政府和社会资本合作（PPP）新模式落地后，超10万亿元存量PPP项目何去何从一直备受关注。对此， 国务院给出答案。 8月20日，国务院办公厅发布了转发财政部《关于规范政府和社会资本合作存量项目建设和运营的指导 意见》（下称《意见》）的通知，要求各地认真贯彻落实《意见》。 为了规范PPP模式，2023年11月国家推出PPP新机制。与此前老PPP模式相比，新机制有很大变化。因 而，此前已经实施的总投资超10万亿元存量PPP项目建设如何推进一直是业内关注的热点话题。 根据明树数据，截至2022年底财政部PPP管理库项目10346个，投资额超16万亿元。此前国家发展改革 委PPP监测服务平台显示，截至2022年底各地录入PPP项目共8057项，总投资11.6万亿元。 此次《意见》明确，将采取分类分级推进实施存量PPP项目。 《意见》明确，将采取分类分级推进实施存量PPP项目。 具体来看，《意见》明确其中对接近完工的项目，要抓紧推进建设、及时验收决算、及早投入运营。对 推进缓慢的项目，要进一步论证建设内容，研究压缩实施规模、优化建设标准、调整配套建设内容等， 减少不必要建设成本，相关程序严格按照有关规定执行，原则上不得 ...

上证报中国证券网讯 据财政部8月20日消息，为深入贯彻落实党中央、国务院决策部署，规范政府和社 会资本合作（PPP）存量项目建设和运营，提升项目运行质量效益，持续提高公共服务供给水平，推动 经济社会平稳健康发展，财政部20日发布《关于规范政府和社会资本合作存量项目建设和运营的指导意 见》（下称《意见》）。 来源：上海证券报·中国证券网 《意见》指出，保障在建项目顺利建设。一是要分类分级推进实施。地方政府要根据经济社会发展需 要、项目性质和财力状况，按照轻重缓急合理排序，优先实施具有一定收益的项目，持续保障项目建成 完工。对接近完工的项目，要抓紧推进建设、及时验收决算、及早投入运营。对推进缓慢的项目，要进 一步论证建设内容，研究压缩实施规模、优化建设标准、调整配套建设内容等，减少不必要建设成本， 相关程序严格按照《政府投资条例》、《企业投资项目核准和备案管理条例》等有关规定执行，原则上 不得超出已核定概算总投资。政府方、社会资本方要及时足额缴纳项目资本金。2024年底前未开工的项 目原则上不再采取PPP存量项目模式实施。 二是要保障合理融资需求。金融机构应当按照市场化、法治化原则客观评估，依法合规积极支持在建项 ...

三是推动实现降本增效。鼓励支持社会资本方、金融机构、政府方平等沟通、互惠让利，科学优化PPP 存量项目实施内容、合作期限、融资利率、收益指标等要素，共同降低项目运营成本，提高公共服务供 给效率，实现持续稳健运营。社会资本方要综合采取创新运营模式、引入先进技术、改进管理手段等多 种方式，持续提高项目公司运营专业化水平，合理压减运营成本；要结合项目实际情况，灵活采取拓宽 收入渠道、盘活闲置低效资产等多种方式，有效提升项目收益。鼓励金融机构与社会资本方平等协商， 采取包括但不限于调整还款计划、降低利率、展期等方式，合理优化融资结构，支持项目持续稳健运 行。政府方要与社会资本方平等协商，合理调整项目投资回报率、资金折现率等指标，适当延长合作期 限，建立运营成本控制机制，平滑地方财政支出。 四是规范做好项目移交。行业主管部门、项目实施机构要按照相关规定和合同约定，对项目建设运营情 况进行验收。对符合移交标准的项目，项目实施机构要及时接管，并做好资产评估、登记入账和后续管 理工作，项目合作期满后不再作为PPP存量项目管理。对不符合移交标准的项目，社会资本方要及时整 改。 《意见》提出，推动已运营项目平稳运行。 一是依法履 ...

Core Viewpoint - The Heilongjiang Provincial Government has issued policies to support the development of the ice and snow economy, focusing on financial and tax incentives for infrastructure projects related to ice and snow sports and tourism [1] Financial and Tax Support - The government aims to utilize central budget investments, local government special bonds, and central lottery public welfare funds to support the construction of ice and snow venues and cultural tourism sports facilities [1] - Ice and snow enterprises are encouraged to enjoy relevant tax benefits as per national regulations [1] Infrastructure Development - Support is provided for the construction of infrastructure in the China-Shanghai Cooperation Organization Ice and Snow Sports Demonstration Zone, with special approval for key investment projects [1] - Projects in the infrastructure sector of 4A-level and above ice and snow tourism scenic spots are encouraged to issue Real Estate Investment Trusts (REITs) [1] Public-Private Partnerships - The implementation of government and social capital cooperation (PPP) projects in the ice and snow sector is promoted, encouraging participation from state-owned enterprises, private capital, and foreign investment [1] Insurance and Financial Products - Financial institutions in the insurance industry are encouraged to develop specialized insurance products for ice and snow tourism and sports, enhancing the insurance service capabilities in these areas [1]

