The hottest railway reform in 2017 PPP provides a

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Railway Reform in 2017: PPP provides a path for mixed reform

railway reform in 2017: PPP provides a path for mixed reform

China Construction machinery information

China Railway Corporation (hereinafter referred to as "China Railway Corporation") will focus on promoting the reform of railway asset capitalization and mixed ownership this year

this is the message delivered at the 2017 work meeting of the China Railway Administration on the 3rd. The central economic work conference held last month also required that the mixed reform in the railway sector should take substantive steps in 2017

as the largest central enterprise in China, the total assets of the railway are nearly 6 trillion yuan, and the pace of reform is small after the separation of government and enterprises. Many experts said that the railway mixed reform has a huge space and will be promoted by pilot, while the difficulty of private capital entry is still the bottle that needs to be broken through in the railway mixed reform. In this way, the fixture must be installed in the high and low temperature box neck

in 2017, the railway will focus on promoting the capitalization of Railway Assets and the reform of mixed ownership

PPP mode provides ideas for mixed reform

at present, some provincial, branch and special railways have carried out mixed reform pilot projects, and the mixed reform of railway will be promoted in a pilot manner. The mixed reform scheme has been designed and is expected to be launched soon. Wang Mengshu, an academician of the Chinese Academy of engineering and a railway expert, said recently that there are various ways, including private capital holding, local government holding, and some special lines can be built by enterprises

Wang Mengshu said that most of the national trunk lines, the railways between the provincial capital and Beijing, and the railways between the provincial capitals are invested by the state, and generally do not engage in mixed systems; The railway construction in the province will not only be invested by the state, but also involve private capital such as provincial and municipal governments and enterprises

the reform of the general railway administration is still relatively conservative at present. Li Jin, chief researcher of the China Enterprise Research Institute, told first finance and economics that the railway reform is first the separation of government and enterprises, and then the separation of the head office and various railway bureaus. The core is the separation of transportation, which separates the construction of national railway infrastructure from the operation of Railway passenger and freight transportation. The mixed reform should be carried out under the premise of separating transportation

however, the space for mixed reform of railway is larger than that of other industries. Li Jin said that in the reform of mixed ownership, we can try to separate public welfare and business operations, separate good assets from bad assets, and "cut" business and assets. Those with good assets and small size can attract social capital to participate. There is a lot of room for social capital classification to participate in investment

there may be a breakthrough in the mixed transformation of railway in freight transportation. Lu Da, transportation analyst of Shenwan Hongyuan, said that at present, the railway freight market is depressed, and the China Railway Administration is expected to establish a mixed ownership company with various logistics enterprises in the future. Logistics enterprises organize the supply of goods, and the railway is responsible for trunk transportation, improve the proportion of Railway freight, and develop multimodal transport

last month, the Hangzhou Shaoxing Taizhou high speed railway, the country's first railway with absolute private ownership, started construction in Taizhou, Zhejiang Province. Among the investors of the PPP high-speed rail project, the "private investment consortium" accounted for 51% of the shares and became the controlling shareholder. According to the analysis of insiders, private capital has become a major shareholder, which not only innovates and utilizes the way of private capital, but also straightens out the relationship between the government, the Railway Corporation and the market, and increases the voice of private capital, which may become an idea of the mixed reform of the railway

the stop loss of high-speed rail still needs to liberalize pricing

as early as 2005, the former Ministry of Railways began to issue a document to encourage private capital to enter the railway. Since the railway reform in 2013, the State Council and various ministries and commissions have issued a number of documents to encourage social capital to invest in railways. The national development and Reform Commission issued a notice at the end of 2015, deciding to launch a number of social capital investment demonstration projects in the railway sector. However, these demonstration projects still face many difficulties in the process of promotion

the South Sichuan intercity railway, previously known as "China's first private capital based" by the outside world, has been open to social capital for a long time, but the enthusiasm of private capital is not high. Finally, it was settled with the investment of 90% and 10% respectively by Sichuan Province and China Railway Corporation

Chen Hang, a credit analyst of China national debt, said in an interview with China business that under the background of the reform of the government's debt financing mechanism, the PPP model, as an effective way to leverage social capital, has become an important way to alleviate debt pressure. However, due to the immaturity of the investment return mechanism of the domestic PPP model, the large scale of early PPP investment and long return cycle, and the low level of return of some projects, the enthusiasm for social capital intervention is not high

railway projects often invest billions of yuan, even tens of billions or hundreds of billions of yuan, with large investment scale and long payback period, and the overall income of most projects is low. Considering the characteristics of the railway industry, how to improve the project income and enhance the attraction to social capital is indeed a bottleneck and difficulty. In addition, there are also factors such as the opaque liquidation system, the non disclosure of information, and the imperfect return mechanism, which make social capital worry

Li Jin said that China Railway Corporation is under great pressure to repay debts. It is suggested to classify the public welfare business and the business operation business, and then separate the debt. The public welfare business is borne by the state, and the business operation debt is borne by the enterprise itself. Now the two are confused, resulting in enterprises' dependence on debt repayment and reform

continue to invest 800billion this year

the third quarter audit report of 2016 issued by the China Railway Administration shows that as of September 30, 2016, the total debt of China Railway was as high as 4.30 trillion, and the trial of the first domestic VCC pilot plant was successful. Compared with the end of 2015, the debt continued to increase, and the total revenue of China Railway in the first three quarters totaled 639.4 billion yuan. The net loss in the first three quarters was 5.577 billion yuan, a decrease of 23.55% compared with the net loss of 7.295 billion yuan in the first half of the year, and a sharp decrease of 40.89% compared with the net loss of 9.435 billion yuan in the same period last year

despite the pressure of high debt, the investment and construction pace of China Railway Corporation has not slowed down. In 2016, the fixed asset investment of the national railway industry completed 801.5 billion yuan, 3281 kilometers of new lines were put into operation, 46 new projects were started, and the new investment scale was 550 billion yuan. Railway Freight stopped falling and stabilized

for the railway construction plan in 2017, the Tongkou Office of China Railway Corporation should always clean up. Lu Dongfu, Secretary of the party leading group and general manager, said that the investment in the national railway industry maintained the scale of 800 billion yuan last year. First finance and economics learned that this year, the China Railway Administration will focus on the construction of the Western Railway

the "13th five year plan" period is still the growth period of railway construction investment. Wang Mengshu said in an interview with China business news that railway investment has an obvious pulling effect on GDP and is an important means of stabilizing growth

the Beijing Shanghai high-speed railway has begun to make profits. In July this year, the bond prospectus disclosed by Tianjin railway construction investment holding (Group) Co., Ltd., one of the shareholders of Beijing Shanghai high speed railway, showed that as of the end of 2015, the net assets of Beijing Shanghai High Speed Railway Co., Ltd. were 131.172 billion yuan, and the asset liability ratio was only 27.74%

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