Macro

CDB's 600 billion infrastructure investment fund has been basically completed

Seetao 2022-09-29 10:56
  • The total planned investment of the projects invested by the 600 billion infrastructure investment fund will reach 6 trillion
  • Overall, in the context of the urgent need for infrastructure development to support the economy, the implementation and progress of infrastructure investment funds exceeded expectations
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Infrastructure construction is an important support for economic and social development, and the infrastructure investment fund is the most important incremental policy tool in 2022. The executive meeting of the State Council held on June 29 decided to use policy and development financial tools (also known as infrastructure investment funds in the market) to raise 300 billion yuan through the issuance of financial bonds to supplement major projects including new infrastructure. Project capital.

The National Standing Committee on August 24 stated that the quota of policy development financial instruments will be increased by more than 300 billion yuan, that is, the scale of infrastructure investment funds will reach more than 600 billion yuan.

According to the reporter's review, as of September 27, the 600 billion infrastructure investment fund has basically been invested. Among them, China Development Bank disclosed that as of September 20, the CDB Infrastructure Investment Fund had invested 360 billion in capital; the Agricultural Development Bank disclosed that as of September 16, the first and second batch of infrastructure investment funds with a total of 190 billion had been invested. Done. The Export-Import Bank received a quota of 50 billion, but no progress has been disclosed so far.

Chi Guangsheng, chief fixed income analyst at Essence Securities, said that in general, in the context of the urgent need for infrastructure to support the economy, the implementation and progress of infrastructure investment funds exceeded expectations. On the one hand, the second batch of quotas was added after a lapse of two months after the first batch of quotas was implemented, and the investment banks were also expanded from China Development Bank and Agricultural Development Bank to China Development Bank, Agricultural Development Bank, and Export-Import Bank. On the other hand, it took only 2 months from the announcement of the first batch of quotas at the National Convention to the completion of the first batch, and only 23 days from the announcement of the second batch of quotas to the completion of the first batch of banks.

According to relevant departments, the first batch of 300 billion infrastructure investment funds supported more than 900 investment projects, with a total planned investment of more than 3 trillion. According to this simple extrapolation calculation, the total planned investment of the projects invested by the 600 billion infrastructure investment fund will reach 6 trillion, but the investment scale will be implemented in the next few years, that is, the investment scale formed in 2022 will only account for a part. At the same time, the investment and withdrawal of infrastructure investment funds have also attracted market attention. Invest in projects such as transportation and major economic provinces.

According to the relevant person in charge of the central bank, policy and development banks use financial tools to focus on three types of projects: First, the five key infrastructure areas identified at the 11th meeting of the Central Finance and Economics Commission, which are network infrastructure such as transportation, water conservancy and energy. , industrial upgrading infrastructure such as information technology and logistics, urban infrastructure such as underground pipe corridors, agricultural and rural infrastructure such as high-standard farmland, and national security infrastructure. The second is major scientific and technological innovation and other fields. The third is other projects that can be invested by local government special bonds.

"The application process and related operations of policy development financial instruments (funds) projects are generally similar to the application process and operation of special bond projects." A person from the development and reform system of a city in a western province said, "There is also overlap between investment and special bonds. However, policy-based development financial instruments (funds) projects are more widely invested, not only in profitable public welfare projects, but also in operational projects.”

From the actual investment situation, transportation projects, municipal and industrial parks, and water conservancy projects are important investment directions. The Agricultural Development Bank disclosed that among the second batch of 100 billion infrastructure investment funds of the Agricultural Development Bank, the funds invested in municipal and industrial parks, transportation, and water conservancy were 43.3 billion, 21 billion, and 15 billion respectively, and the three major areas accounted for nearly 80%. Keywords: infrastructure, infrastructure construction, domestic engineering news, planning and investment

According to the sample data of 370 projects collected by the fixed income team of Essence Securities, transportation projects are the largest investment direction of the fund, followed by industrial parks and water conservancy and water affairs projects. Although the number of projects is small, transportation projects have the characteristics of large investment volume per project, with a total investment amount of 63.16 billion yuan, accounting for 52.2%; industrial park projects and water conservancy and water affairs projects have small individual investment scales but a large number of projects The number of projects accounted for 23.6% and 26.0%, and the amount accounted for 17.9% and 13.3%. Editor / Xu Shengpeng