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, particularly due to economic pressures and delayed payments from local governments. It highlights new regulations aimed at addressing these issues and ensuring timely payments based on performance results [2][4][8]. Summary by Sections Current Challenges in PPP Projects - Existing PPP projects are experiencing stagnation and financial imbalance, with many facing delays and underperformance in user payments. Experts express concerns that prolonged issues could lead to financial difficulties for investors and systemic risks for financial institutions [2][3]. - Local governments often delay payments, citing hidden debts related to PPP projects, which exacerbates the financial strain on these projects [4][8]. New Regulations and Their Implications - In August, the State Council issued new guidelines to regulate the construction and operation of existing PPP projects, emphasizing the need for local governments to prioritize projects with certain revenue potential and to expedite the completion of near-finished projects [2][5]. - The new regulations clarify that financing for existing PPP projects is not illegal, addressing previous concerns about increasing local government hidden debts. It specifies that local governments should not be required to provide additional commitments for financing [3][7]. Financial Support and Communication - The new guidelines encourage financial institutions to actively support financing for ongoing projects and prohibit arbitrary termination of credit approval processes. This is expected to alleviate financing difficulties faced by existing PPP projects [6][11]. - The regulations promote equal communication among social capital, financial institutions, and government entities to optimize project implementation and reduce operational costs [11][14]. Addressing Payment Delays - The new rules mandate timely payments based on performance results and prohibit delays due to construction acceptance or performance evaluations. This aims to tackle the prevalent issue of payment arrears from local governments [4][8]. - Previous regulations have provided channels for addressing payment issues, and the new guidelines reinforce the importance of adhering to these payment structures [8][9]. Future Considerations - The article notes that while the new regulations provide a framework for addressing existing issues, the effectiveness of these measures in enhancing government credit and ensuring timely payments remains uncertain [9][10]. - The potential for renegotiating project terms to lower financing costs and improve repayment capabilities is highlighted, suggesting that all parties should engage in discussions to find mutually beneficial solutions [10][12].