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    Speeding up the approval of major infrastructure projects

    Relevant sources disclosed that relevant parties have been required to report all investment plans for the year before the end of June, and project approvals will be accelerated. The central budget funds associated with these projects are expected to be allocated in advance.
    Capital advances
    In response to the slowdown in economic growth, the pace of major infrastructure investment has accelerated noticeably. This person stated that in the first half of the year, the peak of project application and approval was ushered in. “Some projects were originally scheduled to start in the second half of the year. Now it is appropriate to advance to the first half of the year, and the central funds will be fully paid ahead of schedule. Compared with the previous two years, the rate of investment within the government budget has been significantly accelerated this year.”
    “The government’s move aims to offset the impact of new projects and real estate investment growth decline. This is a sign of the government's implementation of the proactive fiscal policy.” Analysts said that the previously relatively tight monetary environment limited the ability of local governments to start new investments. It is necessary to ease the shortage of local government funds by fine-tuning monetary policy.
    The reporter was informed that after the release of macroeconomic data in April, due to concerns about the rapid decline in economic growth, multi-sectors have sent investigation teams to conduct investigations and investigations in various places, hoping to stimulate economic growth by increasing government investment. Judging from the current situation, if the domestic economic growth rate continues to decline and the international recovery process is slower than expected, then in the second half of the year, the relevant parties will not rule out being required to report on the 2013 investment plan, and some of the next year's investment projects are expected to move into implementation this year.
    According to media reports, the Ministry of Transport confirmed that in order to ease the financial pressure on the expressway industry, the central government will further accelerate the allocation of budgetary funds this year. Last year, the Ministry of Communications was operating extraordinarily. In September, the budget funds for the entire year were released to the local government. This year, the Ministry of Transport strives for the full amount of money before the end of June.
    Accelerate project approval
    According to reports, since the end of February, the speed of examination and approval of major construction projects in China has accelerated significantly. Some expressway networks, airports, and rail transit projects have been approved for approval. A number of key regional and key industry projects are gradually being introduced.
    The feasibility study reports and project proposals were submitted to the airport construction projects in Fuyuan, Heilongjiang, Shihezi in Xinjiang, Qingyang in Gansu, and Jiangbei in Chongqing before being approved by the Development and Reform Commission. Analysts said that this indicates that since the second quarter, the increase in infrastructure investment has been further extended.
    Analysts said that the direction of investment will be mainly focused on "focus on construction, construction projects," the key areas are the central and western regions. Some infrastructure projects have been suspended since August last year, causing infrastructure investment to decline. Most of these projects are concentrated in the Midwest. At the end of last year, the planned growth of investment in the Midwest was 26% year-on-year, much higher than the planned investment growth of 14.3% in the east. The recovery of beneficiary investment in the central and western regions will be even more pronounced.
    Analysts said that in the field of infrastructure, the first beneficiary policy has been fine-tuned, and investment has increased. The macro level is reflected in the advancement of funds, specifically the increase in the allocation of credit and financial funds. In March, new credit broke through 1 trillion yuan. In March, the country’s fiscal expenditure increased by 30% year-on-year. This person said that in the future, we can continue to pay attention to three indicators: the proportion of medium and long-term loans, the growth of infrastructure investment, and the amount of investment in the central project.
    In addition, the fine-tuning of monetary policy fine-tuning has brought substantive benefits to the launch of infrastructure projects. Since the 18th, the central bank cut the deposit reserve ratio of deposit-taking financial institutions by 0.5%. Analysts said that this move added more than 400 billion yuan in liquidity, and the intention of the policy to release liquidity is obvious. Many liquidity funds are likely to enter the infrastructure industry related to the national economy and the people's livelihood.
    The Great Wall Securities Research Report believes that the second quarter will be the time period for the policy "countercyclical" to speed up and break the deadlock. This may be reflected in the moderate increase in indirect financing, the rapid increase in direct financing, and the combination of policies for speeding up the construction of “regional + strategic” infrastructure. The data shows that since the beginning of this year, the city’s investment debt has increased significantly. From January to March, the scale of corporate bond issuance (mainly urban investment bonds) reached 167 billion yuan, which is equivalent to 2 times of the same period of last year and equivalent to 60% of the level of the previous year. This shows that the "financing" function of the local city investment company restarted and accelerated.
    In addition, the Ministry of Railways has been continuously expanding its funding channels. On the 17th, the Ministry of Railways issued a tender to issue the first period of 2012 short-term short-selling bonds with a total amount of 20 billion yuan. The Ministry of Railways stated in the bond offering statement that as of the end of last year, the Ministry of Railways had obtained more than 2 trillion yuan in bank credit. As banks continue to lend money, the start of railway construction will gradually increase.