SMM News: since the beginning of this year, with the implementation of the "Government Investment regulations" as an important symbol, China's investment and financing system reform is speeding up. The reporter learned that under the current situation, the improvement of the capital system of investment projects may become the next important step in the reform of the investment and financing system. The NDRC and other departments have begun intensive research a few days ago, brewing the introduction of relevant new policies, which will focus on the innovation of infrastructure financing models, improve the capital system for investment projects, and attract more private capital to participate in the construction of projects in key areas.
In July 2016, the "opinions of the CPC Central Committee and the State Council on deepening the Reform of the Investment and financing system" was officially issued to the outside world. The aim is to solve a series of problems existing in the investment and financing management system, such as lack of decentralization of administration, unsmooth financing channels, lag in the construction of the legal system, and so on. Subsequently, the reform of the investment and financing system began to enter the "fast lane", especially on July 1 this year, the first administrative regulation in the field of government investment, the "Government Investment regulations" began to be formally implemented, and the government investment behavior has been subject to the law ever since. Taking the exit of the regulations as an opportunity, the National Development and Reform Commission has worked out a series of relevant supporting measures for Taiwan, and the reform of the investment and financing system has begun to speed up in an all-round way.
At present, to solve the problem of the source of funds for stable investment and improve the capital system of investment projects has been put on the agenda, or will become the next step in the reform of the investment and financing system. The capital of an investment project refers to the amount of capital contributed by investors in the total investment of an investment project. The industry pointed out that the project capital system plays an important role in macroeconomic control, preventing financial risks, optimizing industrial investment structure and so on.
This year's government work report also made it clear that the proportion of capital for infrastructure and other projects should be appropriately reduced. In this regard, the relevant departments have begun to launch research. The National Development and Reform Commission held a forum a few days ago to listen to the opinions and suggestions of relevant parties on improving the capital system of investment projects, improving the management of project capital, and giving better play to the role of project capital. Participants from financial institutions, local platform companies, investment consulting institutions, law firms and commissioned research units suggested that it is necessary to further clarify the scope of application of the project capital system, capital identification standards, proportion setting and follow-up fund management and other issues.
The reporter learned that the Ministry of Transport will further deepen the reform of the transportation investment and financing system and speed up the construction of a "government-led, hierarchical responsible, pluralistic, standardized and efficient" transportation investment and financing system.
The relevant responsible person of the Ministry of Transport pointed out that it is necessary to continuously stabilize and improve the central transportation special fund policy, optimize the use structure of funds, and improve budget performance management. Make good use of the bond capital policy and open the "front door" of government financing. We will speed up the reform of the division of financial powers and expenditure responsibilities between the central and local governments in the field of transportation. Give full play to the decisive role of the market in the allocation of resources, activate stock assets, exchange stock for increment, exchange assets for capital, and so on.
"at present, the capital ratio of our projects is relatively low. If we use too much funds from our own units or borrow money from banks, we will raise the level of debt ratio. This is subject to assessment and restrictions. Therefore, we have discussed a lot of financing methods, which will attract some social investment and joint development of fund units. " People related to transportation construction enterprises told the Economic Information Daily.
In fact, the reporter learned that some places and enterprises have been actively exploring innovative investment projects financing methods. For example, Ningxia promotes the reform of highway traffic investment and financing and management system, and proposes to reconstruct the integrated operation market of highway "investment, construction, management and transportation" in the whole region, Hubei faces the main financial institutions and social capital, and puts forward the list of investment and financing projects for transportation construction in the whole province. Jiangxi Province Hong Kong Investment Group is promoting the equity financing plan, actively expanding the financing channels and reserve financing projects to ensure the payment of funds, optimizing the debt structure to reduce debt risk, exploring the establishment of industrial funds to reduce the scale of debt, and so on.
Fan Ruoying, a researcher at the Bank of China (3.770,0.000.00%) Institute of Finance, told the Economic Information Daily that as one of the "six stable", the current focus is to stabilize infrastructure investment. With the implementation of a series of major strategies such as the Yangtze River economic belt and Guangdong-Hong Kong-Macau Greater Bay Area construction, as well as the coordinated development of regions and the continuous promotion of urban-rural integration, higher requirements have been put forward for the construction of infrastructure projects. Since the end of last year, the growth rate of infrastructure investment has gradually stabilized, but subject to capital constraints, the improvement in the growth rate of infrastructure investment is not obvious. Infrastructure investment increased by 4 percent in the first five months, 0.2 percentage points higher than in the whole of last year, but still 5.4 percentage points lower than the same period last year.
In the near future, a number of major projects have been intensively approved and started, and stable investment will continue to increase in the second half of the year. Expanding the investment in the central budget, increasing the special debt of local governments and reducing the proportion of project capital are all policy tools to stabilize the source of investment funds.
"in this context, it is of great significance to improve the capital system of investment projects." Fan Ruoying said that reducing the proportion of capital requirements for projects such as infrastructure will help attract more social funds, increase the enthusiasm of private capital, and solve the current financing difficulties faced by major infrastructure projects. It can also alleviate the pressure of local government revenue and expenditure to a certain extent, and give better play to the guiding and leading role of government funds. It is conducive to promoting the smooth implementation of infrastructure projects and giving further play to the role of infrastructure investment in promoting economic growth.
Fan Ruoying said: at present, the reform of the investment and financing system is constantly advancing in depth, and the key in the future is to further broaden the financing channels for infrastructure construction projects and suggest flexible financing models to increase the enthusiasm of private capital and foreign long-term capital to participate in infrastructure projects. Establish a hierarchical project investment and financing docking mechanism, on the basis of reducing the proportion of capital, gradually give more power to the market to decide the proportion of capital. In addition, financial institutions are encouraged to solve the problem of capital pressure on investment projects through various means, such as creditor's rights, equity, asset support plans, and so on. In addition, we should further encourage the development of local bonds and increase the innovation of special bonds for project yields.
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