Core Viewpoint - The National Development and Reform Commission emphasizes the need to enhance effective investment and implement "two heavy" constructions, focusing on both "hard investment" and "soft construction" to improve project execution and investment efficiency [1] Group 1: Investment Strategy - The commission plans to optimize the direction of central budget investments and expedite the issuance of central budget investment plans [1] - There will be a management system for local government special bonds, including a "negative list" for investment directions and a "positive list" for project capital contributions [1] - The establishment of new policy-based financial tools aims to address the issues of insufficient project construction capital and matching funds [1] Group 2: Encouraging Private Investment - The initiative includes support and encouragement for the development of private investment [1] - There will be efforts to promote high-quality projects to private capital [1] - The implementation of a new mechanism for public-private partnerships (PPP) will be standardized [1]

Policy Background - The new PPP mechanism emphasizes the exclusive use of the concession model for projects, focusing on user-pay projects while strictly limiting government-pay and feasibility gap subsidy projects, prioritizing market-based returns [4] Key Audit Points Project Admission Conditions - Projects are limited to those with operational revenue potential, such as transportation, environmental protection, and municipal services, prohibiting disguised debt under the PPP guise [6] - User fees must cover construction and operational costs, with future cash flow forecasts requiring third-party evaluation [7] - A negative list prohibits packaging public welfare projects like schools and hospitals as concession projects [8] Concession Scheme Review - The concession period generally should not exceed 40 years, aligning with industry characteristics and investment recovery cycles [9] - The government does not guarantee minimum returns, placing the primary operational risk on social capital [10] - Competitive bidding is mandatory, ensuring transparency and equal participation for foreign enterprises [11] Fiscal Risk Prevention - New hidden debts are prohibited, and any government payment obligations must be included in the medium-term fiscal plan [12] - Feasibility gap subsidies, if necessary, require joint approval from provincial development and reform commissions and finance departments [13] Full Process Supervision Requirements - Payment is strictly linked to project performance, with deductions for unmet standards [14] - Clear exit mechanisms for social capital and asset disposal methods are required to prevent project failures [15] Policy Impact and Trends Impact on Local Governments - The new mechanism enforces strict project quality control, compelling local governments to select genuinely viable projects and reducing impulsive project launches [17] - Strengthened fiscal discipline will lead to audits and accountability for non-compliant projects [17] Impact on Social Capital - Companies with operational capabilities, particularly in environmental and energy sectors, will find new opportunities, while pure construction firms will gradually exit [18] - Foreign enterprises can participate through competitive processes but must adapt to China's specific concession rules [18] Future Trends - There will be an increase in PPP project proportions in sectors like transportation (toll roads) and renewable energy (charging stations) [19] - Financial tools such as REITs and project revenue bonds may further integrate with the new PPP mechanism [19] Local Implementation Suggestions - Enhance value-for-money assessments and fiscal capacity evaluations to avoid merely "approvable reports" [20] - Engage professional legal teams for contract design, clarifying concession terms and dispute resolution mechanisms [20] - Utilize information platforms for dynamic monitoring of project operational data to provide timely risk alerts [21]

Core Viewpoint - The article emphasizes the importance of establishing a diversified financing mechanism to support urban renewal initiatives in China, highlighting both policy-based financial support and market-oriented social financing as essential components [1][2]. Group 1: Policy and Government Support - The Chinese government has been consistently addressing urban renewal in annual work reports since 2021, with specific goals set for significant progress by 2030 [1]. - The Ministry of Housing and Urban-Rural Development reported that over 60,000 urban renewal projects are planned for 2024, with an estimated investment of approximately 2.9 trillion yuan [1]. - The Ministry of Finance plans to expand the scope of local government special bonds to support urban renewal projects, emphasizing the need for policy-based financial institutions to provide backing under manageable risk conditions [2][3]. Group 2: Market and Social Financing - Various cities, such as Chengdu and Tangshan, have initiated beneficial explorations by allocating special fiscal funds to support urban renewal through direct investments and subsidies [2]. - The article highlights the necessity of attracting social capital for urban renewal, despite the challenges posed by the public welfare nature of these projects, which often have long payback periods and low returns [3][4]. - Successful international examples, such as the Denver Union Station project in the U.S., illustrate the potential of public-private partnerships (PPP) in financing urban renewal [4]. Group 3: Financial Institutions and Products - Financial institutions are encouraged to develop tailored financial products and services to meet the diverse needs of urban renewal projects, ensuring compliance with legal and risk management standards [3][4]. - The article suggests that banks should set appropriate loan terms and conditions based on the characteristics of different projects to facilitate financing [4][5].