The reporter learned that as of October 17th, China Development Bank and Agricultural Development Bank of China have respectively invested 189.35 billion yuan and 1001.11 billion yuan in new policy financial instruments, totaling nearly 300 billion yuan; It is expected that the total investment that can be driven by the project will be 2.8 trillion yuan and 1.26 trillion yuan respectively. On September 29th, the National Development and Reform Commission clarified that the total scale of new policy based financial instruments is 500 billion yuan, all of which will be used to supplement project capital. The interviewed experts believe that as a "quasi fiscal" tool, new policy based financial instruments have significant leverage effects and will play a positive role in boosting total demand and stabilizing credit growth in the fourth quarter. They are also expected to provide support for achieving a "good start" to the economy next year. Accelerate the implementation of new tools and new policy based financial instruments. From the perspective of advertising pace, it presents the characteristics of "fast landing and efficient promotion". The reporter learned that with the approval of regulatory authorities, on September 29th, China Development Bank fully invested in the establishment of China Development Bank New Policy Financial Instruments Co., Ltd., and achieved the first batch of investment of 27.11 billion yuan; On the same day, the Agricultural Development Bank of China completed the registration of the fund company, obtained the business license, opened the basic account, and received the registered capital, and achieved the first batch of fund investment of 10.483 billion yuan. From the perspective of advertising structure, in order to better play the role of "lifting the beam", economically major provinces have received key support. As of October 17th, China Development Bank has invested 146.58 billion yuan, accounting for 77.4%, in 12 major economic provinces; The Agricultural Development Bank of China has invested 407 projects totaling 67.136 billion yuan in 12 major economic provinces. At the same time, the support of new policy financial instruments for private investment is significant. As of October 17th, China Development Bank has invested 54.52 billion yuan in private investment and private capital participation projects, accounting for 28.8%; The Agricultural Development Bank of China actively connects and explores high-quality private investment projects, increases support for eligible projects in accordance with the law and regulations, and supports 23 private investment projects with a total of 9.359 billion yuan. From the perspective of project coverage areas, in addition to balancing traditional infrastructure, the focus is tilted towards areas such as technological innovation and consumer infrastructure construction, reflecting the dual goals of expanding investment and promoting economic transformation and upgrading. According to the fixed income team of Xingye Securities, from the perspective of sample project investment direction; The new policy oriented financial instruments are mainly used for energy projects, accounting for 54% of the total investment; The total investment in the fields of new quality productivity, transportation infrastructure, and logistics accounts for 24% and 14% respectively; The total investment in municipal parks, agriculture, forestry, water conservancy and other fields accounts for 4% and 3% respectively. According to data disclosed by China Development Bank, 71.05 billion yuan has been invested in projects in the fields of digital economy, artificial intelligence, and consumption, accounting for 37.5%. The reporter learned that 20% of the 500 billion yuan quota (i.e. 100 billion yuan) must be targeted to support private enterprises. In the view of Liu Jie, Chief Analyst of Tianfeng Securities Bank, this regulation may be mainly based on two considerations: on the one hand, new policy oriented financial instruments clearly focus on new quality productivity, and private enterprises have stronger technological breakthroughs and innovation momentum in such cutting-edge innovation fields, with relatively stronger investment activity; On the other hand, in recent years, the investment vitality of private enterprises has been insufficient, and the confidence of private investment urgently needs to be restored. Private enterprises are already eager to try. For example, on the evening of October 16th, Xinlian Integration announced that it plans to apply to Guokai New Policy Financial Instruments Co., Ltd. for policy financial instruments not exceeding RMB 1.8 billion, with a term of 5 years. The trillion yuan leverage effect is yet to be released. New policy oriented financial instruments have significant leverage effects and will play a role in leveraging credit and other social funds. What the market is generally concerned about is how much boost this tool can have on investment? According to the Notice of the State Council on Strengthening the Capital Management of fixed assets investment Projects, the funds raised by issuing financial instruments and other means shall not exceed 50% of the total capital. Lin Yingqi, Director of Research Department and Banking Analyst at CICC, calculated that assuming the proportion of new policy financial instruments to project capital is 50%, it is expected to leverage about 4 trillion yuan in loans, driving the growth rate of loan balance by 1.5 percentage points and social financing by 1.0 percentage point; This tool is expected to leverage 5 trillion yuan of fixed assets investment and drive the growth of fixed assets investment by about 6 percentage points. The calculation of Wang Qing, Chief Macro Analyst of Dongfang Jincheng, is more optimistic. He said in an interview with Shanghai Securities News that this round of 500 billion yuan new policy financial instruments is expected to leverage investment of about 6 trillion yuan, equivalent to 24.4% of the total infrastructure investment in 2024. Wang Qing predicts that after the implementation of the tool, it can drive an annual increase of 3 to 4 percentage points in infrastructure investment within three years. Among them, it is expected to accelerate the growth rate of infrastructure investment by 1 to 1.5 percentage points within the year, which will drive the rebound of infrastructure investment growth in the fourth quarter. However, in practice, the leverage effect is still influenced by multiple factors. Wang Qing said that the amount of investment that new policy tools can leverage in the future and whether they can play a stabilizing role in growth in a timely manner will also depend on factors such as local financial resources, social capital investment willingness, and the scale of bank supporting loans. If the new policy financial instruments in this round can complete all expenditures within the year and exert the expected leverage effect, it is expected to ensure the stable operation of the macro economy in the fourth quarter and the achievement of the annual growth target, and lay a favorable foundation for achieving a 'good start' next year. ”The China Financial Forty Research Institute commented. (New Society)