9月29日，国家发展改革委对外宣布， 新型政策性金融工具规模共5000亿元，全部用于补充项 目资本金 。当天，国家开发银行、中国农业发展银行、中国进出口银行全额出资的专门公司 成立，分别是国开新型政策性金融工具有限公司、农发新型政策性金融工具有限公司、进银新 型政策性金融工具有限公司。 随后，新型政策性金融工具在加快投放。9月29日以来， 江苏、安徽、广西、广东、河 北、海南、福建、重庆等 多地对外宣布，首批新型政策性金融工具资金完成投放。这些资 金 投向了城市更新、交通、水务、物流、能源、农业农村、供热管网、环境保护等领域的 项目 。 21世纪经济报道记者梳理地方披露信息发现，新型政策性金融工具的融资期限较长， 部分项 目获批融资期限在15—20年；该新型工具全部用于重点领域重大项目资本金，但是不得超过全 部资本金比例的50% ——这些资金能较大缓解项目资本金不足的问题，还能与项目回报周期 较长的状况相匹配。 新型工具跑步前进 从地方披露信息来看， 交通、城市更新、能源等领域项目较快落地 。 无锡市发展改革委消息显示，无锡至宜兴城际轨道交通工程此次获批新型政策性金融工具资金 31.99亿元（其中一期14.3 ...

企查查APP显示，近日，国开新型政策性金融工具有限公司、农发新型政策性金融工具有限公司、进银 新型政策性金融工具有限公司成立，注册资本分别为200亿元、100亿元、50亿元，经营范围均为以自有 资金从事投资活动。企查查股权穿透显示，三者分别由国家开发银行、中国农业发展银行、中国进出口 银行全资持股。 （原标题：国开、农发、进出口银行新设新型政策性金融工具公司） ...

文/国金宏观 宋雪涛 此 次新型政策性金融工具的出台更多为了长期目标，与2 0 2 2年相比，在 投向、资金来源和经济影响等方面并不相同。 9月29日，国家发改委在新闻发布会上表示："推进新型政策性金融工具有关工作，规模共5000亿元，全部用于补充项目资本金"。新型政策性 金融工具最早于今年4月政治局会议提出，最终在基数较高、同比增速压力较大的四季度落地，符合此前市场预期。 早在2022年，央行曾支持国开行、农发行和进出口银行设立类似的政策性开发性金融工具，当时为了托底投资，主要投向交通水利能源等基 础设施和信息科技物流的产业升级，投放7399亿元，带动当年基建投资增速从上半年的9.3%提升至11.5%。对比2022年，这一次的政策性金 融工具有三个不同之处。 出台背景和投向不同 与2022年稳增长压力较大的背景相比，今年实现全年5%的 国内生产总值（GDP） 增长目标压力并不大，此次出台新型政策性金融工具更多 是为了支持扩大内需和科技创新的长远目标，这也符合"十五五"规划的两条主线。因此，新型政策性金融工具在支持项目方面，更加聚焦新 质生产力，重点支持数字经济、人工智能、低空经济、消费基础设施、绿色低碳、农 ...

Core Viewpoint - The introduction of the new policy financial tools aims for long-term goals, differing from the previous year's approach in terms of investment focus, funding sources, and economic impact [2][4]. Group 1: Investment Focus - The new policy financial tools, with a total scale of 500 billion yuan, are entirely allocated to supplement project capital [4]. - Unlike 2022, which focused on stabilizing growth under significant pressure, the current tools are designed to support expanding domestic demand and technological innovation, aligning with the "14th Five-Year Plan" [6]. - The focus areas for investment include digital economy, artificial intelligence, low-altitude economy, consumer infrastructure, green and low-carbon initiatives, agriculture and rural development, transportation logistics, and municipal parks, with 20% of the funds required to be directed towards private enterprises [7]. Group 2: Funding Sources - In 2022, the funding for policy financial tools came from policy banks issuing bonds and central bank's PSL support, with a net financing scale of 3,934.4 million yuan in September [11]. - As of August this year, the net financing scale of policy bonds reached 3,923.8 million yuan, indicating that the initial funds for the new financial tools may already be in place, with a faster-than-expected actual disbursement pace [12]. Group 3: Economic Impact - The 2022 policy financial tools had a multiplier effect of approximately 3.5 times on infrastructure investment, while the new tools could potentially leverage 2.75 trillion yuan in new social financing, driving 1.5 to 2 trillion yuan in fixed asset investment [16]. - The new financial tools support both infrastructure and manufacturing investments, with a notable emphasis on high-tech industries and advanced manufacturing, enhancing growth in these sectors [16].

