一财社论：规范PPP存量项目建设运营要突出“双效一诺”

Core Viewpoint - The State Council's recent guidance aims to standardize the construction and operation of existing government and social capital cooperation (PPP) projects, enhancing project quality and public service levels while addressing issues arising from the previous enthusiasm for PPP models since 2014 [1][2]. Group 1: Government's Role and Responsibilities - Local governments must prioritize projects based on economic and social development needs, project nature, and financial capacity, focusing on those with potential returns while ensuring project completion [2][3]. - The guidance emphasizes the importance of local government debt management, mandating that any debt incurred through government bonds must not exceed legal limits to ensure fiscal safety and sustainability [3]. Group 2: Efficiency and Effectiveness - The concept of "double effectiveness" (efficiency and effectiveness) is crucial, as projects lacking these qualities may become burdensome. The government is encouraged to halt superficial projects that do not yield tangible benefits [4]. - The guidance promotes a risk-sharing mechanism and performance-based payment system, compelling social capital to enhance operational capabilities and encouraging investors to carefully evaluate project viability from the outset [4]. Group 3: Commitment and Accountability - The principle of "one promise" is vital for maintaining the credibility of local governments, ensuring that commitments to social capital are honored unless there is clear evidence of default or illegal actions [5][6]. - Local governments are required to fulfill contractual obligations for operational projects, including timely budget management and performance-based payments, while addressing issues related to insufficient payments and financing challenges on a case-by-case basis [5][6].