财政部有关负责人介绍，当前阶段，我国经济结构调整从增量扩能为主转向调整存量、做优增量并举。 加力支持PPP存量项目顺畅建设、高效运营，是盘活存量资源、以存量带动增量、为经济发展注入新动 力的必然要求。 在此背景下，政府方、金融机构、社会资本方希望公开出台一份管总的指导性文件，进一步明确政策预 期、回应各方关切，加力支持各方同题共答，齐心协力支持PPP存量项目顺畅实施。 为此，财政部多次多批分赴项目现场调研，多次召开省、市、县三级多方座谈会，已累计覆盖东、中、 西部PPP存量项目体量较大的省份，系统总结梳理基层实践经验，密切跟踪各地工作进展，并将各地好 的经验做法写入《指导意见》。 一位PPP从业人员表示，加大财政支持力度，明确地方债可用于PPP存量项目建设，以及置换社会资本 方垫资，是《指导意见》的一个亮点。比如，符合条件的在建项目，地方政府可统筹运用一般债券、专 项债券等资金，用于PPP存量项目建设成本中的政府支出。 自2023年国务院办公厅转发国家发展改革委、财政部《关于规范实施政府和社会资本合作新机制的指导 意见》以来，政府和社会资本合作（PPP）模式使用范围不断收窄，在PPP新机制下，部分存量PPP项 ...

本报讯 8月21日，财政部有关负责人就《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》答记者问时表示，当前阶段，我国经济结构调整从增量扩能为主转向调整存量、做优增量并举。加 力支持政府和社会资本合作（PPP）存量项目顺畅建设、高效运营，是盘活存量资源、以存量带动增 量、为经济发展注入新动力的必然要求。 该负责人介绍，推动PPP存量项目顺畅运行，既需要因地制宜具体项目具体分析，也需要各地秉持系统 观念，统筹各方资金资源，多措并举加力保障。（齐宣） （文章来源：期货日报网） ...

作者 | 第一财经 陈益刊 2025.08. 21 本文字数：1769，阅读时长大约3分钟 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。 在PPP新机制下，不少此前PPP相关规定相继被废止。多位地方财政人士、PPP项目人士等告诉第一 财经，由于各方对存量项目分类处理要求、特别是在建项目相关要求理解把握不一，在建存量PPP 项目融资面临较多困难。 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 ...

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].