Half part goes up in front, those who tell is the sends financing issue of local government. Had turned round to tell an outlet. The graphic representation before me has been told, a few when governmental tomorrow invests add up to compasses financing source to include: Capital of bond of finance own reserves, government, society. Among them the most crucial is social capital. The mode that social capital invests has a lot of, PPP is core. Appear again now all sorts of " innovation " mode, for instance ABO, FEPC is waited a moment, it is the hex that local government is forced come out. I do not tell PPP today, the expert can be told from the back. Also do not talk black art, although a lot of leaders love,listen.
The key talks about platform company transition today. The money bag that platform company regards local government as more than 10 years, the position is very awkward now. Above all financing source is disagreement compasses, do not calculate finance capital, also do not calculate lawful social capital, it is inside and outside not be a person. But platform company cannot simple one knife is cut, so we talk about platform transition all the time. Transition of company of station of the Tan Ping inside course of study became a tide now, everybody likes to talk about transition, talk will talk go solidify thinking, baidu one search article one pile. I say all the time, those who broke away from local financing development is actual come transition of stage of pure Tan Ping does not have what meaning, the backside of platform transition is the transition that whole place joins financing system, it is the problem that should solve problem of local government history and development. Local government leads the issue that does not care platform company, what local leader cares is how platform company serves a place better. What so we need to do is the future that casts financing system reform to turn platform company from the place, how is the development that what mirror certainly rear is whole town future united in wedlock with the company, this is a series of problem.
Platform company's located phase
Below node of every period policy, environment, the problem that everybody faces is different. Policy refines be born since 2017, pure before government bought a service to be stayed in by limitation, so platform firm closes the financing of compasses, perform the issue that turned a government into recessive debt to now.
The first phase, the problem that company of this kind of platform exists generally is to be in phase of pure governmental financing mode, had not begun to develop toward transition direction, train of thought is unsharpness. Face 3 problems: It is politics look forward to concerns how to be straightened, 2 it is how debt risk is prevented accuse, 3 it is asset how integrated.
The 2nd phase, how the market is extended after earlier transition comes off. I was in last year Liaoning an area below city of level of a ground, the leader of a Bureau of Finance asks me the first question into the door at that time is " Mr. Liu, other need not say, do you tell me how to be walked out of? How we extend market business? " it is good that this explains its foundation has been hit, he the conscious, hematopoiesis function that idea goes making platform company oneself, oneself are managed, oneself go developing.
The 3rd phase, include what at present our collaboration time grows quite, like Shandong, Henan city of a lot of places joins a company, already very mature, directional thinking already very clear, go discussing the issue of business no longer, the more that communicates with us is an enterprise interior management promotion, personnel is built, the problem of performance assessment be born.
The task of a few transition
Be present have construction company, have platform company, also have local government leader, the problem that everybody faces is different, so I explain the task of a few transition mainly:
1, the change that politics look forward to concerns
The problem that politics look forward to concerns cannot be cast off. A lot of people are saying platform company transition, will not must be commercialized, but commercialized backside core is not to follow a government to break away from, I believe everybody is met go conciously realising this. About the change that politics look forward to concerns, there is a platform company leader to had been summed up before, I think very joint.
It is for the government the function of direct financing changed, the function that serves a government is changeless.
The 2 kind that are governmental support went, supportive strength is changeless. It is a government so simple and crude, direct infuse asset, land, platform company goes financing, very simple, but now is land not only, still have the management limits of authority of whole town; Former platform company be in harmony comes endowment, give the Bureau of Finance directly, the Bureau of Finance gives build bureau, live build bureau gave construction the company. Prospective government gives platform company financing the job no longer, give a project however, let platform company had made the item, the way that says support so produces a change, supportive strength is not abate stronger even.
