Standardization and transparency promote the high-quality development of PPP—the 16 trillion yuan market ushers in new regulations

　　Standardization and transparency promote the high-quality development of PPP——

　　The 16 trillion yuan market ushered in new regulations

　　Recently, the Ministry of Finance issued the "Notice on Further Promoting the Standardized Development and Sunny Operation of Public-Private Partnership (PPP)", focusing on the four aspects of doing a good job in the pre-project demonstration, promoting the standardized operation of the project, strictly preventing hidden debt risks, and ensuring the sunny operation of the project. On the one hand, further standardize the development path of PPP.

　　In recent years, my country's PPP has developed rapidly and has become a large market exceeding 16 trillion yuan.

Experts believe that promoting the standardized development and sunny operation of PPP is conducive to expanding effective investment, stabilizing the fundamentals of economic development, improving government supervision capabilities and service levels, and improving the quality and efficiency of public services.

　　Promote the standard operation of the project

　　The latest data shows that since the beginning of this year, 481 new projects have been added to the national PPP comprehensive information platform management database, with an investment of 843.7 billion yuan.

Since 2014, more than 10,000 projects have been included in the library, with an investment of 16.6 trillion yuan. The accumulated construction projects and investment accounted for about 65% of the number of projects included in the library and the investment amount, covering transportation and water conservancy. Construction, ecological construction and environmental protection, elderly care and many other fields.

　　"After years of practice and exploration, the PPP model has initially matured in my country, and it is playing an active role in stabilizing investment, expanding domestic demand, smooth circulation, and promoting growth. Standardized development and sunny operation are a new step for my country's PPP business to turn to high-quality The inherent requirements of the new stage of development." said Dong Yu, executive vice president of the China Development Planning Research Institute of Tsinghua University.

　　In April this year, the 11th meeting of the Central Finance and Economics Committee clearly stated that it is necessary to promote the standardized development and sunny operation of the government-social capital cooperation model, and guide social capital to participate in the investment and operation of municipal facilities.

　　Standardized development requires a good "beforehand" pass, and a full pre-project demonstration.

How to grasp the main scope of application of the PPP model?

The "Notice" clarifies that for projects belonging to the public service field, long-term stable demand, clear return mechanism, reasonable income level, and operational content, the PPP model can be adopted, and priority will be given to projects with strong operational attributes and long-term stable operating income. .

At the same time, the project implementation agency should work with relevant parties to do a good job in the preliminary work of project planning, project approval, land use, and environmental impact assessment in accordance with laws and regulations, and scientifically formulate project implementation plans.

　　"Emphasis on doing a good job in the early stage of the project will help guide both the government and the enterprise to make scientific and rational decisions. The "Notice" requires that the local government should scientifically grasp the scope of application of the PPP model, scientifically prepare the project implementation plan, etc., and fully do a good job in the early stage of the project. Strengthen the scientificity, rigor and standardization of both government and enterprise in project decision-making." Zhou Lanping, partner of Beijing Zhonglun (Shanghai) Law Firm, said.

　　In terms of promoting the standardized operation of PPP projects, the "Notice" also makes a series of clear requirements.

For example, with regard to the social capital qualification of PPP projects that is widely concerned by all sectors of society, the "Notice" clearly states that state-owned enterprises (except listed companies) actually controlled by local people's governments at the city, county, and district levels may contribute funds to participate in PPP projects on behalf of the government, but shall not As the social capital party of this level of PPP projects.

Experts believe that clarifying this requirement, on the one hand, starts from the concept of PPP reform and development, prevents PPP deviation and variation, and insists on "doing real PPP" and "true PPP"; There is a "self-circulation" in high-level finance.

　　Focus on strengthening risk prevention and control

　　It is worth noting that the "Notice" once again strengthens the importance of the "10% red line".

All localities must strictly abide by the red line that the financial expenditure responsibility of all PPP projects at the same level from the general public budget shall not exceed 10% of the general public budget expenditure at the same year.

