水利基础设施建设中灵活运用REITs模式的思考

Reflections on the flexible use of REITs model in water infrastructure construction

近年来,国家推动深化金融供给侧结构性改革,不断优化完善存量资产盘活方式,激发社会资本活力。水利作为稳定宏观经济大盘的重要领域,相较于其他基础设施整体融资能力较低。在创新水利投融资机制,推进水利基础设施REITs试点的背景下,文章针对水利领域投融资现状和水利基础设施证券化特点,研究“类REITs”模式在水利工程融资中的可行性,分析推进水利基础设施REITs的难点问题,并就进一步推进水利基础设施REITs试点提出初步思考和建议。

In recent years,China has promoted the deepening of financial supply-side structural reform,optimized and improved the revitalization of existing assets,so as to stimulate the vitality of social capital.As an important component for stabilizing the macroeconomic growth,the water sector sees an overall financing capacity lower than other types ofinfrastructure.Under the background of innovating water investment and financing mechanisms and promoting the piloting of water infrastructure REITs,this paper focuses on the current situation of investment and financing in the water sector and the characteristics of water infrastructure securitization,studies the feasibility of the“quasi-REITs”model in the financing of water projects,analyzes the difficulties in promoting water infrastructure REITs,and puts forward preliminary thoughts and suggestions for further promoting theREITs pilotingin water infrastructure.