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The author:(作者)qqpublished in(发表于) 2014/6/24 8:42:38 Guangzhou more financing platform for outgoing executives Executive jobs
For financing vehicles should be treated differently. If a financing platform itself also has some good assets, you may want to consider not across the Board. Such as Guangzhou metro. Land finance and financing platforms are now stuck, and did not see in the short term to find better way (for money).
---Big in financial and tax Department of Lingnan College, Director Lin Jiang
Seven finance platforms into the Government purse
Where to change the Government? Guangzhou Chinese insurance capital
Last month, the State Council asked local financing platforms stripping functions of government financing and set up government bonds as the main body of the local government borrowing and financing mechanisms. In fact, two years ago, when central mapping local debt, has required local financing platforms and gradually corrected.
From then on, Guangzhou City has been voted, water clean up seven financing platform for investment, the current transformation transformation has been completed. But for local governments, has enough money at once. Do? Guangzhou Municipal Government turned to the insurance fund.
Asian Games, lack of money, the formation of seven group
Guangzhou set up financing platform, begins to organize during the Asian Games.
In Guangzhou City, is short of money. Therefore, in October 2008, the Guangzhou Municipal Government issued a 39th article (full name of the notification of the programme for the reform of urban construction investment), began to form the Group of seven finance platform.
Financing platforms established, for Guangzhou to raise a lot of money for a short time. But in 2009, the Panyu dongchong town Attorney (well-known user "cruisers") due to the Panyu waste incineration project interest in the 39th, challenged the Government through 39th of the text left to right to refuse treatment in Guangzhou guangri group is reasonable, through a network of Government information, filing requirements, 39th in public. Since then, the Guangdong people's political Consultative Conference Standing Committee Meng Hao Zhu yongping, Guangzhou famous lawyers have expressed support for solidarity.
In 2012, the Guangzhou Municipal Finance Bureau began regularly to the municipal people's Congress on financing vehicles, the level of government debt, and describes the source and status of reimbursement. Guangdong Province, the provincial government issued the strengthening of local government financing platforms and implementation plan of the management of the company law, requested some rely solely on financial debt financing vehicles will be phased out as the government finance functions, into the General class of State-owned enterprises. From this year onwards, Central began investigation and rectification work of local financing platforms.
On one hand, bonds loose the jurisdiction of local governments, financing for government financing vehicles to exit function, into General Soe, on the financing platform has been integrated into standardized and transparent management.
Companies "to administration"
Major financing platform in Guangzhou began to transform.
Assets liabilities rate in 70% following, and meet central policy of city voted group and City Metro company first from "financing platform class company" rectification for "General class company", no longer for municipal government financing, platform stock of debt into two class processing: for cannot produced operating income of public class project, by city financial funds for yearly debt coupon; and itself can produced operating income of operating sex project, is by city voted himself bear.
Subsequently, other financing vehicles in Guangzhou corrections have been completed.
In early 2013, the City Government through a variety of means to the highest rate of water investment group injected 10 billion of assets and liabilities assets, under the current debt ratio dropped to 70%, the red line, officially turned into "General corporations".
Seven finance platform personnel gradually "to the administration."
For example, by 2013, Deputy Director of the municipal construction Committee Zhen Guang, city investment group, serves as Chairman. After rectification, Zhen Guang from the UDIC Chairman leaving only served as Deputy Director of the municipal construction Committee. Xin Cheng Zhigang, Chairman of investment not in the municipal construction Committee part-time. This year, was concurrently Deputy Director of the municipal water Affairs Bureau of water investment group Chairman Luo Ningan from municipal water Affairs Bureau resigned, only water investment group Chairman post.
Pilot municipal debt, money
However, local government is short of money.
Short of cash, you can only borrow. In April this year, debt figures submitted to the municipal people's Congress of Guangzhou Municipal Finance Bureau showed that in 2014, Guangzhou plans to borrow 29.206 billion yuan, mainly used for Metro and land development and urban construction projects.
