PPP Investment And Financing Mode Is Promising.

While opportunities exist and show, investment and financing innovation is facing a series of new challenges.

PPP has great potential in China. We regard it as a great innovation of institutional supply. We think that China needs to strengthen "smart investment" to increase effective supply at present. PPP should be such a kind of financing and investment, and the innovation from this investment and financing mode can rise to the height of management mode and governance mode innovation. PPP innovation can produce five positive effects.

First, in the face of urbanization and aging and the development of the government in the next few decades, we must find a mechanism to solve the problem. Static accounting also requires tens of trillion yuan of related infrastructure and public services input, which is related to whether the government can be competent for its functions. It is necessary to use PPP to pull the already strong private capital into the investment and financing of public works. Combined with diversified market financing tools, it is obviously crucial for the government to play a better role.

Second, for the public, for the infrastructure, public works, public services and other public facilities needed in the investment field, including health care, education, pension and so on, the supply of PPP is not simply a combination of the financial resources of all parties to provide a project, but an upgraded version of the performance. Because several party cooperation is a mechanism of "one plus one plus one greater than three". It is a combination of the relative advantages of the government, enterprises and professional institutions to deal with all kinds of projects in the middle of the project. risk To reduce the overall risk and improve the level of construction, operation and service of the whole project.

Third, make a group of preferences not inclined to do. Venture capital venture Rather, it is willing to cooperate with the government to lock in the capital and enterprises that will have a long time and have a very high but acceptable return on investment return, and find the space for their further survival and development. Facts have proved that this preference of capital and enterprises is considerable. After years of acceptable investment returns, entrepreneurs can have more energy to do other things. Therefore, PPP also provides a good platform for enterprises to play the role of investors as the main body of the market, develop the modern market system and enable entrepreneurs to make better use of their potential in many aspects.

Fourth, PPP helps mixed ownership. reform Advance. In the past, the central government has expressed itself as the "main form of public ownership" in the implementation of the modern enterprise system as a representative form of shareholding system, but in practice it has not yet eliminated the "dominance of state-owned shares" and the private enterprises have two "thirty-six articles" before and after, but are still rushing to the tangled with "glass doors, revolving doors and spring doors". The evolution of ownership structure is "going back to the country" or "going back to the country"? Should we now play a meaningless argument on this label label, or should we seek to win in the modern national governance? The sixty clause describes the mixed ownership as "an important form of realization of the basic economic system". The main purpose is to maximize the inclusiveness of each enterprise so as to get the protection of property rights according to the standard stock system under the background of rule by law. PPP and the mixed ownership system have such a mechanism that will naturally rectify the preference of state-owned shares. The more the government has mobilized private capital cooperation with less capital stock, the more it reflects its achievements and level.

The fifth positive effect is that PPP clearly corresponds to the basic spirit of comprehensively implementing the rule of law in the fourth Plenary Session of the 18th CPC Central Committee. In order to develop PPP, it is impossible to rush to the herd. First of all, we must advance the law, and advocate and achieve a comprehensive rule of law. Protecting the stability of PPP and the rights and interests of all parties in accordance with the law can help to foster Yu Quanmin's recognition of the "greatest common divisor" in modern civilization by seeking out the spirit of contract, integrity and professional quality. It is impossible for the government, enterprises and professional institutions to participate in PPP without compromise. Because this is a project that is signed by the government and signed by other parties in a contractual manner. Obviously, PPP plays a very important role in the democracy of rule of law.

We should now link the struggle for a well-off society in an all-round way and the great national rejuvenation of the 2050 modernization, and of course we should hold high the banner of reform in the field of investment and financing, make the market play a decisive role in the allocation of resources, create an upgraded version of the economy by winning the fittest, and enable the "effective government" to play its due role, so that we can integrate the wisdom, potentiality and vitality of more emerges from the grass root level and the enterprise innovation level, and synthesize a new situation that enables the whole investment and financing system to serve the upgrading of the real economy, so that financial diversification can correspond to the needs of various investment and financing needs, and it can control risks in a sustainable way, so that policy financing can reflect the proper "catching up and Surpassing" on the basis of institutional innovation. This investment and financing innovation is the main direction, and it is worth our joint efforts.

The shareholders of private capital see such a situation, think that reducing risk anticipation, more actively enter, and then use financial engineering, professional knowledge and market docking design financial products, with standardized project selection and decision-making mechanism to support a group of small technology enterprises that had not hoped to get financing support. We can not and should not guarantee that every project supported by this policy finance will succeed, but developing a healthy and sustainable policy financial system without exploration is not in line with the objective requirements of China's modernization strategy.