来源：进出口银行 为深入学习贯彻党的二十届四中全会精神，12月29日，进出口银行财务会计部党支部在京开展"学思践悟全会精神 奋楫争当改革先锋"主题党日活动。进 出口银行党委书记、董事长陈怀宇同志参加活动，宣讲党的二十届四中全会精神，听取支部党建工作情况汇报，与支部党员交流心得体会。进出口银行党 委委员、副行长杨东宁同志，以及机关党委（机关纪委）有关负责同志参加活动。 活动中，8名党员代表聚焦活动主题，紧密结合工作实际，围绕增强财务可持续、强化财会监督工作、推动年轻干部成长成才等方面，讲认识体会、谈使 命担当、提思路举措。 陈怀宇同志指出，深入学习宣传贯彻党的二十届四中全会精神，是当前和今后一个时期的首要政治任务。要按照党中央的部署要求，结合新时代政策性金 融和全行改革发展实际，推动全会精神落地落实。一是提高政治站位，将学习贯彻全会精神与贯彻落实习近平总书记重要讲话精神结合起来，一体学习、 融会贯通，坚定拥护"两个确立"、坚决做到"两个维护"。二是持续深化改革，自觉把工作融入党和国家事业大局，融入全行改革发展全局，进一步增强开 拓创新的能动性，深化业财融合，发挥财务管控效能，为经营发展提供支撑、做好保障。三是优 ...

冬日的胶州湾，虽有海风凛冽，却难掩这片土地上的建设热潮。青岛国际邮轮港区的规划沙盘上，巨大的弧 形屋顶建筑"世界之眼"眺望远方。这里曾是老城区的"边缘地带"，如今正经历着一场由政策性金融"活水"助 力的蜕变。 现代化的基础设施是现代化产业体系的重要保障。《中共中央关于制定国民经济和社会发展第十五个五年规 划的建议》明确提出，构建现代化基础设施体系。政策性金融"活水"如何助力现代化基础设施体系提质升 级？近日，记者来到青岛探寻答案。 提供超长期资金 "青岛人均水资源量只有全国平均水平的9.5%，资源性缺水是城市发展的一大制约。"在官路水库的建设现 场，青岛官路水库公司副总经理董国富指着工程示意图介绍，官路水库是国家水网重要节点，是南水北调东 线重要调蓄工程。官路水库及输配水工程（一期）系列项目合计总投资逾170亿元，这项重大水利工程建成后 将使青岛拥有120天以上的水源储备能力。 国开行正是"长钱"和"耐心"资金的提供者，其牵头组建了100亿元贷款银团，其中自身占比35%、贷款期限长 达36年。"对于这种跨越时期较长的重大工程，短期贷款往往难以匹配。"国开行青岛市分行客户二处处长梁 伟解释，"我们提供的超长期限 ...

Group 1 - The core viewpoint emphasizes the importance of financial strength in national economic development, as highlighted in the 20th Central Committee's Fourth Plenary Session, which includes the goal of building a financial powerhouse in the 15th Five-Year Plan [1] - Policy banks are focusing on their main responsibilities and actively supporting national strategies to contribute to the construction of a financial powerhouse [1][2] - The National Development Bank is committed to serving the real economy and supporting the construction of a modern industrial system and infrastructure [2] Group 2 - The Export-Import Bank is also prioritizing the support of a modern industrial system as a key task during the 15th Five-Year Plan period [3] - Innovative financing models, such as "industrial park + debt-loan combination," are being utilized to address capital and financing issues for projects like the Sanya Yazhou Bay Science and Technology City [3] - The Export-Import Bank is actively aligning its capabilities with local needs to inject financial resources into regional economic development [4] Group 3 - The Agricultural Development Bank aims to direct policy financial resources towards major strategies and key areas, with a recent establishment of 500 billion yuan in new policy financial tools [5] - The Export-Import Bank's new policy financial tools have allocated 100 billion yuan to support over 360 projects, expected to drive total project investments exceeding 1.3 trillion yuan [5] - Various projects across different regions, including AI applications in Guangdong and semiconductor projects in Shanghai, are being supported to enhance competitiveness and infrastructure [5][6] Group 4 - The Agricultural Development Bank is focusing on key areas such as food security and rural development, emphasizing the importance of its unique financial contributions [7] - Since the 14th Five-Year Plan, the Agricultural Development Bank has issued over 1.6 trillion yuan in loans to poverty-stricken areas, significantly contributing to rural infrastructure improvements [8] - The bank's efforts in supporting local infrastructure projects have led to noticeable enhancements in ecological and living conditions in rural areas [8]

