainly concentrated in June 5438+ 10.
"It is estimated that in the fourth quarter, more than 500 billion yuan of incremental funds will soon enter the infrastructure sector, forming a physical workload during the year, helping to maintain the annual growth rate of infrastructure investment at around 10%." Tang Chuan, an expert in the expert database of the Ministry of Finance and the investment director of 360 Government and Enterprise Security Group, told the Securities Times reporter.
Wu Chaoming, vice president of Caixin Research Institute, told reporters that the balance limit of more than 500 billion yuan of special bonds is expected to be effective in the fourth quarter. Considering that the proportion of special bond balance limit funds invested in infrastructure projects is not much different from that of new special bonds this year, which is about 70%, this means that the special bond balance limit will bring about 350 billion yuan of sustained funds for infrastructure projects.
He also pointed out that policy development financial instruments are mainly used to supplement the capital of major projects. If the land market continues to be depressed and the economic recovery is less than expected, it is possible to continue to increase the quota of policy-oriented development financial instruments to strengthen steady growth.
In addition, considering that in 20021year, the Ministry of Finance issued a new special debt limit of 1.46 trillion yuan to all localities in advance, so as to promote the early release of the limit and form the physical workload as soon as possible. Tang Chuan believes that considering the current pace of issuing special bonds and the urgency of infrastructure development in various places, the advance approval of the new special bond quota next year may be further advanced than this year, so as to better meet the needs of project construction.