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新型政策性金融工具与专项债如何形成政策 “组合拳”?
Sou Hu Cai Jing·2025-08-17 04:13

Core Viewpoint - The new policy financial tools proposed by the central government in 2025 and the existing special bonds have distinct differences yet can work synergistically to enhance project financing and support high-quality economic development [1][20]. Group 1: Key Differences Between New Policy Financial Tools and Special Bonds - The new policy financial tools are operated by three policy banks and are market-driven with flexible funding sources, while special bonds are issued by local governments and are considered "explicit debts" [3][4]. - New policy financial tools focus on front-end capital supplementation for projects, whereas special bonds are aimed at back-end project construction [7][8]. - The new tools operate under a market mechanism with risk borne by the market, while special bonds are closely tied to government finances and rely on local government credit [5][6]. Group 2: Collaborative Synergy - The collaboration between new policy financial tools and special bonds creates a "1+1>2" effect through capital supplementation, field collaboration, and financing innovation [8]. - New policy financial tools can directly inject capital or provide interest subsidies to alleviate the capital pressure of special bond projects, enhancing project initiation [9]. - The two tools complement each other in their focus areas, with special bonds emphasizing infrastructure and livelihood projects, while new tools strengthen support for technology and innovation sectors [10]. Group 3: Practical Implementation and Compliance - The collaborative application of new policy financial tools and special bonds must ensure policy compliance and avoid negative list projects [12][13]. - Capital contribution rules dictate that special bond projects must maintain a capital ratio of at least 20%, while new tools can contribute up to 60% of total capital [14]. - Project selection should prioritize areas with overlapping policies and significant strategic importance, ensuring comprehensive revenue coverage [15]. Group 4: Operational Efficiency - Pilot regions can utilize a "self-review" mechanism to expedite project approvals, significantly enhancing operational efficiency [16]. - Non-pilot regions can simplify review processes for eligible projects, allowing for quicker access to funding [17]. - Risk management requires comprehensive monitoring and clear exit strategies for equity investments made through new policy financial tools [18][19].