However, whether China's investment demand can expand and promote economic growth depends on whether government investment can effectively promote social investment. Whether government investment can drive social investment mainly depends on "three aspects and six yes": first, whether local governments, especially county and city governments, have sufficient financial resources and strong investment will; Second, whether social capital, especially private enterprise capital, is idle and whether investment confidence is sufficient; Third, whether there are obstacles for social capital to enter government investment projects and whether the investment channels are smooth. According to the survey, at present, the willingness of local governments to invest is still quite strong, but many cities and counties have weak financial resources and no "rice" to cook; There is still a lot of social capital, but investment confidence is restricted by many factors, so it is difficult to have food in the pot. Taking Zhejiang as an example, in the fourth quarter of last year, the confidence index of Zhejiang entrepreneurs was 88.8, which fell into the recession zone; The business climate index was 107.9, down 40.5 points year-on-year, the lowest since 1999. In this case, the government needs to completely remove investment obstacles and dredge the channels for social capital to enter government investment projects. Therefore, the only way for social capital to actively participate in government investment projects is to vigorously promote new project investment and financing models, use market mechanisms, and smooth investment channels to achieve effective docking between social capital and government projects.
In fact, allowing social capital to actively participate in government investment projects has long been supported by policies. In July 2004, the State Council's Decision on Investment System Reform was promulgated and implemented. Article 3 "Improve the government investment system and standardize the government investment behavior" includes two contents: First, "strengthen the management of government investment projects and improve the construction implementation methods. Accelerate the implementation of the "agent construction system" for non-operating government investment projects. By introducing the agent construction system, the project construction function is separated from the government and implemented by the project company, which simplifies the government management organization, realizes the marketization and specialization of construction management and improves the efficiency of government investment. The second is to "introduce market mechanism and give full play to the benefits of government investment". There are three meanings: first, "governments at all levels should create conditions to attract social capital to participate in public welfare undertakings and public infrastructure projects with reasonable returns and certain investment recovery capacity through franchising and investment subsidies", aiming at encouraging BOT and BT to participate in infrastructure projects. Secondly, "for monopolistic projects, try out franchising, conduct fair competition through the owner bidding system, and protect public interests", which means that BOT and other modes must choose owners through bidding. Third, "the completed government investment projects can be transferred to the property right or management right according to law after approval, and the recovered funds can be invested in infrastructure construction such as social welfare in a rolling way", aiming at encouraging the recovered funds to be reinvested in infrastructure construction by TOT. It can be predicted that the project construction mode mainly using social capital will gradually replace the government direct investment mode, thus becoming the main investment mode of government projects such as infrastructure and public utilities.
In recent years, Zhejiang has given full play to the advantages of market mechanism and actively introduced social capital into government investment projects. At present, BOT and TOT modes have achieved good results.
BOT mode is the abbreviation of "build-operate-transfer" mode, which means that the government grants social institutions the right to build, operate and obtain project benefits within a certain period of time by granting project concessions, and then hand over the project facilities to the government after the expiration of the period. At the same time, as the social organization of the project sponsor, in addition to investing its own funds, most of the funds needed for the project construction come from financing channels such as bank loans, and the borrower's repayment source is limited to the project income, and the floating mortgage is set as debt guarantee with the project facilities and their income. Generally applicable to projects that can charge infrastructure consumers, that is, government-run projects. BOT has derived many new modes in practice: ①BOOT (Build-Own-Operate-Transfer) mode, in which investors temporarily own relatively complete project property rights during the concession period. (2) ②BOO (build-own-operate) mode, in which investors have complete project property rights for a long time, which is similar to permanent franchise. (3) BTO (build-transfer-operate) mode, after the project facilities are completed, the government first repays all the construction costs invested and obtains the ownership of the project facilities, and then the project company leases them for a certain number of years according to the prior agreement. (4) The ROT (Reorganization-Operation-Transfer) model is applicable to the completed but outdated infrastructure renovation projects, with the difference that "construction" is changed to "reorganization". ⑤ BOOST (build-own-operate-subsidize-transfer) mode, after the project is completed, investors can directly own the project assets and manage the project within the authorized period. However, due to non-management reasons, the risk is high or the economic benefit is poor, so the government must provide some subsidies and transfer the project assets to the government after the expiration of the authorization. ⑥BLT (Build-Lease-Transfer) mode, that is, after the project is completed, investors will lease the project to the government at a certain rent and the government will operate it. After the authorization expires, the project assets will be handed over to the government. From the perspective of BOT and mutation mode, the core content of BOT mode is that the project company obtains the franchise right of specific infrastructure projects and determines the specific content of the franchise right. This can not only solve the problem of insufficient demand for project funds by government finance, but also ensure the income right of the project company in the operation process and the final ownership of the infrastructure by the government.
[Case] In June, 2007, Zhejiang University Net New Company was awarded the qualification of BOT investor in Chun Qing Road Crossing River Tunnel Project, with an investment of 654.38+43.2 million yuan. The tunnel will be completed within three and a half years. After the handover of the project, the Hangzhou Municipal Government gave Zhejiang University an annual franchise subsidy of 654.38+0.5 billion yuan; After 20 years of operation, Zhejiang University Network handed over the project to Hangzhou Municipal Government for free.