3 be to get the means of the project to change, the city builds operation advocate cause is invariable. Those who manage unifinication is the financing of whole project, investment, construction, outspread be done by platform company. Live build bureau, city to be in charge of the government sector such as bureau, highway bureau to do good industry to superintend, specific the business of management sex gives it is good that platform company will do. 2018, heilongjiang gave a file that reforms about the institution, ask complete province undertook 2018 the institution is reformed, individually city must take out specific plan, among them the a bit most important the institution that is all management property must be gotten undertake the enterprise turns operation, we ran several years in Shandong, the institution wants the management sex of prospective government change, this also is a good luck.
4 be financing mode changes, but financing function is changeless. Original financing mode is very onefold, take money to give local government, the financing of platform company is not to be governmental financing after, be in harmony comes endowment it is the item that becomes platform company, can do all sorts of projects such as project of estate, PPP for instance, the most important is financing can be rented with company debt, financing, a variety of means such as fund, but cannot violate compasses operation.
Of course, still involve the issue of a few special core, have the change of the following respects at least:
It is the change of staff capacity, it is a director so, the director holds concurrently achieve send company president, future may be the city casts company president to hold a director concurrently no longer, also just carry the case that pass like Yang Zonggang in fact, director of some city highway became president directly, do the business first-rately also.
2 be debt clear, with the government original debt has been arranged, processing is good, it the Zhang that who should be calculates is clear that the Zhang that who should be calculates, I am in recently several places are in Henan to make debt check to them, the debt that this government returns is returned by the government.
The 3 change that are capital concern. Government and financing platform are both and original it is pure leasehold fund, come-and-go, leasehold, perhaps call direct financing service concern, future is a kind of commercialized capital concern, capital come-and-go should make clear Hunan.
4 it is project mode change. It is very important to there was a financial job meeting 2017, back the platform company after transition strongly, carry on lawfully governmental commonweal project. But the core problem of backside, how to still solve the problem of financing source, the problem of core of commonweal project backside is the problem of capital. How is commonweal sex project done now? The first PPP, the 2nd issues governmental bond, the 3rd violate compasses, with respect to this 3 kinds. Of course, ABO, FEPC, batch change hire, these blackart no matter.
5 it is aggrandizement national endowment is superintended superintend with the industry.
6 it is structure of legal person processing. Here is differ one give uncecessary details.
2, the problem that debt deals with
10 have the problem that the prefectural town of 89 can allude now, how does governmental debt deal with?
Divisional responsibility, comes to whose debt still, this is a basic principle. If money uses government spending, reimbursement processing is a government for certain, some governments leader says governmental finance does not have money directly, platform company goes thinking way, resign without method, pressure of platform company leader is very great, money gives a government, let myself return, how to do? Say we want to think way to platform company so, how to realize in the government risk time controls the venture:
It is PPP, dissolve the debt that put an amount, e.g. is in Heibei there have two commonweal project, have 559 debt of 100 million probably, whole bales, pass the means circumfluence fund of TOT, return original money, PPP of final strike out, the phenomenon that it reflects is not debt, however the government spending responsibility of PPP project.
2 it is to increase fight risk ability. The resource conformity of whole town bales platform company, help platform company promotes financing capability. We are the closest in Hunan a city is handed in with the province discuss all right, hand in a leader to agree with our idea, give platform company all resource that can generate profit, hand in next travel is unified give a letter, cash flows, have resource, the bank also is willing contact with, PPP is bad now financing, but if have concessionary right of administration, have leasehold, cash sheds ability of financing channel, financing to be close friends relatively a lot of.
3 it is governmental sinking fund, the government is annual in the capital from finance balance, for example from earth store in the income that sells the land, all income balance put in collect 's charge, make a fund be used prevent control a venture, careful investment builds a project.
4 it is debt turns, reform of whole at that time state-owned company has pushed debt one round to turn ten years ago, but did not run massive debt to turn at present, we also are discussing this domain recently, not certain from proceed with of orgnaization of bank, finance, cover the debt such as the project money that owes so with governmental refer inside e.g. me, discuss possibly, give creditor's rights exchange equity, also be debt deals with the new thinking of the attempt.
