多领域信号汇聚 新型政策性金融工具蓄势待发

Core Viewpoint - The Chinese government is accelerating the approval and establishment of new policy financial instruments to boost infrastructure investment and support economic stability in the second half of the year [1][4]. Group 1: New Policy Financial Instruments - Various regions, including Guangzhou and Yibin, are holding meetings to discuss the implementation of new policy financial instruments, with Yibin's scale set at 500 billion yuan [2]. - The new policy financial instruments are expected to be led by policy development banks, similar to the 2022 initiative that established 740 billion yuan in infrastructure investment funds [2]. - The investment focus of these new instruments includes traditional infrastructure as well as emerging sectors like digital economy and artificial intelligence [2]. Group 2: Monetary Policy Support - The new policy financial instruments will be supported by the central bank's PSL (Pledged Supplementary Lending), which aims to address capital shortages in key projects [3]. - The PSL rate was recently reduced from 2.25% to 2%, enhancing the cost-effectiveness of funding for policy development banks [3]. Group 3: Investment Expansion Factors - The National Development and Reform Commission has allocated 800 billion yuan for "two heavy" construction projects this year, with 735 billion yuan of central budget investment already distributed [4]. - The issuance of special government bonds, including ultra-long-term bonds, is set to accelerate, with an increase of 300 billion yuan in the quota compared to last year [4]. - In July, local governments issued a record 616.9 billion yuan in new special bonds, indicating a faster pace of issuance [5]. Group 4: Efficiency in Fund Utilization - There is a strong emphasis on improving the efficiency of fund utilization and accelerating project readiness to ensure quick implementation of new policy financial instruments [6]. - The new policy financial instruments are expected to leverage 1.5 trillion to 2.5 trillion yuan in infrastructure investment, contributing to a projected increase in infrastructure investment growth to 6.0% for the year [6]. - The ongoing issuance of special bonds and local government bonds is anticipated to further support infrastructure investment, particularly in equipment manufacturing and high-tech sectors [6].