The financing platform of county-level government came into being after the operation of provincial and municipal financing platforms was relatively mature. Especially after the global financial crisis in 2008, under the central government's 4 trillion economic stimulus plan, the county-level urban investment platform has developed by leaps and bounds. According to relevant literature and research, the development process of district, county and city investment platforms can be summarized into three stages:
Development of investment in districts, counties and cities:
At present, there are mainly the following problems in the development process:
1992, Shanghai City Investment Company was established as the first city investment company, which made great contributions to the rapid development of infrastructure construction, public services and industrial development in China. But at the same time, a series of problems have emerged behind the barbaric growth, and the transformation of city investment companies has become inevitable. The central government and relevant ministries and commissions have continuously issued documents, which have promoted and accelerated the pace of urban investment transformation.
The implementation of the new Budget Law in 20 14 stipulates the right of local governments to issue bonds independently nationwide, which fundamentally shakes the ability of the city investment platform to issue bonds through financing. After 20 17, the drums of national policies became more intensive, and platform companies were explicitly required to transform. Under a series of strict control requirements, the transformation of urban investment is imminent.
It is difficult to transform urban investment, and it is even more difficult not to transform. For city investment companies that have long relied on the government for policy meals, the transformation is not easy. However, if they don't transform, they will be out. Some district-level city investment companies were cleaned up and city investment bonds defaulted. Therefore, with the acceleration of the government's governance transition, the deepening of the reform of state-owned assets and state-owned enterprises, and the promotion of preventing and resolving major risks, the transformation of city investment companies has become the only way.
The business of city investment company is mainly public welfare, and some of them have quasi-public welfare and operational business. Combining their own advantages and relying on regional resources, the future development of urban investment enterprises can be divided into five directions:
One is to develop into a construction engineering company. Relying on construction experience and professional qualification, competitive advantage in the region and credit advantage of relatively low capital cost, urban investment enterprises realize professional management in the field of construction engineering and increase cash flow. For example, Shandong Jinluban Group.
The second is to develop into a real estate company. Urban investment enterprises rely on their own core resources "land", gain advantages through land assets and land, and use urban location to transform into residential, commercial and industrial real estate development and operation enterprises. For example, Lujiazui real estate.
The third is the public utility company. City investment enterprises have obvious advantages in obtaining public utilities resources such as water, heat, electricity, gas and public transportation in the region. The transformation and development to a comprehensive utility service company will help to provide a stable cash flow for the company. For example, Shanghai Chengtou.
The fourth is commercial companies. City investment enterprises are transformed into industrial and commercial companies by developing existing businesses or integrating and reorganizing high-quality industrial and commercial equity by local governments. For example, Hefei Jiantou. Fifth, investment companies. City investment enterprises become investment groups through industrial investment, or set up industrial funds to lay out regional key industries and industries with development and progress outside the region as industrial fund managers. For example, Yancheng High-tech.
Future development trend of urban investment enterprises: the new environmental changes have made the urban investment industry have a new trend.
The first is the trend of socialization. As the main body of urban infrastructure investment in the region, urban investment enterprises undertake the mission of improving people's happiness and promoting regional economic development, and the socialization attribute of urban investment enterprises will remain unchanged in the future.
The second is the trend of marketization. With the transformation and development of urban investment enterprises, it is urgent to improve their market-oriented operation ability through mixed reform, employee stock ownership, salary reform and the introduction of professional managers to realize the sustainable and healthy development of the company.
The third is the trend of materialization. City investment enterprises need to build a combination of real industry resources, including obtaining stable cash flow by investing in public welfare real industries, ensuring company profits by investing in operating real industries, and realizing the optimal allocation of industries and funds.
The fourth is the digital trend. With the wide application of new generation information technologies such as national 5G, artificial intelligence and big data, digitalization and intelligence will be the main theme of future urban development, and will also become the key development direction of urban investment enterprises.