3, the problem of resource conformity
I here make a few complement and comment a little, eye comes round to say, all platform companies, we see forms for reporting statistics, if send,cross company debt only, capital structure is basically similar, why? The level that delivers debt is about the same, method of the working train of thought of certificate business, job is same. See asset forms for reporting statistics so, dot of the first attention is land, land took one chunk, land closes compasses was additional one and the same, basically 80%-90% disagreement compasses. Land, in build house property of sex of project, investment, still tourist attraction of a few travel, society is in charge of corridor, reservoir, Lin Quan, the asset that such a few cardinal principle estimate, whole pack, come out a few hundred million about a hundred 100 million basically be no problem. The 2nd pays close attention to a dot, also be me what pay close attention to more is all management sex asset. To the city, the management sex capital fund that includes equity of concessionary right of administration, other company to wait inside is valuable, can change now, the main asset that can flow.
A picture was painted before me, it is two funnel, control each one, platform company is among, what to represent? Future is whole all end dots, passageway is in urban capital, resource, asset, capital platform company.
Left finance capital exports: Want the place that is finance beautiful money only, besides rigid defray, a few expense that if finance pays,expend only, e.g. lake of municipal road conserve, communal illume, river processing, environment processing, rubbish is handled, rural rubbish is handled, pure government pays fee, want a government to pay fee only, capital takes platform company.
The entrance of right society capital: The capital that all society capital enters a town enters the mouth also from here go, for example the first kind, all use the project that pays fee, parking lot, advertisement, a few otherer the concessionary right of administration that collect fees gives platform the company. The 2nd kind, include item of our a few capital attraction, platform of capital attraction project can be participated in among them, can cast. The 3rd kind, PPP project, a lot of places more and more apt introduces social capital from platform company. The platform company that there was class of county of many 300 area 2017 issues announcement, come off the transition after governmental debt, what is real intent of report? Want to make social capital namely, have an objective only, want to do PPP, so this 300 many areas have actual idea.
So end looks, 4 fixed position of platform company:
Resource conformity platform, the platform company in the past is a single capital platform only, platform company of future is capital platform not just, however platform of conformity of a resource, urban natural resources is unified with a window external.
Asset dish lively principal part, each all and dispersive bureaus appoint, the did not develop effectiveness asset conformity with each unused branches rises, platform company is changed through capital negotiable securities, all sorts of means such as project accrual debt dish vivid asset.
Capital builds up passageway, just as its name implies is a capital builds up passageway, passageway, internal capital puts in a project or outside capital should intervene governmental project must pass platform company pass in and out.
Capital runs platform, of the guiding of prospective estate investment, industry, industry give aid to by platform the company is held dish, company of a platform represents a city, platform company is done well, the city has something made to order well, platform company can have been done, look truly whether had built platform of these 4 fixed position.
4, the problem of capital position
Capital position, it is the problem that differentiates about the structure of a capital of company interior, I have hundreds of 100 million asset, be put in the group or put in subsidiary? The business of each subsidiary this how layout?
I advance 3 principles:
The first, direct slightly with battle, whole company weighs asset to run operation of small still capital fund, this is very the problem of core, should breed 9 to appear on the market e.g. company of prospective company platform company, IPO is ability, indebted to the asset yield of whole company, gain leading have a demand, e.g. Wen Lvping the stage may consider operation of small capital fund, water is cast or hand in projecting a possibility is heavy capital operation, mode is different.
The 2nd, with already having board piece the conformity that has capital fund for the foundation, we are in Henan the mode of the promotion of a lot of places basically is one mother N child, a lot of places are learning, postponing a such constructions. One mother N child how N is built? Be with the industry board piece enter the mouth to cut or enter the mouth to cut with industrial chain? Want adjust measures to local conditions, actual condition design organizes combinative each district structure.
