机制焕新两年 PPP模式规范发展见成效

Core Viewpoint - The introduction of the "PPP New Mechanism" marks a significant shift towards user-pay focus, exclusive use of concession models, and prioritization of private enterprise participation in public-private partnerships (PPP) in China [1] Group 1: Implementation and Impact of the PPP New Mechanism - The PPP New Mechanism has shown solid results in standardizing operations and activating social investment, with 302 projects recorded and a total investment of 1.61 trillion yuan by October 30, 2025 [1] - The project management system has been gradually improved, focusing on user-pay projects to prevent local government hidden debt risks [1] - The Taizhou Airport branch of the Yongguan Expressway in Zhejiang Province serves as a model case, demonstrating innovation in PPP concession operations [2] Group 2: Private Sector Participation - The Taizhou project allows private capital to hold at least 35% of shares, breaking the monopoly of state-owned enterprises and achieving "zero fiscal input, full private participation" [2] - Policies have been revised to support private enterprise participation in PPP projects, removing unreasonable entry restrictions and emphasizing operational capability in evaluation criteria [2][3] - The State Council has introduced 13 policy measures to further stimulate private investment, focusing on expanding access, addressing bottlenecks, and strengthening guarantees [2][3] Group 3: Sector-Specific Developments - The policy encourages private capital participation in key sectors such as railways, nuclear power, and water supply, with specific feasibility studies required for private involvement [3] - Infrastructure projects involving private enterprises have improved regional transportation networks and urban service functions, while environmental projects have enhanced governance efficiency [4] - The integration of PPP projects with REITs is promoting the revitalization and recycling of existing assets, amplifying investment effects [4]