On May 21 this year, the State Council approved, in 2014, the pilot local government bond spontaneously in 10 provinces, Guangdong is one of the pilot.
Guangdong provincial government bonds totaled 14.8 billion yuan will be in three phases for tenders. The end of 2013, levels of local government debt of around 115.3 billion yuan, Guangdong Province, in addition to Shenzhen in Guangdong province's debt balance 862.1 billion yuan.
Sun Yat-sen University Lingnan College Finance and tax department director Lin Jiang said, the aim of the reform is mainly in the bond's principal and autonomy from city investment company transferred to the local government, fundamentally resolving local financing platforms, causes a lot of implicit liabilities, but certainly in the short term negative impact on local financing.
Lin Jiang believes that financing should be treated differently. If a financing platform not only depends on the Government's credit guarantee, but also some good assets, you may want to consider not across the Board. Such as Guangzhou metro. But "the land finance and financing platforms are now stuck, and did not see in the short term to find better way (for money). ”
Spike's seven major financing platform
In October 2008
Guangzhou Municipal Government issued 39th article (full name of the notification of the programme for the reform of urban construction investment), building construction, water investment, the Metro Group of seven finance platform.
2009
Panyu dongchong town Attorney (well-known user "cruisers") by Panyu waste incineration projects, through the disclosure of Government information network request, 39th, starting from this g-finance platforms will be officially stepping into the public view.
On January 1, 2012
Guangdong provincial CPPCC Standing Committee Meng Hao bearded mingzhi, with acts of artistic demand that the Guangzhou City Government open 39th article.
Guangzhou famous lawyer Zhu yongping subsequently sued the Guangzhou Municipal Government, as solidarity.
2013
CPPCC Guangzhou City Mayor at a news conference, Mayor Chen pledged in March that year, will open by the end of the 39th, after the Municipal Government to deliver on time, 39th, and the Group of seven finance platform is finally coming out, for public review.
Countermeasures
A new financial backers are insurance funds
Not enough money, what should I do? Guangzhou Municipal Government turned to the insurance fund.
Recent ending of "new and new business opportunities" in 2014 on investment promotion, and three insurance companies of Guangzhou Municipal Government signed a agreement more than 40 billion of insurance money into infrastructure and urban construction projects in Guangzhou. In the process of introducing risk capital, "Guangzhou industrial Fund" has emerged. This is 2013 dedicated government investment platform, with registered capital of 100 million Yuan.
And urban construction investment, trading and financing platform, industrial funds focus more on capital operation in Guangzhou. Basic airborne industrial Fund team in Guangzhou. Their talent not only from market-oriented Fund field, also from the national development and Reform Commission, officials transferred to government departments such as the urban construction department.
According to the relevant materials, and the Guangzhou Municipal Government in cooperation with insurance funds mainly through equity investment claims rather than lending patterns. This means that the Municipal Government of Guangzhou each year without repayment of debt principal and interest to the insurance company, as long as the revenues of city construction projects itself to pay off.
A Government credit guarantee and insurance companies not to worry about money. If the operation well, can get higher returns than bank lending rates.
B from private capital and multi-channel financing
Lin Jiang also suggested that if you want to finance fund "open source", can also be oriented to private capital, and find other ways to relieve its financial pressure.
"For example, some items packaged and some long-term projects can pay off, paired with some short-term projects will benefit."
Lin Jiang said, simply take a subway project to private financing, private capital is actually less attractive. But if you find the investment period and the income balance, private capital may be involved.
"Now a lot of private capital investment, is afraid that no return" Lin Jiang said that if insurance involvement guarantees, fail to return the insurance company will pay, then private capital will ease investment.
Lin Jiang, also recommends, you can consider the issue of convertible bonds, set some conditions, wait until the income these convertible bonds can be converted into equity. Such a Government would not have to return the money.
Coordinators: Southern Metropolis reporter Wei Kai
Interview: Southern Metropolis reporter weikaifengye very often trainee Chen Hongyan
Integration: Chen
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