The 3rd, undertake resource conformity in order to manage efficiency for the target, asset is put in who there, who can dish vivid, who can be managed rise to who give, put in the group, an asset runs a department, so a few people, can have been in charge of every day pretty good, can have written down Zhang pretty good, want to manage a likelihood again difficulty is very great. For instance I was in Heibei last year, former capital is in group, reach asset all transfer to a lower level later each subsidiary, let subsidiary come operation, group company has been done it is OK to superintend and be assessed.
Platform company future develops way
Government asset, resource all accrual give platform the company, how that platform company should be managed?
Before this Yang Zong has written an article, we had discussed the necessity of the value of prospective platform company and existence. Be in Beijing a few days ago I and an expert are discussed, it is impossible that I say platform company is nonexistent, just the configuration that it exists can transform certainly, we service of all urban construction, construction, operation, all these industries, the government is direct the cost of enterprise of capital of butt joint society, civilian battalion is very high, for instance we do a canopy to revise a project, build a road, be in current below politics business environment, all gives civilian battalion company is not real, the leader can think to wait to lack a palm to accuse to service of quality, plan, operation.
The fixed position that says prospective platform company so is to upright to follow at the government a such union are nodded between the market, the government does the thing of the government that guides as a whole, civilian battalion enterprise does the thing with civilian battalion efficient enterprise, platform company has been done both between forestall the thing of half door, this is its advantage.
From the angle that serves local development, we give platform two fixed position, the first is the development operation that becomes good city, current name calls urban operation business inside course of study. The development of whole town made urban construction in the past, future calls urban development. Of course we locate now in urban and rural, future is whole what countryside revitalizes the strategy is outspread. The 2nd is industrial guiding, urban vigor depends on high buildings and large mansions not just, depend on road not just, more depending on industry, we were learning Chongqing mode all the time in the past, past is 10 years with the land, vigor that with the city construction conducts whole town, but actually Chongqing been havinging transition from early. The foundation of whole town depends on building not just, depend on an industry however, the industry brings revenue, the industry brings obtain employment, the industry brings the people's livelihood, the industry brings a talented person.
Future is told to area, urban development pays equal attention to with industrial investment but industrial investment is a bit more significant. The city joins a company also is same argument, prospective city develops the field that is a very main base, industrial investment of future is a strategical development direction certainly. Decompose downward, the city develops us to do a classification, infrastructure construction, public natural resources is integrated, brigade of other a few estate, article, provide for the aged, cure raises all domains to be able to be done.
A city has the possibility for instance civil cast, the city is cast, hand in cast, farming join company of a lot of platform, everybody has business differentiate, but when I am being communicated with a lot of places, remind to everybody all the time, do not stay in him confine, what we cooperate in Henan is very much, some hands in Henan cast just established us to cooperate. We carry at that time is this transportation group do not do oneself develop a group into traffic, want make it city to develop a group, not just domain of traffic of bureau be confined to, stay in him demarcate, because city of level of a ground is so big, does whole highway build future how many can you have? Won't have too much space, but the development of whole town is infinite. So our proposal is to do a city to develop a group, although the name calls traffic to develop a group, but who is capable, who is grabbed come resource, who is done, governmental natural resources is done to who, do not say governmental project to be able to undertake matching according to the name of the enterprise certainly.
We are handed in another times in Shandong joining a company also is such, this is handed in cast a company to just held water, the asset conformity that thinks a fair railway administration rises, highway bureau stuff does not like, the institution does not think of to go inside the enterprise, the result succeeds without conformity all the time. I suggest to call a city hair group later, these resource install the parking lot whole town, advertisement, conserve, take the municipal construction of whole town established a city to develop a group, development pattern is different.
Industrial investment is a serious problem, the direction of investment is very much, but have a few principles:
The first industry that is governmental dominant must be cast, a few good industries can cast the capital attraction of governmental dominant, because of policy advantage.
The 2nd core advocate course of study is extended, around core advocate what course of study undertakes is transverse extend fore-and-aftly.
