Accelerated Approval Of Projects With Stable Investment Growth

On May 20, the National Development and Reform Commission approved the urban rail transit construction plans of Nanjing, Nanchang and Hohhot, involving a total investment of 215.191 billion yuan. On the previous 18 days, the National Development and Reform Commission disclosed six large-scale infrastructure projects, including four railway projects and two urban rail transit projects, with an estimated total investment of 243.577 billion yuan. So far, in just three days, more than 450 billion yuan of railway transportation investment has been approved.

For railway rail transit projects with intensive approval, experts said that at present, China's economy is still under great downward pressure, and foreign trade is significantly affected by the international market, while consumption growth is difficult to improve in the short term, which can be stimulated in the short term economic growth Only investment is needed, and the railway track project investment is relatively large, and can drive many other industries, such as steel, cement, etc. Therefore, the National Development and Reform Commission will intensively approve railway track projects.

Luo Guosan, Deputy Director of the Fixed Assets Investment Department of the National Development and Reform Commission, said at the macro-economic situation and policy conference held by the National Development and Reform Commission three days ago that a new batch of major engineering packages may be launched in the near future. According to the actual situation, we will constantly enrich, improve and dynamically adjust the major project packages, and timely add some major projects that meet the direction and conditions to form "four batches", that is, "one batch for implementation, one batch for approval, one batch for reserve, and one batch for planning".

Minsheng Securities believes that the GDP target of 7% should be achieved this year, the growth rate of infrastructure investment should reach at least 25%, and the scale should reach 14 trillion yuan, which means that the infrastructure investment in the next three quarters will rebound significantly from the first quarter.

Repeated efforts in monetary policy are a key link in promoting project implementation in various regions. On May 11, the central bank cut interest rates again, which was the third cut in this round after last November and this March; Less than a month ago, Central Bank The deposit reserve ratio has just been reduced by 1 percentage point.

On May 13, the executive meeting of the State Council decided to increase the pilot scale of credit asset securitization by 500 billion yuan, and the funds freed by the pilot banks should be used in the cutting edge, focusing on supporting the construction of shed reform, water conservancy, central and western railways and other fields.

On May 15, treasury department , the Central Bank and the CBRC once again jointly issued a document requiring local governments at all levels and banking financial institutions to properly handle the follow-up financing of projects under construction of financing platform companies, implement classified management by distinguishing between stock and increment, actively support the follow-up financing of projects under construction of financing platform companies according to law and compliance, ensure the orderly progress of projects under construction, and effectively meet the reasonable financing needs of the real economy, Effectively prevent and resolve financial risks, and at the same time require banks not to blindly withdraw, suppress or stop loans to financing platform companies.

Guotai Jun'an report believes that the recent combination of stable growth has made the traditional stable growth model clearer and local government financing platforms can not stop. It is expected that RMB loans will expand rapidly in the future, and off balance sheet financing will also revive, which will continue to limit the decline of risk-free interest rates.