5000亿新型政策性金融工具陆续投放，或带来四大影响

Core Viewpoint - The establishment of a new type of policy financial tool aims to stabilize credit and investment, with an expected total investment of 500 billion yuan by the end of October 2023 [1][2]. Group 1: Establishment and Purpose - Three major policy banks, including the National Development Bank, Agricultural Development Bank, and Export-Import Bank, registered the new financial tool company on September 29, 2023, with a total scale of 500 billion yuan dedicated to project capital [2][4]. - The new financial tool is designed to support technological innovation, expand consumption, and stabilize foreign trade, as proposed in the April 2023 Central Political Bureau meeting [2][5]. Group 2: Funding and Investment - The National Development Bank's new financial tool company has already begun funding projects, with the first investment of 20.76 million yuan allocated to a water supply project in Taicang City [4]. - The financial tool will not only target traditional infrastructure but also emerging sectors such as digital economy, artificial intelligence, and low-altitude economy [6]. Group 3: Market Impact - The new financial tool is expected to lead to a resurgence in the growth of pledged supplementary loans (PSL), which had decreased to 1.1 trillion yuan by the end of August 2023 [7][10]. - The introduction of the financial tool may result in a significant increase in entrusted loans under social financing, as funds will be injected into projects through shareholder loans or equity investments [10][11]. - The financial tool is projected to stabilize public loan increments and attract social capital, enhancing the financing model of policy banks and commercial banks [11][12]. Group 4: Infrastructure Investment - The new financial tool is estimated to have a multiplier effect of approximately 3.5 times on infrastructure investment, potentially driving 1.5 to 2 trillion yuan in fixed asset investment [11][12]. - Recent data indicates a decline in infrastructure investment growth, with a 2% increase from January to August 2023, compared to a 3.6 percentage point drop from earlier in the year [12].