The 3rd is PPP project investment, because did not come,the mode of the first core is in project of whole town infrastructure PPP, PPP opportunity is not caught, that other opportunities are not much, pure make construction, platform company does not have any advantages, but if be the word that makes investment, make PPP investment, the dominant position is very large, the relationship that follows local government is closer also. I am in Hunan a city, raise a proposal to it, you can go the area below, still the county below takes an item, can you take? He says to be able to be taken of course, the first it is be on speaking terms, several warden are the classmate of the president that the city joins a company and old colleague. The 2nd, they owe the money of platform company, several areas look for him to lend money, your money is not returned, must is done to a few projects, whole accrual gives future me, say platform of class of city of a lot of ground is being gone to so area county class is outspread, make social capital, this is PPP investment.
The 4th commercializes investment project, have alternative a few high grade commercialized operation projects, for example landed development, cure changes the operation that waits for commercial project.
The 5th gold accuses, finance, kind finance kind business, this kind of business is cut a point very well. City of a lot of provinces finance kind accomplish gold to accuse, this is a very big task, we can be discussed technically.
Business is mentioned to extend logic to depend on among me transverse with fore-and-aft, fore-and-aft be an industry is outspread. The core of industrial catenary, everybody knows riant curve, the tertiary industy of such a few traditions flows in general quick pass the time in a leisurely way, content, the comparison that such a few industries use is much.
To platform company, riant curve does not have the likelihood so intuitionistic, but to city building, to the city, industrial chain arrives to construction to investment from financing conserve arrives material is whole the chain of unifinication, where is its core dot? We say to hit a snake hit 7 inches, where are 7 inches its? Past of group of a lot of construction is done a few years in transition build cast, change renown: From build project to build cast, arrive from construction build cast, what is what mirror rear? From a construction change to investment, the chain that reflective problem is development of whole construction chain, whole town depends on investment.
We give it the first proposal that raise in a lot of places, cheng of charge for the making of sth. of be confined to of not mere bureau, make construction, do conserve, want to have investment financing capacity, from investment financing is cut, if take PPP item, take next investment, think oneself are done do with respect to oneself, oneself are not done can do to others, anyhow I have speech right.
I am in Shandong somewhere, before paragraph time goes, they make item of wisdom parking lot, make it PPP, pack for a long time, because I did not go for ages, talked about a problem with him in the past, northeast also is doing wisdom parking lot somewhere, I chat with their manager, what their manager chats is elated, say with me PPP is pushed very quickly, very good, wisdom jockeys is a very good project. Before I go probably 10 minutes of time, I say with him, is your project what to part make? He says I do a government contributive delegate. I say I talk with you so long, discover you are done to others finally, either oneself are done, make for other marry clothes. I say not to become contributive delegate with him, go making social capital, why? Project 25 years, construction period 2 years, construction period 1 year half, future 25 years whole wisdom city, wisdom jockeys the industry is the space that you do not imagine, you give others to do operation authority of these 25 years, dominant right why, where is the space that didn't you come to? Say him so whole after investment advantageous position of 25 years, operation authority is taken, whole the 20 annual fixed redound that last for years, it is a very big profit.
Say to take investment so, go doing a design again, make construction, do conserve, make material, some him companies make pitch, assemble type prefabricated component now these things can be done, this is fore-and-aft. Transverse we call diversity to extend, I put forward to be not done only with platform company leader hand in hair, want the hair that become a city, besides traffic domain, want to start urban construction, hospital, school. We this client, although say to start late, before two days are in group in what sent place to us is all enterprise or business the rank of the unit, although,they hold water two years, but had ranked the first two years continuously.
The last problem is promotion of company interior management, this task is very professional, have from the back it is opportunity, OK to have time go technically discussing.
(build in the basis politics grind cast financing to seek advice from Liu Cunjing of career department general manager to be held in Shanxi Taiyuan " the government below new condition casts seminar of financing mode innovation " the talk that attend is arranged)
