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1、政策性开发性金融助力经济高质量发展（附英文版）政策性开发性金融是我国金融业的重要组成部分，是债 券市场的重要生力军。长期以来，政策性开发性金融聚焦职 能定位，发挥比较优势，在服务国家战略、支持宏观调控、 培育债券市场等方面取得显著成就，持续赋能中国经济高质 量发展。紧扣国之大者，推动国家战略落地、落实。政策性开发 性金融的开办初衷，是筹集和引导社会资金，支撑国家战略 实施，支持国民经济重点领域和薄弱环节。其主要通过发行 政策性金融债筹资，将小额、零散、短期资金转化为大额、 中长期资金。在此基础上，政策性开发性金融着力优化资金 配置，大力支持脱贫攻坚、疫情防控、粮食安全、绿色发展、 区域建设、装
2、备制造、大型基建、“一带一路”合作等重要方 面，有效缓解相关金融资源供给不足和信贷约束压力。支持宏观调控，释放跨周期和逆周期调节效能。近期, 党中央、国务院多次作出决策部署，推动政策性开发性金融 发挥更大力量，助力稳住经济大盘。其中包括运用政策性开 发性金融工具，通过发行金融债券等方式筹集资金，支持重 大项目建设。这是在不搞大水漫灌前提下，精准疏通卡点的 有力之举，既可解决项目资本金不足的燃眉之急，又可撬动 金融机构配套融资支持，推动项目尽早开工并形成实物工作 量。2022年9月中旬，国家统计局初步统计的数据显示，今 年前期已落实到项目的政策性开发性金融工具投放金额为 3000亿元，支持投资项
3、目900多个，项目计划总投资超过3 万亿元。目前工具效能已经开始显现，释放出扩大有效投资、 引导信贷投放、带动需求增长等综合效应。矢志金融报国，助力大国债市阔步前行。政策性开发性 金融机构是具有重要影响力的债券发行主体，是中央结算公 司（以下简称“公司”）倾力服务支持的主要市场成员。1994 年政策性开发性金融开办伊始，公司便基于自主研发的债券 簿记系统，支持政策性金融债率先以无纸化形式发行，并为 新发债券办理统一登记托管服务。1998年，公司支持政策性 开发性金融机构通过市场化招标发行债券，实现金融债券发 行方式的历史性转变。多年来，公司坚实助力政策性金融债 新型主题品种成功面世，配合各类创
4、新交易机制顺利落地, 面向境外市场展示政策性金融债信息，精心打造中债政策性 金融债系列价格指标产品，为政策性开发性金融提供专业担 保品管理服务。截至2022年8月，公司托管政策性金融债 面额超20万亿元，累计支持政策性金融债发行近50万亿元, 以全生命周期一体化服务护航政策性开发性金融行稳致远。展望未来，相信政策性开发性金融将持续发力稳经济， 在关键时刻、关键领域发挥关键作用，以优异成绩书写中国 特色金融发展之路的华彩篇章。O本文原载债券2022年10月刊O作者：钟言O编辑：张轶龙鹿宁宁Policy Development Finance Supports High-quality Econo
5、mic DevelopmentZhong YanPolicy development finance is an important part of Chinas financial service sector and a crucial force in the bond market. In persistently empowering the high-quality economic growth of China, policy development finance has long focused on its functional orientation and made
6、remarkable achievements in serving the national strategies, supporting macro control and fostering the bond market leveraging on its comparative advantages.Policy development finance facilitates the implementation of national strategies. Policy development finance is intended to pool and channel soc
7、ial funds into the implementation of national strategies, thus supporting key areas and weaker links of the national economy. It mainly raises funds by issuing policy financial bonds, converting the small, scattered and short-term funds into large blocks of longer-term funds. On that basis, policy d
8、evelopment finance endeavors to optimize the allocation of funds by supporting poverty alleviation, epidemic control, food security, green development, regional development, equipment manufacturing,large-scale infrastructure construction and the Belt and Road Initiative (BRI) cooperation, which has
9、effectively eased the stress from shortfall in financial resources and credit constraints.Policy development finance supports macro control to enable cross-cyclical and counter-cyclical regulation. Recently, the CPC Central Committee and the State Council have made decisions and plans to better harn
10、ess policy development finance to stabilize the macro-economy. These include the use of policy development financial instruments, that is, to raise funds by issuing financial bonds to support major projects. This is an effective move to clear blockages in a targeted manner without indiscriminate agg
11、ressive stimulus. It not only addresses the shortage of project capital, but also leverages financial institutions9 resources to kick off projects as soon as possible and generate practical outcomes. In mid-September 2022, preliminary statistics from the National Bureau of Statistics (NBS) showed th
12、at a total of RMB300 billion had beenchanneled through policy development financial instruments into more than 900 projects with a total planned investment of over RMB3 trillion. At present, effects of these instruments have begun to kick in, including expanding effective investment, guiding credit
13、supply and boosting demand growth.Policy development finance helps the bond market to stride forward. Policy development financial institutions are influential bond issuers and major market members that CCDC does its utmost to serve and support. Since the inception of policy development finance in 1
14、994, CCDC has supported the policy financial bonds to be issued first in the paperless form based on the bond book-keeping system developed in-house and provided central registration and depository services for newly issued bonds. In 1998, CCDC supported policy development financial institutions in
15、issuing bonds through market-oriented auction, thus realizing a historic shift in the way of financial bond issuance. Over the years, CCDC has made solid contributions to the successful debut of new themed policy financial bond types, supported innovative trading mechanisms, displayed information on
16、 policy financial bonds to overseas markets, created a series of ChinaBond policy financial bond pricing products and provided collateral management services for policy development finance. As of August 2022, CCDC had under its depository policy financial bonds with a total par value of more than RM
17、B20 trillion and supported the issuance of nearly RMB50 trillion of policy financial bonds cumulatively, ensuring the steady and sustained growth of policy development finance with lifecycle services.Looking forward, we believe that policy development finance will continue to effectively stabilize the economy, play a pivotal role in critical moments and key areas, and write a brilliant chapter in the development of finance with Chinese characteristics.
