The local government investment and financing platform company is an important subject of investment and construction activities in various places, and it is also an important carrier to revitalize the existing assets, resources and capital in public areas such as local infrastructure and public services. However, many local investment and financing platform companies also have outstanding problems such as unclear relationship between government and enterprises, unclear strategic positioning, unclear investment boundary, imperfect management system and mechanism, and debt scale expansion.
Panoramic analysis of local investment and financing platform policies
1.2014 On September 2 1 day, the General Office of the State Council issued the Opinions on Strengthening the Management of Local Government Debt (Guo Fa [2014] No.43), which requires the principles of combining unblocking and blocking, distinguishing responsibilities, standardizing management, preventing risks and steadily advancing.
2.2065438+On April 26, 2007, the Ministry of Finance, together with the Development and Reform Commission, the Ministry of Justice, the People's Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission, issued the Notice on Further Regulating the Financing Behavior of Local Governments by Debt (FB [2065438+07] No.50), demanding that the financing guarantee of local governments be comprehensively organized and rectified, and the relationship between the government and the market be properly handled. Government debt and non-local governments shall not inject public welfare assets and reserve land into financing platform companies, and shall not promise to use the expected proceeds from the transfer of reserve land as the source of debt repayment funds for financing platform companies, and shall not use government resources to interfere with the normal operation of financial institutions.
3.2065438+On May 28th, 2007, the Ministry of Finance issued the Notice on Resolutely Stopping Illegal Financing in the Name of Government Purchasing Services (FB [2065438+07] No.87), demanding that it is strictly forbidden to package construction projects and services as government purchasing services. The government should adhere to the budget before purchasing services, and the required funds should be considered in the existing annual budget.
4.2065438+On April 28th, 2009, the General Office of the Ministry of Finance issued the Notice of the General Office of the Ministry of Finance on Sorting out the Situation of Increasing the Implicit Debt of Local Governments by PPP Projects (Caizong [2065438+09] No.40), requesting to suspend the implementation of PPP projects that increase the implicit debt of local governments, or to continue to implement them in other legal and compliant ways. If it continues to be implemented, it shall be properly rectified in accordance with the relevant provisions on the management of hidden debts of local governments. For projects that increase the implicit debt of local governments, provincial financial departments should take the initiative to clean up from the project library. For projects that have been included in the government debt monitoring platform but are found to be controversial, the financial department at the same level to which the project belongs shall organize the project compliance demonstration.
On July 9, 20021,the CBRC issued the Guiding Opinions of Banks and Insurance Institutions on Further Preventing and Resolving the Hidden Debt Risks of Local Governments (No.Yin Bao Jian Fa [202 1] 15), which once again mentioned that the hidden debts of local governments should not be increased in any form, and requested that the financing platform of the Ministry of Finance should be consulted before providing financing. It is not allowed to provide supporting financing for its participation in local government special bond projects. But at the same time, it also left a policy window: if the project meets the financing conditions due to business needs, it should be reported to the people's government at the same level for written examination and confirmation.
Three Focuses of the Development of Local Urban Investment Platform in 2022
The first is to define the strategic development orientation of developing local investment and financing platforms.
The city investment platform should implement the central government's decision on deepening the reform of state-owned enterprises, adhere to the development orientation of the government's special purpose vehicle (SPV) and functional state-owned enterprises in specific industries, adhere to the fundamental purpose of public welfare state-owned enterprises, adhere to the basic principles of "investment boundaries are not offside, investment purposes are not profitable, and investment opportunities do not crowd out social capital", and actively and steadily promote the market-oriented transformation and development of local investment and financing platform companies, such as transforming into urban integrated service providers, industrial park integrated operators or investment operators in specific industries. Clear strategic positioning and clear planning direction.
Second, define the boundaries of investment scope.
Further clarify the investment boundary scope of investment and financing platform companies. In principle, the investment boundary of investment and financing platform companies shall not exceed the public domain, the scope of government investment in the public domain, and shall not occupy the investment opportunities of social capital, especially private capital. Investment and financing platform companies should focus on making up for the "defects" of the market mechanism, and focus on investing in quasi-business projects that have certain operating income in the local area and are not attractive to social capital. In principle, it is forbidden to invest in purely public welfare projects or non-operating projects to prevent hidden government debts from the source. For non-operating projects that really need investment and financing platform companies to participate, it is necessary to formulate a legal and compliant participation mechanism in advance, including clarifying the ways and preconditions for the government to give capital injection, investment subsidies or operating subsidies.
Third, improve the enterprise management system.
Carry out the requirements of establishing a modern enterprise management system with China characteristics, comprehensively strengthen and improve the Party's leadership, speed up the improvement of corporate governance structure, implement the external independent director system, and introduce professional managers. Efforts will be made to improve the scientific management level of investment and financing platform companies, establish investment decision-making committees and strategic advisory committees, improve investment and financing decision-making mechanisms, improve investment and financing risk prevention and control mechanisms, improve performance appraisal and salary systems, and improve incentive and restraint mechanisms. Strengthen the external supervision of investment and financing platform companies, establish and improve the pre-reporting system for major investment and business activities of investment and financing platform companies to relevant departments such as government development and reform, state-owned assets, finance and auditing; Actively introduce social supervision mechanism, improve the information disclosure system of investment and financing platform companies, improve financial and debt transparency, and take the road of sustainable financing and high-quality development.
Author: He Bin, an outstanding partner of Peking University.