Policy Financial Tools Dynamics - New policy financial tools have been established with a total issuance of 500 billion yuan, focusing on key areas such as technological innovation, consumption expansion, and stabilizing foreign trade [2][3] - The issuance breakdown includes 250 billion yuan from the China Development Bank, 150 billion yuan from the Agricultural Development Bank, and 100 billion yuan from the Export-Import Bank, supporting over 2,000 projects [3] Local Government Debt Issuance - From January to September 2025, local governments issued a total of 36,857 billion yuan in new special bonds, with Guangdong province alone exceeding 400 billion yuan [6][7] - The remaining quota for new special bonds nationwide is less than 1 trillion yuan, with an issuance progress of 83.8% against the planned 4.4 trillion yuan for the year [6][7] New Policies Released - The Central Committee has published recommendations for the 15th Five-Year Plan, emphasizing the need to expand effective investment and improve investment efficiency [13][14] - The Ministry of Commerce and nine other departments have released measures to boost service consumption and expand domestic demand, focusing on financial support [13][15] - The National Development and Reform Commission has issued measures to strengthen the cultivation of innovative enterprises in the digital economy [13][16] Pilot Applications - The Ministry of Finance and the Ministry of Commerce have initiated pilot projects for new consumption formats and international consumption environment construction, targeting major cities for support [17][18] - Financial support for pilot cities includes subsidies of up to 4 billion yuan for super-large cities and 2 billion yuan for other cities, distributed in two batches based on performance evaluations [18][19]

本报讯 记者赵萌报道 近日，进出口银行在京举办学习贯彻党的二十届四中全会精神宣讲报告会，党委 书记、董事长陈怀宇作宣讲报告。 陈怀宇强调，学习好贯彻好全会精神是当前和今后一个时期的重大政治任务。进出口银行全行上下要将 学习宣传贯彻全会精神与学习贯彻习近平总书记关于金融工作的重要论述有机结合、融会贯通起来，对 标对表"十五五"规划建议，精心谋划进出口银行"十五五"工作，扎实推进各项重点任务落实落地。要坚 持党的全面领导，筑牢政治忠诚，强化理论武装，锻造过硬队伍，严守纪律规矩，确保政策性金融工作 始终沿着正确方向前进。要专注主业，聚焦建设现代化产业体系、加快高水平科技自立自强、扩大高水 平对外开放等重点领域，在培育新质生产力、支持贸易创新发展、推动高质量共建"一带一路"等方面精 耕细作，更好服务国家战略和实体经济发展。要完善内部治理，进一步优化体制机制，推进基础支撑能 力建设，为强化定位、开拓业务，实现高质量发展提供坚实保障，奋力走好中国特色政策性金融发展之 路。 ...

Core Insights - The National Development and Reform Commission (NDRC) announced the complete deployment of 500 billion yuan in new policy financial tools, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan [1][2]. Group 1: Financial Tool Overview - The new policy financial tools were established to support major national strategic projects, primarily funded through financial bonds issued by policy banks, with project selection led by the NDRC and interest subsidies provided by the Ministry of Finance [1]. - The tools were designed to enhance support for key economic provinces and important sectors, with a focus on digital economy, artificial intelligence, consumer infrastructure, and urban renewal projects [1][2]. Group 2: Deployment and Impact - The deployment of the new financial tools was characterized by speed and efficiency, with the China Development Bank, Export-Import Bank of China, and Agricultural Development Bank of China contributing 250 billion yuan, 100 billion yuan, and 150 billion yuan respectively [2]. - The tools significantly increased support for private investment projects, with the China Development Bank backing 128 private investment projects totaling 68.59 billion yuan, representing 27.4% of its total support [2]. Group 3: Historical Context and Future Outlook - In 2022, China established policy development financial tools that deployed 740 billion yuan, effectively supplementing capital for major projects in transportation, energy, and water conservancy [3]. - The new policy financial tools are expected to facilitate the rapid commencement of projects from October to December, thereby promoting effective investment and supporting stable economic growth [3].

Group 1 - The National Development and Reform Commission (NDRC) has completed the allocation of 500 billion yuan in new policy financial tools, supporting 2,300 projects with a total investment of approximately 7 trillion yuan [1][2] - The central government has allocated an additional 500 billion yuan from local government debt limits, including 200 billion yuan in special bonds aimed at supporting investment construction in certain provinces [1][5] - The focus of these financial tools is on technology innovation, consumption upgrades, and stabilizing foreign trade, while also addressing traditional infrastructure needs [2][4] Group 2 - The new policy financial tools are primarily used to supplement project capital, with a maximum of 50% of total capital, and have long financing terms, some extending 15 to 20 years [2][3] - The China Development Bank has allocated 250 billion yuan, supporting 1,054 projects, while the Agricultural Development Bank and the Export-Import Bank have allocated 150 billion yuan and 100 billion yuan respectively [2][3] - The investment is heavily directed towards major economic provinces and key sectors such as digital economy, artificial intelligence, and infrastructure projects [3][4] Group 3 - The construction industry is showing signs of recovery, with the new orders index rising significantly, indicating a positive impact from the new financial tools [4][6] - The overall GDP growth for the first three quarters was 5.2%, providing a solid foundation for achieving the annual growth target of around 5% [5][6] - The coordinated efforts of fiscal and monetary policies are expected to stabilize manufacturing and infrastructure investments, with potential for further easing measures [5][6]

