Hainan provincial government office issued measures to further reform investment
and financing. The plan directs coordination of government funds, policy
financial tools and commercial bank lending cadence, and urges policy banks and
commercial lenders to join major-project planning earlier. It requires setting a
balanced mix of government capital, credit and sponsor own funds and seeks to
build a full-cycle capital recycling system—“fund efficiency, investment fund
structure, credit-based construction, securitized operations." Projects with
strong returns and broad financing access should see reduced or no government
funding. The measures also issue operational guidance to expand a “invest first,
convert to equity later” model for science-and-technology fiscal funds; fiscal
capital may initially finance commercialization projects (eg, biomedicine,
deep-sea technology) and convert to equity once firms mature to share risk and
returns.
