Core Viewpoint - The article discusses the recent guidance issued by the State Council to regulate the construction and operation of existing government and social capital cooperation (PPP) projects, aiming to enhance project quality and public service levels [2][3]. Group 1: Regulatory Framework - The guidance aims to standardize the construction and operation of existing PPP projects, addressing issues such as the transformation of PPP into local financing tools and the emergence of hidden debt risks [2][3]. - The new mechanism introduced in November 2023 narrows the scope of PPP to user-pay concession models, focusing on resolving existing project issues [2][3]. Group 2: Implementation Guidelines - Local governments are advised to prioritize projects based on economic and social development needs, ensuring that projects with certain returns are implemented first [3][4]. - For projects that are progressing slowly, local governments should consider reducing the scale, optimizing construction standards, and adjusting supporting construction content to minimize unnecessary costs [3][4]. Group 3: Efficiency and Effectiveness - The guidance emphasizes the importance of "dual efficiency" (efficiency and effectiveness) in PPP projects, suggesting that projects lacking these qualities may become burdensome [4][5]. - The government is encouraged to halt superficial projects that do not demonstrate effective outcomes, aligning investments with public needs [4][5]. Group 4: Accountability and Performance - Local governments must adhere to contractual obligations for operational projects, ensuring timely payments based on performance results and avoiding delays in payment [5]. - The guidance calls for a risk-sharing mechanism and performance-linked payment system to compel social capital to enhance operational capabilities and consider project viability from the outset [4][5].

Core Viewpoint - The article discusses the recent guidelines issued by the State Council to regulate the construction and operation of existing Public-Private Partnership (PPP) projects, aiming to enhance project efficiency and public service quality [2]. Summary by Sections Introduction to Guidelines - The guidelines aim to standardize the construction and operation of existing PPP projects, addressing issues such as the transformation of PPP into local financing tools and the emergence of hidden debt risks [2][3]. Key Directives for Local Governments - Local governments are instructed to prioritize projects based on economic and social needs, ensuring that projects with potential returns are completed [3][4]. - For projects that are progressing slowly, local governments should reassess and potentially scale down or optimize them to avoid unnecessary costs [3]. Emphasis on Efficiency and Effectiveness - The guidelines stress the importance of efficiency and effectiveness in PPP projects, indicating that projects lacking these qualities may become burdensome [5]. - The government encourages halting superficial projects that do not yield significant benefits, aligning investments with public needs [5]. Commitment to Credibility ("One Promise") - The guidelines highlight the need for local governments to uphold their commitments, ensuring that payments to social capital are made promptly unless there is a clear breach of contract [6][7]. - Local governments must manage their budget responsibly, incorporating government spending obligations into their financial planning [6]. Risk Management and Performance-Based Payment - The guidelines propose a risk-sharing mechanism and performance-based payment system to incentivize social capital to enhance operational capabilities [5][6]. - Local governments are required to address issues related to insufficient payments and financing challenges for existing PPP projects through targeted measures [6][7].

2023年11月，国家相关部门推出了PPP新机制，将PPP模式范围缩窄至基于使用者付费特许经营模式， 同时也要解决存量PPP项目中存在的问题。对此，业内专家评论称：在一揽子化解地方政府债务风险方 案陆续出台的大环境下，PPP适用范围会大幅"瘦身"，对现有的PPP存量项目也会进一步规范。 此次指导意见出台可以看出三个重要指向：地方政府要量力而行，处理存量项目要突出"双效"（效率和 效益），要进一步增强履约意识（这里称之为"一诺"）。 指导意见强调，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。 同时，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，原则上不得超出已核定概算总投资。 越是进展缓慢的项目，越是投资的"无底洞"。在这方面，无论是地方政府还是社会资本，都要有"断舍 离"的决心和勇气。当然，"断舍离"要建立在法制化、市场化的基础上。 在规范PPP存量项目建设和运营中，地方政府是关键因素，量力而行是基本原则。 指导意见明确，要强化地方政府债务管理，地方政府通过发行 ...