| Notice by the China Securities Regulatory Commission and the National Development and Reform Commission of the Work Related to Promoting the Pilot Program of Real Estate Investment Trusts (REITs) in the Infrastructure Field | | 中国证监会、国家发展改革委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 |
| (No. 40 [2020] of the China Securities Regulatory Commission) | | （证监发〔2020〕40号） |
| All local offices of the China Securities Regulatory Commission (“CSRC”); the Shanghai Stock Exchange and the Shenzhen Stock Exchange; the Securities Association of China (“SAC”); the Asset Management Association of China (“AMAC”); the development and reform commissions of all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning; and the Development and Reform Commission of Xinjiang Production and Construction Corps: | | 中国证监会各派出机构，上海证券交易所、深圳证券交易所，中国证券业协会，中国证券投资基金业协会，各省、自治区、直辖市、计划单列市发展改革委，新疆生产建设兵团发展改革委： |
| For the purposes of implementing the decisions and arrangements of the CPC Central Committee and the State Council on risk prevention, deleveraging, stable investment, and strengthening areas of weakness, actively supporting the implementation of major national strategies, deepening financial supply-side structural reform, strengthening the capital market's capacity of serving the real economy, further innovating on the investment and financing mechanism, effectively revitalizing the stock assets, and promoting the high-quality development of infrastructure, the work related to promoting the pilot program of Real Estate Investment Trusts in the infrastructure field (hereinafter referred to as “infrastructure REITs”) is hereby announced as follows: | | 为贯彻落实党中央、国务院关于防风险、去杠杆、稳投资、补短板的决策部署，积极支持国家重大战略实施，深化金融供给侧结构性改革，强化资本市场服务实体经济能力，进一步创新投融资机制，有效盘活存量资产，促进基础设施高质量发展，现就推进基础设施领域不动产投资信托基金（以下简称基础设施REITs）试点工作通知如下： |
| I. Fully understanding the significance of promoting the pilot program of infrastructure REITs | | 一、 |
| As internationally accepted asset allocation products characterized by high liquidity, relatively stable returns, and relatively strong security, among others, infrastructure REITs can effectively revitalize stock assets, fill gaps in current financial products, broaden social capital investment channels, increase the proportion of direct financing, and enhance the quality and efficiency of the capital market in serving the real economy. In the short term, it is conducive to widely raising project capital and reducing debt risks, as an effective policy tool for stabilizing investment and strengthening areas of weakness; and in the long term, it is conducive to improving the mechanism for converting savings into investment, reducing the leverage of the real economy, and promoting the sound market-oriented and standardized development of infrastructure investment and financing. | | 基础设施REITs是国际通行的配置资产，具有流动性较高、收益相对稳定、安全性较强等特点，能有效盘活存量资产，填补当前金融产品空白，拓宽社会资本投资渠道，提升直接融资比重，增强资本市场服务实体经济质效。短期看有利于广泛筹集项目资本金，降低债务风险，是稳投资、补短板的有效政策工具；长期看有利于完善储蓄转化投资机制，降低实体经济杠杆，推动基础设施投融资市场化、规范化健康发展。 |
| All relevant entities shall fully understand the significance of promoting the pilot program of infrastructure REITs, strengthen cooperation, promote the public issuance and trading of infrastructure REITs on the stock exchange, revitalize the stock assets, form a virtuous circle of investment, attract more professional market institutions to participate in operation management, improve the efficiency of investment construction and operation management, and improve the level of return on investment. | | 各相关单位应充分认识推进基础设施REITs试点的重要意义，加强合作，推动基础设施REITs在证券交易所公开发行交易，盘活存量资产、形成投资良性循环，吸引更专业的市场机构参与运营管理，提高投资建设和运营管理效率，提升投资收益水平。 |
| II. Basic principles of promoting the pilot program of infrastructure REITs | | 二、推进基础设施REITs试点的基本原则 |
| 1. Complying with national policies and focusing on high-quality assets. The implementation of major national strategies shall be promoted, the real economy shall be served, and projects in key fields complying with the orientation of the national policies, with sound social benefits, stable rate of return on investment, and relatively sound operation management level shall be supported in implementing the pilot program of infrastructure REITs. | | （一）符合国家政策，聚焦优质资产。推动国家重大战略实施，服务实体经济，支持重点领域符合国家政策导向、社会效益良好、投资收益率稳定且运营管理水平较好的项目开展基础设施REITs试点。 |
| 2. Following the market principles and insisting on equity orientation. Infrastructure REITs shall be promoted in consideration of the needs of both parties to investment and financing and under the market-oriented principle, and public listing and trading of equity shares shall be realized through REITs by relying on the sustained and stable return on infrastructure projects. | | （二）遵循市场原则，坚持权益导向。结合投融资双方需求，按照市场化原则推进基础设施REITs， 依托基础设施项目持续、稳定的收益，通过REITs实现权益份额公开上市交易。 |
| 3. Simultaneously promoting innovation and regulation and improving the business operation capabilities. The assessment and supervision of the sustainable operational capability and management level of infrastructure assets shall be strengthened, the professional management functions of managers shall be fully maximized, the continuous and sound operation of infrastructure projects shall be ensured, efforts shall be made to improve the operational efficiency and service quality, and the innovation on the infrastructure investment and financing mechanism and the operation management mode shall be promoted. | | （三）创新规范并举，提升运营能力。加强对基础设施资产持续运营能力、管理水平的考核、监督，充分发挥管理人的专业管理职能，确保基础设施项目持续健康运营，努力提升运营效率和服务质量，推动基础设施投融资机制和运营管理模式创新。 |
4. Rules first and steadily implementing the pilot program. Mature international experience shall be learned from, the pilot program of infrastructure REITs shall be implemented in advance in key fields on a case-by-case basis under the framework of laws and regulations currently in force, with a solid start, experience in the pilot program shall be summarized in a timely manner, the work processes shall be optimized, and promotion shall be conducted steadily at appropriate time.
．．．．．． | | （四）规则先行，稳妥开展试点。借鉴成熟国际经验，在现行法律法规框架下，在重点领域以个案方式先行开展基础设施REITs试点，稳妥起步，及时总结试点经验，优化工作流程，适时稳步推广。
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