The main indicators of PPP in the second quarter rebounded significantly for the first time in 10 quarters
Speed down and seek a wider road for quality development (economic focus)
Core reading
The PPP model is an investment model in which the government and social capital cooperate. Since the beginning of this year, as the domestic epidemic prevention and control situation has continued to improve, governments at all levels have increased their efforts to stabilize investment, and the driving effect of PPP project investment is still significant, and investment in key areas has maintained a certain intensity.
In the future, it is necessary to further consolidate the institutional foundation, refine the supervision rules, strictly control the quality of projects, and promote the accelerated implementation of more high-quality PPP projects.
The PPP model is an investment model of cooperation between the government and social capital, encouraging private capital to participate in the construction of public infrastructure. Data shows that since China officially launched the PPP model in 2014, as of the end of June this year, there were a total of 9,626 projects in the library, with an investment of 14.8 trillion yuan; 6546 contracted projects, with an investment of 10.3 trillion yuan, and a landing rate of 68.0%; construction started There were 3927 construction projects with an operating rate of 60.0%. The coverage of PPP projects is becoming wider and wider, not only stimulating social investment, but also reducing the construction cost of public facilities and helping to improve people's livelihood.
However, in the first half of this year, the main indicators of PPP projects continued the downward trend since 2017. Will this momentum continue? What are the highlights of the future PPP model? How to straighten out the relationship between the PPP model and special debt? On these issues, the reporter interviewed relevant experts.
The indicators rebounded significantly in the second quarter, which is expected to usher in a turning point in development
According to the data released by the national government and social capital cooperation (PPP) comprehensive information platform management database project, in the first half of this year, the investment in new projects in the library decreased by 220.7 billion yuan year-on-year, down 21.8%, and the net increase in project investment decreased by 89.5 billion yuan year-on-year , Down 19%.
Bai Jingming, a researcher at the Chinese Academy of Fiscal Sciences, believes that the main indicators of the PPP model fell in the first half of the year due to two main reasons:
One is the slowdown in project demand. Since the promotion of the PPP model, projects with good revenue prospects and urgently in need of implementation have started or are in progress, and many have already been completed. The number of projects suitable for the PPP model has decreased, which matches the "rhythm" of local investment and development needs, and is normal.
The second is to increase supervision and actively reduce speed. In recent years, the management department has introduced a series of supervision measures. Projects that cannot be listed will never be listed. Irregular projects that have been put into the warehouse must be resolutely "removed", which has caused a slowdown in project admission to a certain extent. Data show that in the first half of this year, there were 482 new projects with an investment of 793.5 billion yuan; while in the same period, 296 projects were withdrawn from the database with an investment of 389.6 billion yuan.
Although many data in the first half of the year fell year-on-year, from the indicators of the second quarter, there has been a significant rebound for the first time in 10 quarters.
Jin Yongxiang, chairman of Beijing Dayue Consulting Company, analyzed that in the first half of the year, as the domestic epidemic prevention and control situation continued to improve, governments at all levels increased their steady investment, and the amount of new warehousing and net increase investment showed an upward trend. In January and February, the investment of new projects in the database was 83.5 billion yuan, with a net increase of project investment of 32.7 billion yuan; in March and April, the investment of new projects in the database was 328 billion yuan, with a net increase of project investment of 130.7 billion yuan; May And in June, the investment of new projects in the database was 382.1 billion yuan, and the net increase in project investment was 218.6 billion yuan. At the same time, the investment in the four types of projects, including new warehousing, net increase, contract implementation, and construction commencement, all showed the characteristics of a significantly narrower year-on-year decline in the second quarter than in the first quarter. "After two and a half years of callback, the PPP model is expected to usher in a development turning point in the new economic situation." Jin Yongxiang said.
To meet the requirements of high-quality development, steadily advance in key areas
This summer, the "thousand-hectares of flowers" in the Donghu area of Kaiping District, Tangshan City, Hebei Province is picturesque and picturesque. There was a heavy price for the deterioration of the ecological environment due to disorderly mining of coal mines and expansion of heavy industry.
In 2019, the Kaiping District government adopted the PPP model, invested in cooperation with China Railway Corporation Limited, and relied on existing resources to build this area into a diversified and multi-functional comprehensive urban natural ecological reserve. The project capital exceeds 1.1 billion yuan, of which 30% is invested by the government and 70% is social capital.
