Core Insights - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing robust services to the real economy [1][2] - The discussion around Real World Asset (RWA) tokenization is gaining traction, focusing on low liquidity standardized financial assets, non-standard financial assets, and non-financial entity assets [1][5] Group 1: RWA Tokenization - RWA tokenization refers to mapping real-world assets like real estate, bonds, and art onto the blockchain, represented by a digital certificate [1] - The essence of RWA is to tokenize compliant real-world assets, allowing them to enter the Web3 space, with a focus on improving liquidity and providing new financing channels [5][6] - RWA can lower investment thresholds, making previously exclusive projects accessible to ordinary investors, thus diversifying asset allocation [6] Group 2: Regulatory Considerations - The global regulatory understanding of RWA risks is still in its early stages, necessitating a classification-based regulatory approach based on the underlying asset's attributes and market liquidity [2][10] - Regulatory frameworks should avoid limitations that stifle innovation while ensuring adequate oversight to prevent risks associated with RWA activities [10][11] - The need for a robust compliance framework, including KYC and AML, is essential for managing RWA effectively [10] Group 3: Challenges and Opportunities - While RWA tokenization offers potential benefits, it also faces challenges such as the need for clear property rights and stable asset values to ensure true on-chain value [9] - The liquidity of low-liquidity assets may not be significantly improved if underlying issues persist, indicating that not all assets are suitable for tokenization [7] - The focus should be on enhancing the stability of on-chain financial activities by providing stable underlying assets for decentralized finance (DeFi) [6]

当前不同参与方面临的核心难题各有侧重：对社会资本而言， 主要问题是地方政府拖欠已形成实际工作量的账款；对地方政 府而言，则面临竣工结算拖延、贷款利率调整困难、增值税退 税受阻、专项资金归属不明、绩效管理缺乏上位政策支撑、政 府与项目公司矛盾加剧、项目变动频繁、融资难度大等多重挑 战。 作者： 杜涛 封图：图虫创意 一份PPP（政府和社会资本合作）行业期待已久的文件终于出炉，为规模达十多万亿元的存量PPP项目提供了新的规范机制。 8月20日，国务院办公厅转发财政部《关于规范政府和社会资本合作存量项目建设和运营的指导意见》（下称《指导意见》）。《指导意见》提出，要 分类分级推进实施，对接近完工项目、对推进缓慢项目采取不同措施；同时明确，2024年底前未开工的项目，原则上不再采取PPP存量项目模式实施。 8月21日，财政部有关负责人就最新指导意见答记者问时表示："政府方、金融机构、社会资本方均表示，希望公开出台一份管总的指导性文件，进一 步明确政策预期、回应各方关切。" 在惠诚律师事务所薛起堂看来，《指导意见》发布后，存量PPP项目的处理终于有了明确依据。在"新机制的时候，PPP项目库已经'聊胜于无'，仅剩下 20 ...

Group 1 - The central government and local authorities are implementing a series of policies to stabilize and expand investment, focusing on public-private partnerships (PPP) as a key strategy [1][3][5] - A significant number of major projects are being launched, with Hebei province starting 336 projects with a total investment of 104.6 billion yuan, reflecting a 10.1% year-on-year increase in planned investment for major projects across 20 provinces [2][3] - The government aims to accelerate the issuance and utilization of special bonds, with a target of 3.45 trillion yuan in special bonds to be issued by the end of June, which is expected to enhance local government financial capacity [4][5] Group 2 - There is a notable increase in private investment, with Hunan province reporting a 12.6% year-on-year growth in private investment from January to April, outpacing overall investment growth [4][5] - The government is encouraging private investment in urban infrastructure through various incentives, including investment subsidies and capital injections [5][6] - The PPP model is being emphasized to leverage government funds to attract more social capital, with 178 new projects added to the national PPP database this year, amounting to an investment of 328.1 billion yuan [6][8] Group 3 - The focus on enhancing the "pulling power" of PPP projects is crucial, especially in the current economic environment, with calls for more flexible financing solutions to attract private capital [7][8] - Local governments, such as Zhejiang and Guangdong, are promoting the PPP model for railway construction and other infrastructure projects, highlighting the advantages of existing projects over new ones in terms of quality and cash flow [8] - The need for a more competitive market environment and relaxed entry barriers for private investment in infrastructure is emphasized to stimulate economic growth [8]