TOT mode is the abbreviation of "transfer-operation-transfer" mode, also known as POT (purchase-operation-transfer) mode, which means that the government will hand over the infrastructure projects that have been put into operation to the investment operators after signing the franchise agreement with investors, and will get a lump sum of money from investors for the construction of new infrastructure projects in the next few years with the benefit of this facility; After the franchise expires, investors will hand over the infrastructure to the government free of charge.
[Case] In order to alleviate the shortage of urban construction funds, Hangzhou Urban Construction Asset Management Company transferred the management right of Fuxing Bridge (Qianjiang Fourth Bridge) by providing stable compensation every year, instead of charging social vehicles. June 5438+October 2004 10, Tengda Construction Company established Hangzhou Fuxing Bridge Management Co., Ltd. and obtained the management right of Fuxing Bridge. 165438+ 10, the transfer agreement of the management right of Hangzhou Fuxing Bridge was formally signed; 65438+February, 765 million yuan of management right transfer fee entered the special account for asset management of Hangzhou Finance Bureau.
The successful transfer of the management right of Fuxing Bridge is a beneficial attempt to attract social capital for non-operating urban infrastructure projects in Hangzhou. At the same time, Hangzhou transferred the whole assets of Phase I and Phase II of Qige Sewage Treatment Plant through TOT mode. However, some other investment and financing modes in Zhejiang, such as BT and PPP, have just started, and some have not yet been tried, which need further exploration, practice and promotion.
BT mode is the abbreviation of "build-transfer" mode, and it is a financing mode for the government to use social capital to build non-operating infrastructure projects. It can be said that "government mortgage" has been realized, which is actually a form of BOT mode. Generally speaking, it is only applicable to the construction of non-operating government infrastructure projects, and it is a project that cannot directly charge infrastructure consumers. That is, the government provides a concession agreement for the project construction as the basis of the project. The government chooses investors and signs investment contracts with them. The investor establishes the project company on site, adopts the investment and financing method of project financing, manages the construction on behalf of the owner, is responsible for the project quality, safety, construction period and cost, and bears corresponding risks. Finally, submit to the government a public infrastructure that meets the use function and has the use conditions. After the completion, the government will repurchase by stages according to the agreement. This model can make full use of government resources, open up new financing channels for government investment projects, ease government financial pressure and speed up infrastructure construction. In 2008, there were only more than 10 BT projects implemented in Zhejiang, with a total investment of only 1 100 million yuan, which is still in its infancy.
[Case] Zhejiang Infrastructure Investment Co., Ltd., established on June 5438+ 10, 2008, mainly adopts BT mode to invest in government projects such as roads, bridges, tunnels, water conservancy, health, education, tap water, sewage, garbage and affordable housing. The company has signed four investment projects, including Songyang Songgu Plain Water Supply Project, Yunhe County People's Hospital Relocation Project, Longyou County No.3 Middle School Relocation Project and Suichang County Wuxijiang Reservoir Resettlement Project, with a total investment of about 450 million yuan. Among them, Songyang Songgu Plain Water Supply Project is a popular project to solve the drinking water problem of 6.5438+0.6 million people. The preliminary work of the local government is ready, but it is very difficult to raise funds. Through BT mode, the Songyang county government invested less than 5 million yuan in preliminary work and policy treatment, which led the company to invest more than 80 million yuan. At the same time, the investment actually completed at present is about 10% less than the expected investment, which effectively saves government investment; Due to the reasonable construction plan and timely funds, the construction period can also be shortened by about 6 months.
PPP mode, namely "public-private partnership", is a modern financing mode, and the cooperation concept is "win-win" or "multi-win" for all participants. Its typical structure is: the franchise project needs private participation in part of the investment, and shares the project risks and benefits with the public sector through a certain cooperation mechanism. By establishing an effective supervision mechanism, franchise projects can give full play to the advantages of both parties, save the construction cost and operation cost of the project, and improve the quality of public services. 1992, PPP mode was first applied in Britain. 75% of British government managers think that projects completed under PPP mode can save 17% of investment, 80% of projects can be completed on schedule, 20% of projects cannot be completed on schedule for less than four months, and only 30% of projects subject to regular bidding can be completed on schedule. At the same time, 80% of the project cost is within the budget, and the general traditional bidding method can only reach 25%; 20% exceeded the budget because the government proposed to adjust the project plan. According to British experience, the projects applying PPP mode include: transportation (roads, railways, airports, ports), health (hospitals), public security (prisons), national defense, education (schools) and public real estate management.
