Core Insights - Jiangsu Province is actively promoting the issuance of public REITs in infrastructure, establishing a multi-track approach of "reserve + cultivation + issuance" [1] - By September 2025, a total of 75 products are expected to be listed in the market, with a fundraising scale exceeding 200 billion yuan [1] - The Shanghai Stock Exchange has 51 projects, raising a total of 140 billion yuan, accounting for approximately 70% of the total number and scale [1] Group 1 - Jiangsu Province has successfully launched 8 REITs, raising 24 billion yuan, with 12 underlying assets located within the province [1][2] - The first batch of data center REITs, such as the Southern Universal Data REIT, has been launched, indicating a diversification of asset types [2] - Local government support has been crucial, with policies included in the province's "14th Five-Year Plan" to accelerate infrastructure investment [2][3] Group 2 - The Jiangsu Securities Regulatory Bureau has developed a plan to help state-owned enterprises utilize public REITs to revitalize existing assets [3] - The provincial government is enhancing policy implementation and simplifying application procedures to support REITs development [3] - The Shanghai Stock Exchange is collaborating with various departments to provide training and support for REITs project advancement [3]

Core Viewpoint - The article discusses three key suggestions made by Huang Yi, Chairman of Sichuan Tianfu Bank, during the 2025 National People's Congress, focusing on the modification of the Trust Law, the development of the REITs market, and the governance of artificial intelligence. Group 1: Suggestions for Trust Law Modification - Huang Yi emphasizes the need to accelerate the modification of the Trust Law, which has not kept pace with the evolving financial landscape since its implementation in 2001 [3][4]. - Four main areas for modification are proposed: 1. Adjusting the definition of trust to clarify the transfer of property rights to trustees [3]. 2. Improving the property registration mechanism and clarifying tax principles related to trusts [3]. 3. Strengthening the responsibilities and liabilities of trustees to ensure compliance with fiduciary duties [3]. 4. Promoting the development of socially beneficial trust businesses, particularly in relation to charity and consumer protection [4]. Group 2: Suggestions for REITs Market Development - Huang Yi points out the rapid growth of the public REITs market since 2024, but notes the uneven development across different levels of the REITs market [5]. - Six policy recommendations are provided to enhance the REITs market: 1. Gradually improve the multi-tiered REITs market by enhancing exit mechanisms and liquidity for private and Pre-REITs [7]. 2. Refine the legal framework for public REITs to ensure asset independence and risk isolation [7]. 3. Utilize tax policies to drive REITs development, addressing issues of double taxation and establishing unified tax incentives [7]. 4. Enhance the dividend mechanism for REITs, including detailed capital expenditure disclosures and investor protection measures [7]. 5. Explore pension REITs to support the development of pension finance [8]. 6. Accelerate the issuance of data center REITs to support technological innovation [8].