To meet the requirements of high-quality development, in the first half of this year, PPP projects have maintained a certain intensity of investment in key areas when the “total” investment has shrunk year-on-year.
Wu Weixing, vice president of the University of International Business and Economics, believes that the newly received projects across the country in the first half of the year have four obvious characteristics:
First, in terms of management mechanism construction, the reduction of government-paid projects and stricter requirements on the financial affordability of each administrative region will help ensure the long-term effects of the implementation of PPP projects and also benefit the steady growth of the local economy.
The second is that 43.8% of the investment in new projects in the database is used for pollution prevention and green low-carbon projects. Such projects are of great significance to improve the quality of life of the people and help to achieve a win-win situation for economic and ecological benefits.
The third is the "two new and one heavy" projects accounted for a very high proportion. The charging pile, smart city, and information network construction industries included 378 new projects in the first half of the year, with an investment of 668.7 billion yuan, accounting for 84.3% of all new projects. 191 construction projects have been started. Such projects have provided a foundation for the optimization of China's industrial structure and increased the stamina for long-term economic development.
Fourth, there are 105 new PPP projects in the impoverished counties with an investment of 66.5 billion yuan, and the investment intensity remains unchanged. At present, there are a total of 1,546 projects in treasury in the poverty-stricken counties that have been lifted out of poverty. The development of poverty-stricken counties requires the government and social capital. The implementation of such projects will help to make full use of market-oriented methods to drive local people's income growth.
Zhou Lanping, a partner of Zhong Lun Law Firm, analyzes: "The current PPP model still has a significant investment driving effect, and it is expected to usher in a new round of rapid development. In the investment industry, infrastructure projects such as transportation, municipal administration, and affordable housing make up for shortcomings. , PPP project investment in the fields of ecological environmental protection and cultural tourism will have a new look."
Consolidate the institutional foundation to achieve stronger investment pull
In the first half of this year, the pace of establishment of the PPP model was accelerated.
On February 28, the Ministry of Finance officially announced the "Model Contract for PPP Projects in the Field of Sewage Treatment and Garbage Treatment." The industry insiders commented that the demonstration effect demonstrated is not limited to sewage and garbage treatment PPP projects, but also has very important reference significance for other PPP projects.
On March 31, the Ministry of Finance issued the "Government and Social Capital Cooperation (PPP) Project Performance Management Operation Guidelines", which clarified the content and evaluation standards of PPP project performance management, aiming to improve the quality and efficiency of public service supply and make PPP projects better Realize value for money and pay for performance.
"The promulgation of this series of policies, on the one hand, refines the regulatory rules and strictly controls the quality of the project; at the same time, it further clarifies the responsibilities and rights of the government and social capital, dispels market doubts, and adds confidence to social capital." Bai Jingming said.
Gao Ruidong, chief macro analyst at Guotai Junan Securities, believes that the current economic situation is still complicated, and the efficiency of the use of fiscal funds should be maximized, and social capital and other elements should be actively promoted to gather efficiently.
"It is necessary to further accelerate the integration of PPP model and industry, and promote the achievement of some cross-industry and cross-regional projects." Zhou Lanping said.
In June last year, after the Central Office and the State Council issued a document clarifying that special bonds can be used as capital for major projects, special bonds, like the PPP model, have the function of leveraging social capital. The investment in municipalities, industrial park infrastructure and other areas PPP model investment areas overlap, how to coordinate the two investment models?
"Special debt and the PPP model have a commonality, that is, the'government + social capital' model, which requires revenue. But the difference is that the PPP project has a longer cycle and has a relatively slower time to effect; the scale of special debt financing is relatively small, and the implementation cycle is relatively small. Shorter, more suitable for semi-competitive fields, and relatively higher returns." Bai Jingming believes that the PPP model is suitable for infrastructure projects with a relatively long development cycle, such as waste treatment plants, power plants, and overall urban development; while special debt is used For projects with a relatively short period, such as new infrastructure construction, the investment stimulating effect can be more quickly brought into play. "The top-level design should be strengthened, so that the two have their own emphasis and each show their strengths." Bai Jingming said.
Our reporter Qu Zhehan