[Case] The total length of Beijing Metro Line 4 is 28.65 kilometers, with a total investment of about 654.38+053 billion yuan. It can effectively alleviate traffic congestion and solve the problem of difficult riding. Due to the high cost of subway, it is difficult to make a profit according to the current charging standard of Beijing subway, and it is impossible to directly apply BOT mode. Due to the lack of government financial funds, it is also difficult to adopt the traditional development model. The Beijing Municipal Government has decided to provide 70% of the project funds, and the remaining 30% will be raised through project financing. The project is divided into two related parts, A and B, which are constructed by government funds and private capital respectively. Part A adopts the agent construction method, with Beijing Infrastructure Investment Co., Ltd. as the project legal person responsible for the project construction, and implemented by establishing Beijing Metro Line 4 Investment Co., Ltd.; Part B adopts BOT contract strategy, which is undertaken by Beijing Metro Line 4 Franchise Company, which is jointly funded by Hong Kong Metro Company (49%), Beijing Capital Venture Group Co., Ltd. (49%) and Beijing Infrastructure Investment Co., Ltd. (2%). According to the franchise agreement, the project operating company obtains the right to use Part A of the project facilities from the project construction company through the asset lease agreement, and during the franchise period of 30 years, it will recover its investment through passenger transport business and other income and earn reasonable profits.
In the next step, we should seize the great opportunity of expanding domestic demand, conform to the trend of deepening the reform of investment system and encouraging social capital to enter infrastructure and other fields, innovate and promote new project investment and financing models, and build a "bridge" between social capital and government projects. To this end, the following suggestions are made:
First, promote the project construction mode based on the use of social capital, and accelerate the replacement of the government direct investment construction mode. In the construction of traditional investment projects, the government is not only responsible for the provision of funds, but also responsible for the functions of project construction, supervision, management and maintenance, and has multiple roles such as fund provider, project builder and management maintainer. When the government wants to set up a special construction management organization, it is caught in complicated affairs management, which often leads to low efficiency of construction management. This traditional model has many disadvantages, which can't meet the requirements of the development of the times and should be reformed quickly. The key to innovation is to organically combine BT, BOT and other investment and financing modes with the agent system through social capital, so as to make social capital profitable and accelerate the construction of government investment projects.
Second, actively pilot the BT financing agency system, sum up experience in time, and vigorously promote successful experience. The impact of the international financial crisis continues to deepen, and the economic downturn in China and Zhejiang is grim. Local governments' fiscal and taxation economic operation will face greater pressure, and it is necessary to guide more social funds to participate in investment in infrastructure and people's livelihood. Zhejiang Infrastructure Investment Co., Ltd. innovated BT mode and implemented government investment projects through BT financing agency system. According to the data, in 2008, Chongqing, Yunnan, Guangdong, Shanghai and other places started dozens of provincial BT projects with a total investment of 40 billion yuan. Among them, Chongqing Chaotianmen Liangjiang Tunnel Project, Kunming Southeast Second Ring Road Rapid System Reconstruction and Expansion Project, Zhanjiang Jianjiang Water Supply Hub Project, and Shanghai Pudong International Airport North Passage Project are all billions of investment projects. At present, the investment scale of BT projects in Zhejiang is less than the national 1/40. In order to accelerate the pace of infrastructure construction in the whole province, especially in underdeveloped areas, it is suggested that Zhejiang should investigate the BT projects being implemented, select several large-scale key construction projects on the basis of summing up experience, carry out pilot projects at the provincial level, and promote the BT financing agency system. Drawing lessons from Chongqing's "Several Provisions on Strengthening and Regulating the Management of BT Financing Construction of Government Investment Projects", we will formulate and issue normative documents on BT financing of government investment projects in Zhejiang Province in a timely manner to improve the operation mechanism of BT projects.
The third is to achieve multi-party linkage among government, investors and financial institutions, improve internal and external governance mechanisms, and effectively prevent risks. In terms of internal risk control, the project company introduces financial institutions such as banks and insurance companies, increases support for government investment projects such as BT and BOT financing, broadens financing channels, supervises the use of special fund accounts, supervises the implementation and management of projects, and supervises the government's repurchase guarantee, which is the same as avoiding investment and financing risks. In terms of external risk control, the government should not only use the planning, construction, finance, auditing and other departments to supervise the whole process of the project, but also introduce independent third-party intermediaries to review the project design during the construction process, and supervise and control the project quality, progress and investment until the completion acceptance.
The fourth is to solve the problem of double taxation and effectively reduce the burden on enterprises. The infrastructure construction period is long, the investment recovery is slow, and the risks undertaken by BT and BOT project enterprises are great. Therefore, reasonable preferential policies should be adopted to restrain the investment in BT and BOT projects, and efforts should be made to prevent the investors of BT and BOT projects from recovering their investment in advance by reducing the project quality and increasing the construction cost. Transferring the project to the government after the completion acceptance or franchise period is actually an asset transfer. When the government pays the project repurchase money to the builder, the builder needs to pay the asset transfer business tax. In the construction process, the construction party has already paid the construction business tax. If the business tax is paid on the transferred assets, it is equivalent to repeated taxation, which will definitely increase the operating cost of the project. It is suggested that the relevant departments clarify the tax collection system as soon as possible to avoid repeated taxation.