Against the strategic backdrop of ensuring national water security

there is an urgent need to establish a more comprehensive

multi-channel

diversified

and multi-level investment and financing system to meet the growing demand for water infrastructure construction. The Tongjiqiao Reservoir in Zhejiang Province has pioneered the use of derivative income from water rights as collateral to activate stock assets in the water sector. This innovative financing model effectively addresses the traditional constraints of water conservancy asset financing

and offers valuable insights for advancing reforms in water investment and financing. This paper reviews the implementation process and outcomes of the Tongjiqiao Reservoir case

and analyzes its key contributions in unlocking financing bottlenecks

fostering the development of market-oriented project entities

and aligning capital supply with infrastructure demand. To further institutionalize these practices and promote the revitalization of stock water assets

the study offers recommendations in three areas

which include formulating and issuing policy frameworks

enhancing coordination and linkage among diverse stakeholders

and organizing standardized valuation of reservoir assets.