The country sends 2014 〕 of 〔 the carry outing of budget act of 43 Wen Hexin, mix in policy jural ask to come off the financing function of company of governmental financing platform. Control a government to be on guard strictly the increment of recessive debt, the country comes on stage continuously (money beforehand 2017 〕 of 〔 50) , (money beforehand 2017 〕 of 〔 87) , (2018 〕 of money gold 〔 23) , in hair (2018)27 date, country is sent (2018) a series of 101 files such as date, ask normative government lifts debt financing mechanism, be on guard and dissolve venture of local government debt, local debt risk is on guard to also rise for center battle of 3 large assault fortified positions. From this, traditional " politics letter " collaboration also left historical arena. Local government is construction of supportive place infrastructure and hypostatic economy progress, urgent need is built new-style join financing system with what development of local area whole matchs, undertake the new form of mode is built casting financing.
One, the setting that local government casts financing mode to reframe
1, recessive debt is exorbitant will cause region financial crisis or financial crisis
Company of local financing platform serves as a government " the 2nd finance " , assume the responsibility of financing for a long time for project of governmental capital construction. Because capacity of put oneself in another's position of investment of capital construction project is great,reach the attribute of commonweal, do not have accrual mostly or accrual is scanty, bring about financial resources of main support government to repay thereby the cost of capital construction financing and accrual, this is traditional " politics letter " cooperative mode. The purpose that capital construction project invests, it is to drive consumptive increase sharply to drive area GDP thereby, 2 it is through guiding the development of hypostatic industry drives area GDP thereby, original intention is good, but actual condition is, the growth of area macroeconomic reachs the buildup of governmental financial resources, cannot repay the financing capital that platform expires for capital construction and accrual. Cause the main reason of afore-mentioned problems, it is gross of local government financing and whole of region economy progress lopsided, put in the phenomenon that blind mount a horse mixes capital construction project to be fooled and goes up; 2 it is central finance and local finance a dish of chess, cause an important place square government dare acceptance repays, financial orgnaization dare the situation of loan. In practice, backing aspect of local capital construction in last few years, each banking company still is put in support government credence to endorse, bind local government, bind the problem such as risk of debt of place of state-owned company, accumulation, aeriform form many and invisible debt, aggravate hidden danger of finance banking venture. Send in (2018)27 sign language makes clear a requirement: Local government builds investment to answer when do according to one's abilities, increase finance sanction to spend, begin finance adequately to bear ability evaluates argumentation, phase of research of construction project feasibility proves capital adequately to raise money plan, restrain a place effectively not to provide the construction of project mount a horse of reimbursement ability.
Recessive debt does not belong to local government lawfully governmental debt, but local government has the responsibility that repay. Current, the significant risk hidden trouble that the recessive debt with huge dimensions has made society of our country economy develop, be like mechanism of financing of not seasonable and normative government, cause systematization finance and financial venture easily, economy of influence our country grows stage change to high quality, influence decide the issue of the battle builds comparatively well-off society in the round, must take seriously highly.
2, the mechanism of politics letter collaboration that superintendency policy breaks a tradition thoroughly
From the State Council 43 article began 2014, the country must come off with respect to requirement platform company financing function, solid quotations field changes transition, must not undertake financing for local government again. Enter after 2017, national policy is to come on stage thick and fast more, superintend local government and platform to violate compasses financing through the file such as 87 50 article, article, change 2018 〕 of 〔 of gold managing money through sending 194 article, finance and economics (2018) 2017 〕 of 〔 of hair of 23 article, silver-colored inspect the file such as 6 article superintends 2018 〕 of 〔 of the 55 date, hair that keep watch financial orgnaization is violated compasses match to local government and platform endowment. Especially the Central Committee of Communist Party of China, the State Council (2018) of 27 article come on stage, local debt is superintended and will violate compasses financing to rise to national strategy as battle of 3 large assault fortified positions more. A series of fathering accuse to set, surround directly blocked the capital between orgnaization of company of platform of local government, financing, intermediary, finance up catenary, cause " financial orgnaization has money to dare not borrow, financing platform company has money to dare not want " situation. Look from the surface, the superintendency strength with recessive to local government unprecedented debt, cause local government all financing channel suffocate suffocate; Get a place this class financial resources is limited the influence that waits for an element, the unfavorable situation of project of governmental commonweal sex is very difficult. Accordingly, how new form builds local government to cast financing mode to become project of executive capital construction and the crucial place that drive region estate development.