Group 1 - The core viewpoint of the article emphasizes the significant role of fiscal policy in supporting economic resilience in the first half of 2025, with a broad fiscal expenditure growth rate of 8.9%, surpassing the nominal GDP growth rate of 4.3% [3][10] - Fiscal expenditures in the first half of 2025 showed a front-loaded rhythm and differentiated allocation, with a focus on debt resolution and rapid implementation of special refinancing bonds, amounting to nearly 1.8 trillion yuan [3][22] - Key areas of fiscal support included social security and employment, with expenditures increasing by 9.2% year-on-year, and scientific and technological spending rising by 9.1% compared to the same period in 2024 [3][22] Group 2 - The necessity and possibility of increasing fiscal measures in the second half of 2025 are highlighted, especially if economic pressures become evident, with potential adjustments to fiscal policies to meet annual GDP targets [5][40] - The article discusses two categories of fiscal tools for potential increases: one involving incremental policies that do not require budget adjustments, and another involving new government debt limits that require approval from the National People's Congress [6][68] - Historical context is provided regarding past adjustments to fiscal budgets, indicating that significant changes have occurred infrequently, with the last major adjustment in October 2023 involving an additional 1 trillion yuan in government bonds [6][68] Group 3 - Current fiscal priorities are identified as risk prevention, transformation promotion, livelihood protection, and consumption stimulation, with a focus on addressing hidden debt issues at the local government level [7][74] - The article notes that new emerging industries and service sector development are key areas of support, as indicated by recent political meetings emphasizing new pillar industries and increased openness in the service sector [7][81] - Specific fiscal measures include the establishment of a childcare subsidy fund with an initial budget of approximately 90 billion yuan, aimed at supporting families with children [7][89]

Central Budget Investment - The central budget investment is set at 735 billion yuan, focusing on foundational, public welfare, and long-term projects [1] - The investment aims to stimulate social capital and drive economic recovery through government investment [1] Special Long-term Bonds - The plan includes issuing 1.3 trillion yuan in special long-term bonds, with a duration of 20-50 years, targeting "two重" (major strategic projects) and "two新" (new consumption policies) [1][15] - Of the total, 500 billion yuan is earmarked for new consumption policies, including equipment updates and consumer goods replacement [15] Local Government Special Bonds - The quota for local government special bonds is set at 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, primarily for investment construction and land acquisition [1][7] - These bonds are intended for projects with certain revenue, ensuring that project income covers principal and interest [9][10] New Policy Financial Instruments - New policy financial instruments are designed to address funding shortages in high-risk areas like technology R&D and financing for small and medium enterprises [2][3] - The expected scale for these instruments is around 500 billion yuan, supporting technology innovation, consumption expansion, and foreign trade stability [2] Key Support Areas - The funding will support various sectors, including digital economy, artificial intelligence, low-altitude economy, green low-carbon initiatives, agriculture, transportation, and municipal infrastructure [4][8][12] - Specific projects include infrastructure for digital economy, AI applications, clean energy, and rural development [4][8] Project Selection and Management - Strict negative lists are enforced to prohibit funding for land reserves, commercial real estate, and other non-productive projects [5][11] - The project selection process emphasizes collaboration among multiple departments to ensure effective fund allocation [3][5] Summary of Financial Instruments - A comparison of new policy financial instruments, special long-term bonds, and local government bonds highlights their distinct characteristics, including issuance authority, risk levels, and funding sources [23]

Core Viewpoint - The new policy financial tools, with a funding scale of 500 billion yuan, aim to boost investment in emerging industries and infrastructure, including digital economy, artificial intelligence, and green low-carbon sectors [2][3][9] Group 1: Policy and Government Initiatives - Since May, various regions have been organizing policy briefings and project preparation meetings regarding new policy financial tools [2] - The central government has signaled an increase in investment efforts, with the State Council emphasizing the need to expand effective investment and promote private investment [2][3] - The National Development and Reform Commission (NDRC) plans to expedite the establishment of new policy financial tools [2][3] Group 2: Project Preparation and Focus Areas - Local governments are actively preparing project reserves, focusing on matching projects with the new financial tools, including traditional industry upgrades and high-tech projects [5][6] - Specific regions, such as Hubei and Guangdong, are identifying projects that align with national strategies and the requirements of the new financial tools [5][6] - In Shanxi, 11 projects have been reserved with a total investment of 13.369 billion yuan, indicating a strong focus on transportation, logistics, and green transformation [5][6] Group 3: Financial Mechanism and Market Impact - The new policy financial tools are characterized as "quasi-fiscal" instruments, with project selection managed by the NDRC and funding provided by policy banks [3][10] - The tools are designed to address capital shortages for project construction and to lower financing thresholds, thereby expanding effective investment [7][11] - The implementation of these tools is expected to complement special bonds and enhance capital input for projects [10][11] Group 4: Economic Context and Challenges - The introduction of new policy financial tools comes in response to declining investment growth, with fixed asset investment growth slowing to 1.6% in July [10][11] - There are concerns regarding the effectiveness of policy banks in investing in emerging industries, which require specialized judgment [11] - The focus on ensuring that investments yield returns while avoiding increased local hidden debt is a critical consideration for the successful deployment of these tools [11]

