Core Viewpoint - The National Development and Reform Commission (NDRC) is entering a normalization phase for the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector in 2024, with ongoing expansion efforts [1] Summary by Categories Infrastructure Investment - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed [1] - The recommended projects span 10 industries and 18 asset types, including toll roads, clean energy, urban heating, ecological protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] Fundraising and Investment Impact - The total amount raised from the issued funds is 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1] - Additionally, the NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [1]

在强化保障方面，加大中央预算内投资、新型政策性金融工具等对符合条件民间投资项目的支持力度； 银行业金融机构应制定民营企业年度服务目标，满足民营企业合理信贷需求；持续落实好突破关键核心 技术科技型企业上市融资、并购重组"绿色通道"政策，积极支持更多符合条件的民间投资项目发行基础 设施领域不动产投资信托基金(REITs)。 《若干措施》要求，各地区、各有关部门要加强对民间投资的服务、指导和规范管理，引导民营企业诚 信守法经营，科学进行投资决策，积极履行社会责任，切实防范各类风险，促进民间投资高质量发展。 国家发展改革委要会同有关方面加强政策指导、统筹协调、督促落实。 (责任编辑：谭梦桐) 为进一步激发民间投资活力、促进民间投资发展，国务院办公厅日前印发《关于进一步促进民间投资发 展的若干措施》(以下简称《若干措施》)，提出13项针对性政策举措。 在扩大准入方面，对需报国家审批(核准)的具有一定收益的铁路、核电等重点领域项目，鼓励支持民间 资本参与并明确持股比例等要求；对各地方规模较小、具有盈利空间的城市基础设施领域新建项目，鼓 励民间资本参与建设运营；引导民间资本有序参与低空经济、商业航天等领域建设，积极支持有能 ...

Core Viewpoint - China's urban renewal initiative will receive multi-channel funding support, with a focus on enhancing public infrastructure and services [1][2] Group 1: Funding Support - The central government will increase investment support for urban renewal, with a dedicated budget for 2025 to fund public infrastructure and services [1] - Over 470 billion RMB has been allocated since the 14th Five-Year Plan for urban infrastructure projects, including gas and drainage systems [1] - An additional 290 billion RMB has been earmarked for urban underground infrastructure projects through long-term special bonds since 2024 [1] Group 2: Investment Mechanism - A diversified funding mechanism is essential, as government investment alone is insufficient for large-scale urban renewal projects [2] - The government aims to enhance investment efficiency and encourage participation from various stakeholders, including market mechanisms and public-private partnerships [2] - Innovative financing models will be prioritized for projects that demonstrate strong potential and effective demonstration [2]