Why are local governments willing to open up the infrastructure sector to attract private capital? How do related enterprises evaluate the benefits and risks? Next, how to promote the project in an orderly manner and how to solve the problems in actual operation?
The government encourages competitive negotiation and regulates foreign investment.
As the main channel for Zhejiang to build Greater Bay Area, Hangzhou-Shaotai Railway will fill the gap between Hangzhou metropolitan area and Wen Tai metropolitan area. "If such a large investment depends entirely on government finance, it will definitely be unsustainable, so the provincial government has been asking for the introduction of high-quality private capital in the infrastructure sector." Xu Xing, deputy director of Zhejiang Development and Reform Commission, said.
At present, Zhejiang has nearly 1 trillion investment in infrastructure every year, and10 billion in transportation. Railway is the most important infrastructure field. Xu Xing said that the way private capital holds shares is mainly due to the strong investment and management strength of Zhejiang private economy. If this road is explored, it will make great contributions to the national railway construction.
20 15 12 the national development and reform commission promulgated the first batch of eight demonstration projects of private capital investment in railways in China, and Hangzhou Shaotai was one of them. "in the administrative examination and approval system, investment and financing mechanism, return mechanism, management system
Four aspects, strive for the demonstration role of PPP. Li Xuezhong, director of the Zhejiang Development and Reform Commission, said that the project adopted competitive negotiation to select private capital, and organized several rounds of discussion and research in the early stage to find out the situation of private capital participating in the railway.
Focus, return and expected demand of investment.
In order to ensure fair competition, normative documents have been issued, such as the methods and working rules for producing invitees for competitive consultations. Finally, the first candidate for the transaction was produced, that is, a consortium composed of eight private enterprises led by Fosun Commercial. In this regard, Hou Wenyu, director of the Shanghai Railway Bureau, said that these innovative measures have a demonstration effect on deepening the reform of railway investment and financing and attracting social capital into the railway.
As a direct beneficiary, Taizhou municipal government is an active promoter of this project. "For the local government, the biggest advantage is that this road can be built quickly. This is the simplest wish of the local government. " Shi Yan, Director of Taizhou Development and Reform Commission
Ping believes that after the introduction of private capital into major infrastructure such as high-speed rail, local governments can start projects with only a small amount of funds, and the timetable for urban agglomerations to integrate into Hangzhou's one-hour traffic circle can be greatly improved.
Before.
After the establishment of the Hangzhou-Shaotai high-speed rail project, many enterprises came to Taizhou to discuss their investment intentions, and the local government strengthened its determination to actively treat private capital. "We have introduced measures to encourage private capital to participate in PPP.
Some opinions of the project promote the qualified infrastructure and public service projects to operate in PPP mode to become the norm, and private capital to participate in or control PPP projects to become the norm, and strive for private investment to participate in PPP.
The number of projects and the investment ratio are not less than 50%. "Yan Shiping said.
Private enterprises from different industries form consortia to participate deeply.
"The original multi-version plan was formulated with the idea of relative holding of private capital, and the idea of absolute holding of private capital was put forward by the Zhejiang provincial government in June 20 16. This is a big breakthrough. " Wen Xiaodong, CEO of Star Media, said. As a PPP investment platform, Xingjing Capital is one of the eight consortium members, and is responsible for the specific implementation of the Hangzhou-Shaoxing high-speed rail project on behalf of the consortium.
Then, why do local governments and railway departments support private capital to absolutely control high-speed rail? What you are interested in is private capital? "PPP projects can not only diversify the organization and development model of railways, but also explore them.
Utilize commercial means to do public utilities, and combine the integration ability of private capital to make the allocation of resources more scientific and efficient, and ultimately benefit customers and ordinary people. Guo Guangchang, chairman of Fosun Group, believes that the mechanism and efficiency of private capital
Advantages are more valued by the government, especially how to integrate social resources including private capital.
However, capital is profit-seeking. Projects like high-speed rail have large capital investment and long payback period. Why does private capital still actively participate? The eight private enterprises participating in this investment are Fosun Group, Star View Capital, Hongrun Construction, Feng Wan Auto, Zhejiang Jitou, Zhonghe Technology, Ping An Trust and Ping An Wealth, which involve transportation, finance, science and technology, infrastructure and other industries.
Feng Wan Automobile, headquartered in Xinchang, Shaoxing, is a member of the consortium. The short board of inconvenient transportation in small counties in mountainous areas has bound the development of Xinchang enterprises. Chairman of the Board of Directors of Chenfeng Marott Group is a representative of the 12th National People's Congress.
Table, submitted a motion to the National People's Congress Standing Committee (NPCSC) for two consecutive years, expressing the willingness of enterprises along the joint line to contribute to the project construction. "We did not hesitate to ask to participate in the PPP project of Hangzhou Shaotai. On the one hand, invest in high-speed rail projects.
On the other hand, it is also the social responsibility of private enterprises. "
"Although the return on investment of the high-speed rail itself may not be high, it is a long-term and stable large-scale investment product for a professional PPP investment platform like Xingjing Capital. This idea of letting private capital hold shares is consistent with Xingjing's intention of investing in high-speed rail, not simply making money, but deeply participating. " Wen Xiaodong explained.
All investors * * * jointly form the project company.
In fact, there are precedents for private capital to participate in railway construction, but there are not many successful cases.
Chai Xianlong, director of the Urban Construction Department of Zhejiang Development Planning and Research Institute, analyzed that the participation of social capital was a simple way of equity cooperation, and there were shortcomings in terms of discourse power and reward mechanism design. "This time in Hangzhou-Shaoxing high-speed rail
In the design of PPP implementation scheme, great attention is paid to the study of future railway market risks, and many schemes are put forward on the risk bearing of government and social capital, which ensures the attraction to private capital. "
The cooperation period of Hangzhou-Shaoxing high-speed railway project is 34 years, including 4 years of construction and 30 years of operation. The project company is responsible for the financing, construction, operation and maintenance of the project, and owns the ownership of relevant assets. After the expiration of the cooperation, the goods
The destination facilities are handed over to the government free of charge. As the main body of marketization, the project company operates independently, makes decisions independently, is responsible for its own profits and losses, and decides the construction management mode and transportation management mode independently according to law.
The project government and social capital share risks and benefits, and the return mechanism of social investors is "operating income+feasibility gap subsidy". "Under the cooperation boundary conditions determined by the implementation plan, the subsidy amount will be determined through consultation and competition with social investors, and the return basis such as financing interest rate and excess income will be agreed." Li Xuezhong said.
"In fact, the risk of project return is not what we are worried about." Many people in charge of private enterprises involved in this project believe that since this project is an icebreaker, it means that there is no precedent to follow and no experience to learn from. The key is how to face the established tasks and possible problems in the future.
On the one hand, in the face of decades of traditional railway operation policies, ways and methods, there is a lot of digestion and optimization work to be done, and various difficulties will be encountered in the process. On the other hand, in the specific operation, the operation and quality of the line are safe.
How to guarantee is a brand-new challenge for private enterprises. "I hope that governments at all levels and relevant parties will give more support to private enterprises in the process of reform, and we will also give full play to the reference ability of private enterprises.
Combined with the advanced experience of the railway corporation, these risks should be well controlled. Wen Xiaodong said.
It is reported that with the official signing of the project between the government and private capital, a project company established by all investors is in full swing, striving to start construction at the end of the year.
Good technology and good output can have the right to speak.