중국 인프라시설 개발 금융제도와 리츠 고찰 = A Study of REITs and Financial System Related to Infrastructure Development in China

국문 초록 (Abstract)

개혁개방 40여 년간, 중국의 경제 발전은 크게 성장하였다. 40여년
동안, 특히 최근 20년 동안 부동산과 인프라 투자는 중국 경제 성장의 중요한
원동력 중 하나였고 특히 경제 침체 압력이 더 큰 시기에 부동산의 역할이
더욱 두드러질 수 있다. 점차 부동산 산업은 중국 경제의 중심 산업 중
하나가 되었다.
먼저, 중국 인프라시설의 개발은 급속한 성장을 이루었다. 이와 관련된
개발 금융상품에 대한 탐색과 경험이 많이 축적되었음에도 불구하고 현황
제도 하에서는 정책이나 법규의 절제와 조세 부담으로 인해 적정수익률
확보가 어렵다. 기존 중국 국내 관련 금융상품은 주로 사모형이며 소액투자가
보호 장치 마련되지 않은 것은 사실이다. 그러나 최근의 경제위기의 영향을
벗어나기 위해 인프라에 대한 투자를 크게 늘리기로 공모형 리츠(REITs.
부동산투자신탁)를 통해 민간 자본자금을 끌어들이기로 했다. 2008년 글로벌
금융위기 극복 당시에는 대규모 경기 부양책이 시행됐지만 코로나19 위기
당시 자본시장의 힘을 극대화해 정부 부담을 줄이려는 의도로 상하이증권보
등에 따르면 증권감독관리위원회와 국가발전개혁위원회는 공동으로
'인프라시설 부동산 투자신탁(REITs) 시험 업무에 관한 지침'을 발표했다.
중국 각계 각층이 리츠에 대한 태도가 명확해지고 개방적이 되어 실용 탐구가
다시 활성화되고 있다. 연구에 따르면 중국 경제가 “신상태(新常态: New
Normal)” １ 시대에 들어가 리츠를 발전시키기에 좋은 시기이며, 이 분야의
부동산 투자신탁에 대한 이전의 적극적인 탐색과 결합하여 공모형 인프라시설
리츠의 발전은 긍정적인 실용적인 의미를 갖는다.
중국 부동산 개발금융의 발전을 위해서는 부동산 신탁, 투자 펀드, 조세 등
관련 특정 제도를 개선할 뿐만 아니라 현행 법률 시스템의 전반적인 틀에서
출발하여 한다. 중국 부동산 금융이 점차 발전해 나가는 과정에 부동산
투자신탁(REITs) 제도가 부동산 개발금융에서 중요한 위치를 차지하기
위해서는 국가 정부의 지원 하에 이를 바탕으로 각계 각층에 적극적으로
적용될 수 있도록 도움을 주어야 한다.
본 연구에서는 중국 국내 인프라시설 개발리츠의 도입을 통해 부동산
개발금융제도의 일반적인 정책 및 제도를 체계적으로 고찰하고 정리하며,
시사점을 도출하여 중국 국내에서 공모형 인프라시설 개발리츠 발전의
필요성과 발전방향에 대한 제언하였다.

목차 (Table of Contents)

• 제 1 장 서 론 ·································································································· 1
• 제 1 절 연구의 배경 및 목적 ······································································ 1
• 제 2 절 연구의 내용 및 방법 ······································································ 3
• 1) 연구의 내용 ····························································································· 3
• 2) 연구의 방법 ····························································································· 3
• 제 2 장 중국 부동산시장 및 개발금융 ·························································· 5
• 제 1 절 중국 부동산시장 ·············································································· 5
• 1) 방지산(房地產) ································································································· 8
• 2) 기반시설의 건설 ·················································································· 10
• 제 2 절 중국 부동산개발금융 ···································································· 13
• 제 3 절 부동산 투자회사(REITs)제도 선행연구 ···································· 17
• 제 3 장 중국 인프라시설 개발 관련 금융제도 ·········································· 19
• 제 1 절 중국 인프라시설 투자 방식 ························································ 19
• 제 2 절 중국 부동산투자회사(REITs) ······················································ 24
• 1) 리츠의 도입 ···························································································· 24
• 2) 리츠의 현황 ···························································································· 25
• 제 3 절 공모형 인프라시설 리츠의 고찰 ················································ 30
• 1) 세계 인프라시설 리츠의 동향 ···························································· 30
• 2) 인프라시설 리츠시장의 필요성 ·························································· 34
• 제 4 절 리츠시장 활성화 방안 모색의 기본원칙과 방향 ···················· 37
• 1) 기본 원칙 ································································································ 37
• 2) 리츠시장의 활성화 방향 ······································································ 39
• 제 4 장 결론 ······································································································ 42
• 제 1 절 연구 요약 ························································································ 42
• 제 2 절 연구의 시사점과 정책제언 ·························································· 44
• 참 고 문 헌 ········································································································ 47
• ABSTRACT ······································································································· 49