海南省人民政府办公厅发布《海南省关于进一步深化投融资改革的若干举措》，着力破解传统投融资模式的瓶颈。[1]该改革针对海南财政收入不足、政府资金撬动作用有限等难题，旨在激发跨境资本、民间资本等全社会投资活力参与自贸港建设。[1]
改革围绕项目端、资金端、市场端三个方面展开。[1]在资金端，海南将提高政府资金效率，鼓励专项债作资本金及债贷结合，并扩大"先投后股"范围。[1]在市场端，海南探索建立更加安全、便利、高效的内外资准入协同模式，鼓励省属及市县国企与央企、民企组建联合体。[1]污水、垃圾、环保、公交、农村供水、公路、水运等基础设施领域将成为资本参与的重点。[1]
这一改革举措标志着海南正在构建多元化、市场化、可持续的投融资新格局，以应对依赖土地收入和隐性债务驱动的传统投资模式已难以为继的现状。[1]
Hainan's provincial government released a comprehensive reform initiative on August 7 aimed at revitalizing investment mechanisms for the free trade port.[1] The document, titled "Several Measures on Further Deepening Investment and Financing Reforms in Hainan Province," targets the mobilization of cross-border capital, private investment, and broader societal participation in free trade port development.[1] The reform package addresses three critical dimensions—the project side, the funding side, and the market side—tackling persistent challenges including insufficient fiscal revenue and limited leverage from government funds.[1]
On the funding side, the measures prioritize enhanced efficiency of government capital allocation by encouraging special bonds to function as equity capital and combining debt with lending mechanisms, while expanding the scope of "invest-first-then-equity" arrangements.[1] Market-side initiatives include exploring safer, more convenient, and efficient coordination models for domestic and foreign investment entry, alongside incentives for provincial and municipal state-owned enterprises to form joint ventures with central enterprises and private companies.[1] Infrastructure sectors targeted for such participation encompass wastewater treatment, waste management, environmental protection, public transportation, rural water supply, highways, and water transport.[1] The government has acknowledged that the traditional investment model, historically dependent on land revenue and implicit debt, is no longer sustainable.[1]