每经记者｜李可愚 每经编辑｜王可然 近日公布的2018年上半年国民经济运行数据显示，基础设施投资（不含电力、热力、燃气及水生产和供 应业）同比增长7.3%，增速比1~5月份回落2.1个百分点。 在上半年基建投资增速趋缓的大背景下，下半年地方融资和基建投资将面临怎样的态势？7月17日，在 由瑞银举办的"下半年中国宏观经济展望"会议上，瑞银亚洲经济研究联席主管、中国首席经济学家汪涛 对《每日经济新闻》记者表示，在地方融资"堵后门"的同时，应该开一定的"前门"，应该加大地方政府 债务和专项债的发行力度，使得它们不要走更多更隐蔽的"后门"。 而接下来，又该如何协调去杠杆和保证正常融资需求之间的关系？对此，汪涛认为，对地方政府债务的 控制肯定是正确的，这是降低金融风险的方向。 不过，地方政府既然有很多基建，包括PPP项目，如果控制影子信贷或其他各方面的融资，那么在"堵 后门"的同时就应该开一定的"前门"，地方政府债务（显性债务）、专项债，应该加大发行力度，使它 们不要走更多更隐蔽的"后门"。"我们认为这方面对PPP项目、对地方融资渠道可能也会有一定调整，使 得下半年，尤其四季度之后基建投资可能走稳。"汪涛这样向记者表示 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The focus is on the local government financing platforms and the broader implications for the bond and equity markets in China, particularly in relation to local government debt and financing strategies. Core Insights and Arguments - **Debt Replacement Evaluation**: Since 2015, there has been a focus on assessing the debt replacement quotas for local governments, which has helped alleviate some financial pressure. Understanding the potential for special bond funds can aid in interest rate spread recovery [2][3] - **Regulatory Impact on Fundraising**: In 2023, stricter regulations on fundraising have influenced local government financing, with a need to monitor the investment dynamics and the potential for city investment recovery impacting the equity market in Q2 [2][4] - **Growth of Sci-Tech Bonds**: The issuance of sci-tech bonds has significantly increased, with some being issued through local government financing platforms. This shift is seen as a positive development as traditional infrastructure financing becomes saturated [2][5] - **Monetary Policy Challenges**: The central bank faces a balancing act between national debt, exchange rate pressures, and financial risks, which may lead to tighter liquidity and fluctuations in base interest rates in Q2 [2][7] - **City Investment Bond Financing Trends**: In February, net financing for city investment bonds reached 56 billion yuan, the highest monthly figure since October 2023, but March showed a return to a tight balance in financing [2][8] - **Future Financing Trends**: Some city investment loans may see a loosening trend post-2025, as local governments take on development tasks, potentially leading to increased project financing [2][9] - **Credit Market Supply Expectations**: The credit market is expected to see an increase in supply due to the transformation of city investment platforms, which may create new bond issuance opportunities [2][10] - **New Financing Demands**: Transformed financing platforms are likely to generate new financing demands, emphasizing market-oriented operations rather than traditional financing roles [2][11] - **Strategic Technology Board**: The establishment of a strategic technology board aims to address the current structure of the sci-tech market, which is heavily dominated by state-owned enterprises, thereby enhancing support for private and innovative companies [2][12] - **Regional Funding Assessment**: The expected disposable funds for regions in 2025 are projected to reach between 5.8 trillion to 6 trillion yuan, with significant variations across provinces [2][14] - **Local Government Debt Attitudes**: Local governments are generally maintaining fiscal discipline while seeking to develop economically, with varying approaches based on regional economic conditions [2][18] Other Important but Possibly Overlooked Content - **Impact of Private Placements**: The private placement of bonds has improved the credit structure, with notable performance in regions like Zhejiang, Shandong, and Henan, while others like Chongqing and Guizhou have seen declines [2][8] - **Market Liquidity Concerns**: The liquidity situation in the credit market is crucial, especially with recent trends showing a decrease in monthly turnover rates, indicating a need for careful selection of active trading entities [2][13] - **Long-term Financing Strategies**: The shift towards incubating high-tech industries through local government financing platforms is seen as a necessary evolution in response to the saturation of traditional infrastructure projects [2][6]