基建从业者的“黄金时代”，和政策共舞

Core Insights - The article reflects on the career of Jiang Weidong, CEO of Dayue Consulting, highlighting the evolution of infrastructure investment and financing in China over the past 25 years [1][2] Group 1: Career Development - Jiang Weidong's career trajectory aligns with the shifts in infrastructure investment financing in China, transitioning from government-led investments to market-oriented models [2][6] - He began his career at China Railway Construction Corporation (CRCC) in 1996, where he gained experience in project management, particularly in highway construction [3][4] - Jiang's involvement in the Shenzhen Metro project marked a significant turning point, allowing him to deepen his understanding of full-process management in infrastructure projects [4][5] Group 2: Market Evolution - The infrastructure investment model in China has evolved from government dominance to "land finance" and then to the Public-Private Partnership (PPP) model, reflecting changing economic conditions [2][6] - The introduction of the PPP model in 2004 encouraged private capital participation in municipal infrastructure projects, marking a significant shift in the industry [6][10] - 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 [11][12] Group 3: Challenges and Changes - After 2017, the PPP market faced increased regulation, leading to the elimination of non-compliant projects and a decline in overall market activity [12][13] - The COVID-19 pandemic further impacted the industry, although Jiang's team managed to maintain stability through a balanced project portfolio across various provinces [13][14] - By the end of 2023, new guidelines were introduced to regulate the implementation of government and social capital cooperation, indicating a new phase in the market [14]