Group 1 - The National Development and Reform Commission (NDRC) announced that 500 billion yuan of new policy financial tools have been fully allocated, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, artificial intelligence, and urban renewal sectors [1][2] - The China Development Bank completed the allocation of 250 billion yuan in new policy financial tools, supporting 1,054 projects with an expected total investment of 3.85 trillion yuan [1][2] - The Agricultural Development Bank of China successfully allocated 150 billion yuan, supporting 881 projects with an anticipated total investment exceeding 1.93 trillion yuan [1][2] Group 2 - The China Export-Import Bank allocated 100 billion yuan, supporting over 360 projects with an expected total investment of more than 1.3 trillion yuan [1][2] - The three policy banks focused their support on major economic provinces, with the China Development Bank investing 1,949.5 billion yuan in 690 projects across 12 provinces, accounting for 78% of its total allocation [2] - The Agricultural Development Bank supported 667 projects in 12 major economic provinces, with a total amount of 1,087.23 billion yuan [2] Group 3 - The China Development Bank emphasized strengthening its operational functions and management of the new policy financial tools, aiming to ensure effective project implementation and fund utilization [3] - The Agricultural Development Bank plans to shift from efficient allocation to refined management, enhancing project monitoring and compliance in fund usage [3] - The China Export-Import Bank aims to enhance its operational management of the new policy financial tools and increase support for projects already funded [3]

Core Points - The National Development and Reform Commission (NDRC) announced the completion of the 500 billion yuan new policy financial tool, supporting 2,300 projects with a total investment of approximately 7 trillion yuan [1][4][5] - The additional 200 billion yuan in special bonds is aimed at supporting local investment projects, marking a significant push for investment in the fourth quarter [3][8] - The overall economic growth in the first three quarters was 5.2%, laying a solid foundation for achieving the annual growth target of around 5% [3][8] Investment and Financial Tools - The new policy financial tool focuses on technology innovation, consumption upgrades, and foreign trade stability, while also considering traditional infrastructure [4][5] - The three policy banks have allocated funds as follows: 250 billion yuan by the China Development Bank, 150 billion yuan by the Agricultural Development Bank of China, and 100 billion yuan by the Export-Import Bank of China [5][6] - The funds are primarily used to supplement project capital, with a maximum of 50% of total capital [4][5] Sector Focus - Key investment areas include digital economy, artificial intelligence, consumer infrastructure, and urban renewal projects [4][5][6] - Specific projects supported include investments in semiconductor manufacturing and smart driving systems, indicating a strong focus on high-tech industries [6] Economic Indicators - The construction industry showed signs of recovery, with the new orders index rising to 45.9%, indicating a positive trend in demand [6][7] - The business activity expectation index for the construction sector increased to 56.0%, suggesting improved confidence among businesses [6][7] Policy Coordination - The NDRC emphasized the need for coordinated fiscal and monetary policies to stabilize and boost investment [8][9] - The central government is expected to implement further measures to support consumption and stabilize the real estate market, which remains a critical area of concern [9][10]

Core Insights - The National Development and Reform Commission announced the establishment of a new policy financial tool with a total scale of 500 billion yuan, aimed at supporting effective investment and promoting stable economic development [1] - The 500 billion yuan has been fully allocated by the end of October, expected to drive total project investment exceeding 7 trillion yuan [1] - The new financial tool is significant in addressing the capital shortage faced by infrastructure projects, which often struggle with long-term funding sources [1] Group 1: Financial Tool Allocation - The new policy financial tool focuses on key areas such as digital economy, artificial intelligence, and consumption, aligning with national strategic development directions [2] - The three policy banks are leveraging the new financial tool to guide social capital and stimulate accompanying loans, enhancing investment stability and consumer support [2] Group 2: Bank Strategies and Management - The policy banks plan to strengthen their operational roles and post-investment management to ensure effective utilization of the policy funds [2][3] - The Export-Import Bank aims to enhance support for projects already funded by the new tool, accelerating project implementation through improved loan coordination [3] - The Agricultural Development Bank will shift focus from efficient allocation to meticulous management, ensuring compliance and effective use of funds while enhancing policy effectiveness [3]