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What obstacles need to be broken to promote PPP implementation?

来源:中国建设报 作者: 阅读:21784 网友评论0 Updated: 2016-11-08 10:44 Source: China Construction News Author: Read: 21784 2010 0 comments

With the recent release of the third batch of government and social capital cooperation (PPP) demonstration projects by the Ministry of Finance, the total number of "inventories" of demonstration projects has reached 745. However, judging from the effects of the first two batches of projects, they are not ideal, and the completion rate is less than 60%. Many people in the industry believe that if we want to promote more social capital participation and achieve long-term sustainable development of PPP, we need to break through obstacles such as policies and mechanisms.

The landing rate is 58.18%. Who is chasing PPP?

PPP is not new. Since the 1980s, it has been successively applied in the field of domestic infrastructure construction. In this round of government, the PPP model is re-energized with a view to innovating the investment and financing system through PPP.

"These three years are undoubtedly the golden period of PPP development." Said Jin Yongxiang, general manager of Dayue Consulting. Dayue Consulting is one of the earliest domestic companies engaged in PPP consulting, which has witnessed the rapid growth of PPP in this round.

The number of contract items is the best evidence. "On average, one contract was signed in one week in 2013, and one contract was signed on average one working day in 2015." Jin Yongxiang said that in 2013, he only received more than 50 project contracts, and this year has exceeded 300.

From the overall landing situation, although the landing rate is less than 60%, it shows an acceleration mode. Data from the Ministry of Finance show that as of the end of September this year, the landing rate of the first two batches of demonstration projects has reached 58.18%, an increase of 9.78% from the end of June.

From the perspective of project types, the implementation of municipal engineering projects ranked first. Data from the Ministry of Finance show that among the first two batches of demonstration projects, municipal engineering projects accounted for 48%, ecological construction and environmental protection accounted for 9%, transportation and transportation accounted for 8%, and water conservancy construction accounted for 8%.

So who is chasing the PPP model?

"Of the social capital participating in PPP, central and state-owned enterprises account for the majority." Jin Yongxiang said, especially in engineering, such as China Railway, China Construction, and China Communications.

Private enterprises also have expectations for PPP. Some private enterprises, such as Bishuiyuan and Oriental Garden, which have strong capital strength and industry segmentation advantages in the fields of environmental protection and gardening, have begun to explore the "blue ocean" of gold, and have successfully promoted a number of projects.

Financial institutions are also smelling new opportunities brought by PPP. At present, many financial institutions have adopted the method of funds or cooperation with engineering companies to deploy PPP fields.

Private enterprise participation is low, why is it difficult for private capital to move?

Wu Xiaoxi, director of the five divisions of the Finance Department of the Ministry of Finance, said in an interview with the author that PPP is conducive to breaking regional and industry blockades and provides a channel for private enterprises to enter infrastructure construction and other fields.

However, Sun Jie, secretary general of the Public-Private Cooperative Research Committee of the China Finance Institute and researcher at the China Academy of Finance Sciences, said that from the current situation and attention of PPP, the participation of private enterprises is low, and the proportion of investment in participating projects is small.

why? Some people in the industry and private enterprises interviewed by the author report that hidden barriers to private enterprises still exist, and private capital will still “touch the nails” when entering PPP.

For example, "Some local government departments still take some restrictive measures against private enterprises. Project information is opaque, open bidding is implicitly allowed, high project integrity funds or security deposits are not set up, and no connection is made with private enterprises." Means.

It is also an important reason that the financial dilemma is difficult to crack. During the interview, many private enterprises reported that the funding threshold for PPP projects was high, and a large amount of bank funds had to be borrowed when starting the project, resulting in high financing costs. In addition, the cautious attitude of financial institutions towards private enterprises makes it more difficult for them to raise funds.

In addition, long PPP project cycles, large investments, low returns, and complex operating models have also become factors restricting the participation of small and medium-sized private enterprises.

Lai Chaohui, vice chairman and general manager of Longyuan Construction Group Co., Ltd., who is participating in the PPP project, told the author that private enterprises do face a lot of pressure and dilemma in PPP, but under relatively unfavorable conditions, they need to find their own positioning and face The "threshold" of PPP requires enterprises to enhance their comprehensive strength in terms of operation management and personnel training.

What obstacles need to be solved to achieve sustainable PPP development?

Experts and industry insiders said that in order to promote more social capital participation and realize the long-term sustainable development of PPP, some obstacles need to be "undermined."

In response to the low level of private capital participation, experts have called for the need to rationalize institutional mechanisms and further dismantle the "glass doors." "Government departments should actively eliminate hidden barriers against private enterprises and indeed give them a chance to compete fairly." Said Han Zhifeng, deputy director of the Investment Division of the Development and Reform Commission.

In response to the absence of a price mechanism, experts said that the initial investment volume of a PPP project is huge and the recovery period is long. If there is no reasonable price mechanism, social capital will be withdrawn due to insufficient cash flow. "PPP projects need cash flow to proceed smoothly. Whether the price mechanism reform is in place in the future will become a key factor affecting the long-term development of PPP." Jin Yongxiang said.

In response to insufficient support from financial institutions, industry insiders said that as the main supplier of PPP project funds, financial institutions should actively study the characteristics of PPP projects, design scientific and reasonable financing products, and expand project financing channels. "The final implementation of the project cannot be separated from the participation of financial institutions, and reasonable innovation of financial products will help the PPP model to develop better." Xue Tao said.

In response to the "fight" of long-term management policies, the industry has called for accelerating the top-level design of PPPs, including addressing the lack of legislation. At present, relevant ministries and commissions have issued PPP policies, but the content is not uniform or even conflicts with each other, causing participants to be confused, and causing investors to face multiple "mother-in-law" in many aspects such as approval.

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