基建从业者的“黄金时代”，和政策共舞｜我们的四分之一世纪

Core Insights - The article reflects on the career of Jiang Weidong, CEO of Dayue Consulting, highlighting the evolution of China's infrastructure financing and investment landscape over the past 25 years [2][12] - Jiang's career trajectory aligns closely with the shifts in infrastructure investment models in China, transitioning from government-led investments to market-oriented approaches like PPP (Public-Private Partnership) [2][12] Group 1: Career Development - Jiang Weidong graduated from Lanzhou University in 1996 and began his career at China Railway Construction Corporation (CRCC), where he participated in various infrastructure projects [2][3] - His early experiences included working on highway projects in remote areas, which provided him with valuable insights into project management and contract administration [3][4] - A significant career shift occurred in 1999 when he was seconded to China International Engineering Consulting Corporation (CIECC) to work on the Shenzhen Metro Line 1, marking his entry into urban rail transit projects [4][5] Group 2: Infrastructure Investment Evolution - Over the years, China's infrastructure investment model evolved from government-led initiatives to a more diversified approach, including land finance and PPP models [2][8] - The introduction of the PPP model in 2004, particularly with the Beijing Metro Line 4 project, represented a pivotal moment in the marketization of infrastructure financing [8][12] - The period from 2015 to 2017 was identified as the "golden years" for the PPP industry, characterized by a surge in project opportunities and high consulting fees, leading to significant growth for Dayue Consulting [16][17] Group 3: Market Challenges and Changes - After the initial boom, the PPP market faced regulatory tightening starting in 2017, leading to the elimination of non-compliant projects and a decline in new opportunities [17][18] - The COVID-19 pandemic further impacted the industry, although Jiang's team managed to maintain stability through a balanced project portfolio across various provinces [17][18] - By 2023, the introduction of new guidelines for government and social capital cooperation indicated a new phase in the market, with a noticeable decrease in project numbers compared to previous years [18]