New infrastructure construction calls for a new investment and financing system

(3) There is uncertainty in the profit model of new infrastructure construction. The value of information infrastructure construction lies in "using" rather than "building". Due to the low informatization degree and equipment connection rate of many industries and enterprises, the state of "information island" has not been completely broken, and it faces barriers such as data sharing and business cooperation. Some innovation and integration infrastructure has strong social public welfare attributes and positive externalities, and social capital is restricted by capital, technology and talents. Low participation and initiative in new infrastructure applications limit the effective market size of new infrastructure.

Third, establish and improve a new type of infrastructure investment and financing system

New infrastructure construction "can not wear new shoes to follow the old road", we must give full play to the guiding role of government funds in investment, make full use of market means and market forces, broaden the sources of funds, innovate investment and financing methods, effectively mobilize the enthusiasm of private capital participation, and accelerate the establishment of a new infrastructure investment and financing model guided by the government, led by enterprises, and operated by the market.

1. Creating new models for government funding. In accordance with the principle of "funds follow the project, the project follow the plan", guide all localities to speed up the planning and project reserve of new infrastructure construction. We will establish a national, provincial and municipal fund linkage mechanism to increase support for new infrastructure construction. We will make good use of investment from the central budget, central special construction funds and local government special bonds, give full play to the guiding role of government funds, and continue to attract market capital to participate in new infrastructure construction through industrial guidance funds, guarantee funds, trust funds, and social capital cooperation (PPP). New infrastructure products and services such as cloud computing, big data and artificial intelligence will be included in the government procurement catalog. We will support new infrastructure projects through tax incentives and fiscal subsidies. For example, Tianjin raises capital for new infrastructure projects through special bonds, and plays a role of financial leverage to attract social capital to invest in new infrastructure.

2. Innovating financial and credit input models. In view of the characteristics of large investment, strong professionalism and high risk in the construction of new infrastructure, financial institutions will be guided to carry out financial product innovation. Encourage development financial institutions to give full play to the comprehensive financial advantages of "investment, loan, debt and lease" to provide financial services related to the whole industrial chain of new infrastructure construction. In view of the characteristics of new infrastructure-related science and technology projects, such as large initial investment and long research and development cycle, commercial financial institutions are supported in developing new models such as equity fund investment, investment and loan linkage products, and "soft loan + option". We will establish special credit projects with preferential interest rates for new infrastructure development, and increase the supply of medium - and long-term loans for new infrastructure development. For example, financial institutions in Zhejiang region have innovated and differentiated financial services to effectively solve the financing problems of new infrastructure enterprises.

3. Innovating investment and financing products and services. In view of the characteristics of the new infrastructure construction involving the long industrial chain, we encourage leading enterprises to play a radiating role in the upstream and downstream, and extend the financial service chain of the new infrastructure construction. For example, Hebei, Shanghai, Shanxi and other places have improved the efficiency of new infrastructure financing services by establishing a long-term mechanism for the docking of government, bank and enterprise. We will encourage eligible new infrastructure projects to actively participate in the pilot of real estate investment trusts (REITs) in the infrastructure sector, and revitalize existing assets to form a virtuous cycle of investment. According to relevant agencies, in the more than 60 years since the birth of REITs, it has developed to more than 40 countries and regions such as the United States, Australia, Japan, Singapore and Hong Kong, and its underlying assets have gradually expanded from commercial property to transportation, energy, retail, medical and other fields. For example, the market value of REITs in the United States has reached about one trillion US dollars in 2019.

(4) Innovating mechanisms for enterprises to participate in investment and financing. Support enterprises in the field of new infrastructure construction to enter the capital market, especially to the science and technology innovation board, GEM listing, support to the "new third board", regional equity market listing financing. We will open up market access for investment in new infrastructure projects, expand investment channels for enterprises and private capital, and lift investment restrictions. Implement a negative list for market access, give all types of market entities a fair chance to participate, determine investment qualifications for new infrastructure projects in a scientific and reasonable way, and do not set conditions that exceed the actual needs of new infrastructure projects, such as registered capital, asset size, bank deposit certificates or financing intent letters. There will be no access conditions unrelated to the investment, financing, construction or operation of new infrastructure projects.