黄华珍：善用新规解决存量PPP项目困境

Core Viewpoint - The article discusses the challenges faced by existing PPP (Public-Private Partnership) projects in China, highlighting issues such as project delays, financial imbalances, and the impact of new regulations aimed at addressing these problems [1][2]. Summary by Sections Current Challenges in PPP Projects - Existing PPP projects are experiencing a standstill, with many facing delays and financial difficulties, raising concerns about potential systemic risks to investors and public services [1]. - Local governments are often reluctant to pay subsidies, leading to a "new officials ignore old debts" phenomenon, which exacerbates the financial strain on PPP projects [2][7]. New Regulations and Their Implications - The new regulations emphasize the need for local governments to prioritize projects with certain revenue potential and to expedite the completion of near-finished projects [1][3]. - Financial institutions are encouraged to support ongoing projects and are prohibited from arbitrarily terminating credit approvals, which is expected to alleviate financing difficulties for existing PPP projects [5][10]. Performance-Based Payment Requirements - The regulations mandate timely payments based on performance results, aiming to address the prevalent issue of delayed payments from local governments [7][10]. - There is a focus on enhancing government creditworthiness and establishing a more systematic approach to ensure timely payments to project investors [8][12]. Financial Support and Debt Management - The introduction of special bonds and other fiscal support measures is intended to expand repayment sources for PPP projects, although local governments face challenges in managing existing debt limits [12]. - The regulations encourage a collaborative approach among social capital, financial institutions, and government entities to optimize project costs and improve service delivery efficiency [10][11]. Future Outlook and Recommendations - The article suggests that while the new regulations provide a framework for addressing existing issues, the actual implementation will require careful negotiation and collaboration among all stakeholders involved in PPP projects [10][11]. - It highlights the importance of innovative operational models and effective management strategies to enhance project sustainability and financial viability [11].