基础设施领域不动产投资信托基金(REITs)与地方政府债务治理

Infrastructure REITs and Local Government Debt Governance

2020年4月,证监会、国家发改委联合发布《关于推进基础设施领域不动产投资信托基金(REITs)试点相关工作的通知》,将传统的房地产投资信托业务范围延伸到了政府基础设施领域。面对后疫情时代经济增长放缓、国外政治经济局势压力深化,防范化解金融风险是“三大攻坚战”之“首要战役”,而防范地方政府债务风险则是此战役的重要组成部分。在此新政策出台的背景下,基于我国地方政府债务及隐性债务的现状,深度剖析基础设施REITs的发展意义及其特点,分析基础设施REITs在地方政府债务治理中的应用,并提出基础设施REITs运营中的风险防范对策。

In April 2020,China Securities Regulatory Commission and the National Development and Reform Commission jointly issued the Notice on Promoting Real Estate Investment Trust Fund(REITs)Pilot Related Work in the Infrastructure Sector,extending the scope of traditional real estate investment trust business to government infrastructure sector.Faced with the slowdown of economic growth in the post-epidemic era and the deepening pressure of foreign economic and political situations,the preventing and mitigating of financial risks is the“primary battle”of the“three major battles”,and the preventing of local government debt risks is an important part of this battle.In the context of the introduction of new policies,based on the current situation of local government debt and hidden debt in China,this paper analyzes the development significance and characteristics of infrastructure REITs,analyzes the application of infrastructure REITs in local government debt governance,and proposes infrastructure risk prevention measures in the operation of REITs.