2, the heavy conception way that prospective local government throws financing mode
1, the new fixed position of function of company of governmental financing platform
Send in (regulation of 2018)27 date file: "Classification advances financing platform company to commercialize transition, the financing platform company that builds operation function to undertaking governmental financing and commonweal sex project, weigh the means conformity add up such as the group through annex congener business, come off function of its government financing, transition commercializes operational state-owned company for the domain such as operation of infrastructure, public utility, city. Operational state-owned company is commercialized to comply with law after the financing platform company in supporting transition and transition carry on project of governmental commonweal sex, solid quotations field is changed manage, assume sole responsibility for its profits or losses, local government assumes responsibility with contributive forehead in the limit of " . 27 files made clear platform company to assume function of acting government financing no longer, platform company needs transition, and requirement transition is the domain such as operation of infrastructure, public utility, city to commercialize operational state-owned company. Because project of local capital construction invests body to measure tremendous feasibility condition, and governmental bond and PPP mode financing " the ceiling " limitation, accordingly, the platform company after prospective transition basically will continue the function such as function of the infrastructure construction function of local government, public service operation and financing of form a complete set namely operation business of the city.
2, cast financing to trade structural change
Local government lasts the main purpose of financing has two, it is the infrastructure construction that supports a place, the 2 hypostatic industries that are supportive place grow. With respect to industry usual practice, investor is spent to the investment level of local government and investment, it is the finance income case that considers a place on one hand, more important is the land natural resources that values local government and rich (that is to say, the action that can assure to full specified amount since enough) . In show level new politics under high pressure, letter of this kind of tradition politics cooperates cast financing mode to already did not pay existence. Accordingly, what we can use is new-style casting financing mode is, have local government " 4 endowment " (capital, asset, capital, resource) add up to the classify transition platform of compasses legally, in the meantime, expand of accrual ceaselessly as respect of platform oneself industry, pay close attention to the investment safeguard of investor the dot to endorse from governmental credence from this the oneself safeguard capacity that shifts platform comes up amply. Such, the support government credence that can change a tradition stage by stage endorses, bind local government and state-owned company cast financing mode, be on guard effectively local government debt and financial venture while, achieve the balance of area resource and debt financing, implementation " borrow come, still must go up " the effect.
3, the change that offers a service to commercialize mode
After successful transition of company of governmental financing platform, project of the construction with public service territory and operation passes the infrastructure that will undertake by local government originally to add up to the mode of compasses legally (for example PPP mode, concessionary management mode, accredit management mode, resource compensation mode, buy service mode to wait) , pack the project of platform company oneself. Thereby, can replace governmental oneself of be perfectly justifiable to complete the construction of local infrastructure and public service project and operation by platform company, commercialize construction, operation by the platform company that undertakes the enterprise turns management public service project, realized local government finally to gift the task of strategy of deep administrative levels of platform company.
On put together, the tradition was shut in the center of " politics letter " a door of mode, opened a window of platform transition mode sadly however, simple and easy and straightforward government financing already east enter the sea, and exquisite and sagacious platform financing converge becomes a river. We expect jointly, assemble multiresource and the technology such as finance, investment, capital construction, industry fall at the circumstances of an organic whole, new construction of round of economy is closing more necessarily benign progress is achieved below compasses and the condition that can last.
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