Core Viewpoint - The article discusses the establishment and implementation of new policy financial tools aimed at stabilizing investment and promoting economic growth, with a focus on emerging industries and infrastructure projects [1][2][8]. Group 1: Overview of New Policy Financial Tools - Since May 2023, various regions have been conducting policy briefings and project preparation meetings regarding new policy financial tools, with a total funding scale of 500 billion yuan [1]. - The new policy financial tools are designed as "quasi-fiscal" instruments, with project lists curated by the National Development and Reform Commission (NDRC) and financing provided by policy banks [2][10]. - The tools will focus on sectors such as digital economy, artificial intelligence, low-altitude economy, consumption, green and low-carbon initiatives, agriculture, rural development, transportation logistics, and urban infrastructure [1][2]. Group 2: Project Preparation and Implementation - Multiple regions have completed project reserves, with Hubei and Guangdong actively matching projects from their planning libraries to align with national strategies [4][5]. - In Shanxi, 11 projects have been reserved with a total investment of 13.369 billion yuan, requiring 2.186 billion yuan from the new policy financial tools [5][6]. - Nanjing's Pukou District has added 12 new projects with a total investment of 4.2 billion yuan, focusing on high-tech and green projects [6]. Group 3: Government Support and Economic Context - The central government has signaled an increase in investment efforts, with the State Council emphasizing the need for effective investment to adapt to changing demands [1][11]. - Investment data from June and July 2023 indicates a need for stronger measures to stabilize investment, as fixed asset investment growth has slowed to 1.6% [11]. - The new policy financial tools are expected to help address capital shortages for project construction and stimulate effective investment, particularly in infrastructure and technology innovation [11].

Core Viewpoint - The Agricultural Development Bank of China (ADBC) has issued a policy-based grain loan of 57 million yuan to support the State Grain Reserves Corporation, ensuring timely funding for grain purchases and stabilizing the regional grain and oil market [1][2]. Group 1 - The loan is part of a national policy aimed at supporting grain acquisition and storage, preventing issues such as farmers' difficulty in selling grain and storage challenges for grain depots [1]. - The ADBC's Harbin branch has established efficient communication mechanisms to support the national grain security strategy [1]. - The loan will facilitate the State Grain Reserves Corporation in its role of ensuring regional grain security and regulating market circulation [1]. Group 2 - The ADBC emphasizes a customer-centric service approach, actively understanding the funding needs of the State Grain Reserves Corporation and optimizing the loan approval process [2]. - Future efforts will focus on closely monitoring regional grain and oil market dynamics and accurately addressing the financing needs of local grain storage enterprises [2]. - The ADBC aims to ensure the implementation of national grain credit policies and contribute to the stability of the regional grain market [2].

Group 1 - The core viewpoint of the article highlights that from January to June this year, fiscal expenditure from both central and local governments increased by 8.9% year-on-year, a significant improvement compared to the -2.8% in the same period last year, positively impacting economic stability [1][9][32] - The new type of policy financial tools, with an initial scale of 500 billion yuan, aims to provide capital support for key investment projects in various sectors, including digital economy, artificial intelligence, and green transformation [2][18][19] - The new policy financial tools are expected to have a significant impact on supporting "quasi-fiscal" expansion if implemented quickly in the third quarter, potentially leading to a broad credit expansion of approximately 4.4 trillion yuan [4][27][28] Group 2 - The quasi-fiscal system in China includes central and local governments, local platforms, and policy banks, which can all contribute to fiscal expansion through various financing methods [10][11] - The new policy financial tools differ from the previous PSL (Pledged Supplementary Lending) in that they may have a faster disbursement rate and lower financing costs, but their credit expansion effect may not be as strong as PSL [3][22][23] - The effectiveness of the new policy financial tools can be evaluated by tracking changes in social financing growth, credit expansion, and infrastructure investment indicators [30][31]