The relevant person in charge of the National Development and Reform Commission recently stated that they will accelerate the approval process for the establishment of new policy based financial instruments in the near future. China Securities Journal reporters have noticed that many regions have held relevant meetings on new policy based financial instruments in order to seize policy dividends. At the same time, the issuance of government bonds, including ultra long term special treasury bond and new special bonds, is expected to accelerate. Industry insiders predict that with the support of multiple factors, infrastructure investment will rebound in the second half of the year, continuing to play a role in supporting the economy. Local authorities have been preparing in advance to hold seminars, policy training sessions, or project scheduling meetings on new policy financial instruments in Guangzhou, Xingtai, Huzhou, Yibin, and other places in the near future to deploy relevant work. From the meetings held in various regions, we can gain insights into the specific details of some new policy based financial instruments. In terms of scale, the State owned Assets Supervision and Administration Commission of Yibin City held the second "State owned Assets Lecture Hall" in 2025, revealing that the scale of new policy based financial instruments is 500 billion yuan. From the perspective of the operating entities, it can be seen that local branches of China Development Bank, Agricultural Development Bank, and Export Import Bank attended the meetings held in multiple places and interpreted the relevant content of new policy based financial instruments. Experts predict that the new policy oriented financial instruments may still be led by policy oriented development banks. Referring to the policy oriented development financial instruments established in 2022, the three policy oriented development banks will set up infrastructure investment funds and invest 740 billion yuan in policy oriented development financial instruments in two batches. In terms of investment areas, from the deployment of work in various regions, the investment areas of new policy based financial instruments are clearer, including both traditional infrastructure construction and emerging fields such as digital economy and artificial intelligence. The new policy financial tool policy interpretation and project reserve meeting held by Baoji Water Resources Bureau proposed to carefully sort and submit a batch of water conservancy projects that meet the reserve conditions. The Huzhou Municipal Bureau of Commerce has proposed to focus on conducting in-depth project mapping work in areas such as digital economy, artificial intelligence, low altitude economy, and consumer sectors. Monetary policy may provide supporting measures. The Huzhou Municipal Bureau of Commerce revealed that the new policy based financial instruments make up for the fiscal shortfall through market-oriented mechanisms, with funding support provided by the People's Bank of China's PSL (Mortgage Supplementary Loan), aimed at solving the problem of insufficient capital for key projects and serving as a key lever for stabilizing investment. In May, the central bank announced that the PSL interest rate would be reduced from 2.25% to 2%. Industry experts have stated that PSL, as an important tool for central banks to provide long-term low-cost funds for policy oriented development banks, will work together with new policy oriented financial instruments. In addition to new policy oriented financial instruments, other favorable factors supporting the expansion of effective investment are also gathering. From the perspective of funding and projects, Jiang Yi, Director of the Policy Research Office of the National Development and Reform Commission and spokesperson, recently stated that the list of 800 billion yuan "dual" construction projects for this year has been fully allocated, and the central budget investment of 735 billion yuan has been basically allocated. Next, the National Development and Reform Commission will work with various departments and localities to strengthen overall coordination and factor guarantee, accelerate project construction progress, and promote high-quality "dual" construction. The issuance of government bonds will also accelerate. Lan Fo'an, Minister of Finance, said recently that the issuance and use of ultra long term special treasury bond and special bonds of local governments should be accelerated to form physical workload as soon as possible. The extra long term special treasury bond allocated this year has increased by 300 billion yuan compared with last year, which is an important manifestation of a more proactive fiscal policy. "555 billion yuan of ultra long term special treasury bond have been issued in the first half of the year, accounting for 42.69% of the total amount of the year. It is expected to speed up the issuance and use of these bonds in the future, so as to better provide financial support for the" two new "and" two new "issues," said Yuan Haixia, president of China Integrity International Research Institute. Lu Zhengwei, Chief Economist of Industrial Bank, believes that in order to promote high-quality "dual" construction, relevant departments will coordinate "hard investment" and "soft construction". Hard investment "refers to making good use of project construction funds and actively supporting the construction of major projects such as transportation infrastructure; Soft construction "refers to promoting the formation of a long-term mechanism for project construction, implementation, operation, and maintenance through planning, policy formulation, and innovative institutional mechanisms, in order to improve investment efficiency. The issuance of new special bonds is expected to accelerate. According to data from Enterprise Early Warning, a total of 616.936 billion yuan of new special bonds were issued in various regions in July, marking a new monthly high since the beginning of this year, indicating an accelerated pace of new special bond issuance. It is expected that the issuance of new special bonds will continue to maintain a fast pace and is expected to complete most of the quota in the third quarter, "said Political Commissar Lu. In the context of sufficient financial security and sufficient project reserves, relevant departments will further improve the efficiency of fund utilization and promote the early formation of physical workload. The reporter noticed that many places emphasized the need to accelerate project reserve work when deploying and connecting new policy based financial instruments. Jingzhou proposed to systematically plan and reserve eligible projects based on policy guidance, ensuring that after the policy is released, a batch of mature projects can be quickly formed, which can be applied for, implemented, and implemented quickly. Zhao Wei, Chief Economist of Shenwan Hongyuan Securities, predicts that based on past experience, new policy based financial instruments have a strong "leverage" effect, which can serve as capital for investment projects, leverage more credit or social capital, and thus play a stronger role in stabilizing growth. Based on a total quota of 500 billion yuan for new policy based financial instruments, Wen Bin, Chief Economist of Minsheng Bank, predicts that it can leverage an infrastructure investment scale of 1.5 trillion yuan to 2.5 trillion yuan. Due to abundant funding sources and continuous expansion of investment projects, coupled with a gradual decline in the same period last year, it is expected that the growth rate of infrastructure investment will rebound in the second half of the year, and the annual growth rate of infrastructure investment is expected to rise to 6.0%, "said Wen Bin. Lian Ping, president of Guangkai Chief Industrial Research Institute, believes that in the second half of the year, thanks to the issuance of special treasury bond and local government special bonds and the continuous investment of funds, infrastructure investment will continue to play a supporting role. The issuance of ultra long term special treasury bond funds continues to accelerate the pace of "dual" construction investment. It is expected that the investment in equipment manufacturing and high-tech manufacturing will also maintain a rapid growth rate. (New Society)