　　Statistics show that among the 2,763 administrative districts with PPP projects in the country, 2,729 administrative districts’ PPP project contract period’s annual fiscal affordability indicators are below the 10% red line.

Among them, 2034 administrative districts accounted for less than 7% of the warning line, 1574 administrative districts were less than 5%; 34 administrative districts exceeded 10%.

Overall, fiscal expenditure responsibilities are in a safe range.

　　Dong Yu believes that further strengthening the management of fiscal affordability will not only help to promote the region's medium- and long-term fiscal planning, but also help to grasp the overall level of the region's fiscal affordability and inter-temporal smoothing.

　　The PPP project contract is the core of agreeing on the rights and obligations of the government and the project company (social capital). It is strictly forbidden in relevant supplementary agreements to stipulate that the government or government-funded representatives will repurchase the investment principal from the social capital, promise a fixed return, guarantee a minimum return, bear the loss of the private capital's investment principal, undertake project financing repayment responsibilities, and other names. Equity-debt financing and other back-and-forth terms.

At the same time, it is strictly forbidden to evade supervision by signing drawer agreements, yin-yang contracts, etc.

　　Deepening the budget management of PPP projects is conducive to strengthening the regulation of fiscal revenue and expenditure, and effectively strengthening the guarantee of government performance.

The "Notice" requires that the government side of the PPP project should comprehensively deepen budget management, and the responsibility for financial expenditures such as equity investment and operating subsidies as agreed in the PPP project contract, as well as the income from the transfer of asset rights and franchise rights, dividends, excess income, etc. Income such as compensation for breach of contract of social capital is fully included in the budget.

　　Experts believe that doing a good job in the pre-review and supervision of project contracts will help ensure the implementation of the PPP full life cycle norms.

"The "Notice" emphasizes the strengthening of spot checks and reviews of project quality. Local governments and social capital should attach great importance to this. Whether it is in the early stage design or contract signing and performance, they should strictly abide by government debt management regulations and accurately grasp policies. 'Red line'." Zhou Lanping said.

　　Guarantee the sunny operation of the project

　　"Sunshine operation" is conducive to the formation of effective supervision and constraints on all parties, and promotes the optimization of the market business environment.

In terms of ensuring the sunny operation of PPP, the "Notice" continues to promote the disclosure of project information, strengthen the dynamic monitoring of financial affordability and the supervision and management of information disclosure.

　　The "Notice" requires that local financial departments should rely on the national PPP comprehensive information platform to accelerate the promotion of information disclosure throughout the life cycle of PPP projects, consolidate the information disclosure responsibilities of all participants in the project, strengthen the dynamic update of project information, and reflect truthfully, completely, accurately and in a timely manner. The progress of project implementation is guaranteed to protect the public's right to know.

　　"Strengthening information disclosure is conducive to enhancing market transparency, reducing transaction costs, improving resource allocation efficiency, and effectively promoting the stability and long-term development of PPP projects." Dong Yu said.

　　With regard to the local financial affordability that all participants are concerned about, the "Notice" proposes that the provincial financial departments should organize the municipal and county financial departments within their jurisdiction to regularly and factually prepare the financial expenditure responsibility data of the PPP projects in the warehouse and the financial general public at the same level. The update of budgetary expenditure data dynamically reflects the financial expenditure responsibility of PPP projects, strengthens monitoring and early warning, objectively presents regional financial resources, and facilitates investment and financing decisions.

　　"As a powerful means of supervision, the Ministry of Finance's PPP project database has played a pivotal role in the implementation of regulations and information disclosure. Especially for the update of the financial expenditure responsibility data of the projects included in the database and the general public budget expenditure data of the finance at the same level, in order to realize the The dynamic reflection of the fiscal expenditure responsibilities of PPP projects can better play the role of monitoring and early warning of local fiscal expenditure responsibilities, and can also reflect the integrity of local governments to perform contracts from the side, and urge the government to maintain a good business environment." Zhou Lanping said.

　　Zeng Jinhua