中国基础设施投融资发展报告（2025）
中文摘要
近年来，随着国际国内形势发生深刻复杂变化，中国投融资事业面临的发展环境随之发生重大变化，对投融资政策研究提出许多新课题、新要求。系统跟踪中国投融资事业的相关发展，对改革创新基础设施投融资体制机制，促进财政资金与社会资本高效合作，发挥财政资金的杠杆撬动作用，支持基础设施建设发展与高效运营，推动经济稳定增长，增强市场内在稳定性，营造培育新质生产力的良好投融资环境具有重要的理论与实践意义。
本报告总结了2024年中国基础设施投融资发展情况，共分为六篇。第一篇为总报告，聚焦PPP、REITs、ESG三种基础设施投融资创新工具，对中国基础设施投融资发展进行了回顾与展望。第二篇为制度建设篇，从PPP项目治理的制度设计、政策智能方法在政府投资项目中的应用等方面进行阐述和分析，为我国基础设施投融资的进一步完善建言献策。第三篇为投融资创新篇，深入研究了PPP项目发行基础设施REITs等创新模式，从融资策略等方面提出了若干创新性建议。第四篇为行业发展篇，阐述了能源、交通运输等细分行业的基础设施投融资发展和应用状况。第五篇为实务要点篇，对PPP项目全生命周期绩效管理、城市更新项目实施要点等问题进行梳理和探索。第六篇为案例解析篇，对银华绍兴原水水利封闭式基础设施证券投资基金、广州市三华村城中村改造等案例进行深度解析。
本报告研究发现，2024年中国基础设施投融资在政策持续引导与市场机制深化的双重驱动下，整体呈现政策体系更加完善、机制设计逐步成熟、投融资模式日益多元、实践路径不断拓展的发展态势。一方面，政府持续推进PPP新机制落地实施，推动基础设施REITs市场扩容提质，强化项目全生命周期治理和绩效管理，逐步构建起以“规范透明、风险共担、收益合理”为特征的现代投融资制度框架。另一方面，城市更新、绿色低碳转型、ESG责任治理等议题深度融入基础设施项目实践，引导资金投向、优化资源配置。
从实践层面来看，能源、交通、文旅、体育等重点领域积极探索多元融资工具及其组合模式，PPP与专项债、REITs等的融合应用不断深化，基础设施REITs的行业边界持续拓宽，文旅等新兴领域实现关键突破。基础设施投融资项目的管理能力日益提升，合同履约机制得到完善、运营效率得到提升，为提升项目回报与防范系统性风险提供了有力支撑。但我国基础设施投融资仍面临部分操作环节不规范、回报机制不稳定、资产流动性不足等深层次挑战，制度供给与产品创新仍需进一步强化，市场环境仍待持续优化。
展望未来，随着新质生产力的发展路径逐步清晰，基础设施投融资将在推动高质量发展中发挥更加关键的资源配置和结构优化作用。应进一步推动财政资金与社会资本高效协同，建立健全市场化回报机制与长期激励约束机制，加快建设统一开放的基础设施资产交易市场。以科技创新驱动制度升级，以绿色发展理念引导资金流向，以数字化提升投融资效率，最终形成可持续、多元化的基础设施投融资生态，为实现高质量发展和中国式现代化提供坚实支撑。
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