Voice Of Magagement Vol.18
PPP rules will give infrastructure financing a brighter future
Investment, an important engine of the Chinese economy, is expected to grow faster this year. Infrastructure facilities will continue to take a large portion, but the emphasis will be put on improving weak links and consolidating the less-developed areas.
投资作为中国经济的重要引擎，预计在今年取得更快的增长。其中，基础设施建设仍然占有较大比重，但重点是如何在薄弱环节补短板，以及巩固欠发达地区的基础设施。
How to promote infrastructure investment? The private sector will play an increasingly important role in the infrastructure financing market over the next few years, according to a report issued recently by the Asian Infrastructure Investment Bank (AIIB).
如何促进基础设施投资？根据亚洲基础设施投资银行(AIIB)近日发布的一份报告，未来几年，私营部门将在基础设施融资市场发挥越来越重要的作用。
The report shows infrastructure financing trends in eight countries including China, India and Russia. It emphasizes that cross-border infrastructure including links that promote trade, market integration and the distribution of green energy are necessary during times of market instability and declining economic growth. "There continues to be significant infrastructure investment opportunities across Asia, despite current market uncertainty and short-term challenges." the report said.
该报告分析了包括中国、印度和俄罗斯在内的8个国家的基础设施融资趋势。它强调，在市场不稳定和经济增长放缓的时期，包括促进贸易、市场一体化和发展绿色能源在内的跨境基础设施是必要的。报告称：“尽管当前市场存在不确定性和短期挑战，但亚洲各地仍存在大量基础设施投资机会。”
“The potential of the private sector to participate in infrastructure financing is far from fully released, and the importance of private sector investment will be emerging in the next few years.” the report said.
报告称：“私营部门参与基础设施融资的潜力远未完全释放，未来几年，私营部门投资的重要性将逐渐显现。”
How to fully release the potential of the private sector? As we know, public-private partnership project (PPP) is the main method for the private sector to participate in infrastructure investment. Therefore, making PPP work more effectively in infrastructure financing is a good way to release the potential of the private sector.
如何充分发挥私营部门的潜力？ PPP模式是私营部门参与基础设施投资的主要方式。因此，让PPP在基础设施融资中更有效地发挥作用，是释放私营部门潜力的好办法。
Legally, PPP needs high-level, more consistent and unified rules and regulations.
然而在法律层面，PPP需要更高层次、更具延续性、更统一的规章制度。
The absence of top-level design leads to the conflicting regulations among numerous different departments during the operation of PPP (Public Private Partnership), and the compliance of the PPP operation is in doubt due to the interminable dispute while practicing and the various executing methods in different provinces.
首先，顶层设计的缺位导致PPP在操作中出现了大量不同部门规定相互冲突的情况，学界和实践中争议不断，无法形成统一的结论；
PPPs are long-term contracts between the government and a private contractor to build public infrastructure and provide infrastructure services. In the past, due to the absence of national-level legal regulation, some PPP projects had been used by local governments as off-budget channels to fund spending.
其次，PPP模式下政府与社会资本方之间建立公共基础设施和提供基础设施服务的长期合同。由于缺乏国家层面统一的法律监管，一些PPP项目被地方政府当作财政预算外的支出渠道，增加了地方政府的债务和财政风险。
Fortunately, China's first national-level legal regulation on public-private partnership projects is in the pipeline, to manage PPP projects better and prevent the expansion of local governments' contingent liability, as infrastructure is supporting economic growth.
幸运的是，中国首部针对PPP项目的国家级法规正在酝酿之中，PPP可以有效促进基础设施建设，而基础设施建设正在支撑经济增长。这部法规，将更好地监管PPP项目，同时防止地方政府或有负债的扩大，让PPP项目更高效、规范的运营。
Guidance for PPP project management will be released before the legal regulation by the Ministry of Finance, to identify local governments' spending responsibility in the model and clarify the boundary between on-budget financing and contingent liabilities, or the hidden part of local governments' debt.Based on the guidance, the legislative process of PPP management rules could be further advanced, which is now being drafted jointly by the Ministry of Finance, the National Development and Reform Commission and the Ministry of Justice.
国家层面统一的PPP立法未出台前，财政部将率先推出一部针对PPP项目管理的指导意见，以厘清地方政府的支出与责任之间的边界，妥善发现与管理地方政府的负债与隐性债务。 在指导意见的指引下，PPP相关的立法程序可以进一步推进，目前正在由财政部、国家发改委和司法部联合起草。
The issue of national-level legal regulation on PPP projects would clarify the authority boundary of the competent departments, which provides a more direct basis to the compliance of PPP projects at the legislative level. And investment targets and evaluation standards should be set before starting projects, to prevent unregulated PPP from increasing local governments' hidden debt. The legal regulation will further clarify the government's investment responsibility and improve PPP management as well as crack down on local government fiscal risks.
PPP国家级法规的出台，将厘清各主管部门的权限划分，为项目的合规性在立法层面提供更为直接的依据，同时将设定投资目标和评估标准，以防止不受监管的公私合营企业增加地方政府的隐性债务。PPP管理法规将进一步明确政府的投资责任，完善PPP管理，防控地方政府的财政风险。
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