Analysis of hot and difficult issues in infrastructure investment and financing

Fourth, objectively evaluate the contribution of government investment and financing platforms. Government investment and financing platform companies are the main force of local infrastructure investment and construction, and also the main body of infrastructure financing. Although there have been problems such as the rapid expansion of the scale of debt financing by government investment and financing platform companies, and the violation of rules by local governments or the provision of guarantees in disguise, the contribution of government investment and financing platform companies to urban construction and development cannot be denied. In the process of new urbanization in China, without the strong promotion of government investment and financing platform companies, there would be no high-quality infrastructure and vigorous development of modern urban system at this stage. In order to meet the still huge demand for infrastructure investment in the future, in a long period of time, government investment and financing platform companies play an irreplaceable role as the main force, and continue to promote the transformation and development of government investment and financing platform companies is an important part of improving the infrastructure investment and financing mechanism. This book proposes that the feasible path for the transformation of government investment and financing platform companies is to take market-oriented operation as the core, transform them from local government investment and financing subjects to government-authorized public resource utilization subjects and public project implementation subjects, and realize sustainable development by building appropriate business models. It is worth noting that it is neither necessary nor feasible to forcibly transform government investment and financing platform companies into market-oriented entities that have nothing to do with the government.

Fifth, government investment should be more appropriate. In the field of infrastructure investment and financing, government investment plays a very important role. In the situation of slowing down the growth of fiscal revenue, the government's investment capacity is facing great challenges, and the contradiction between limited government investment and huge infrastructure investment needs is becoming increasingly prominent. Government investment should "do something", focus on the focus, precise force, better perform the limited function of making up for market failure, more prominent public attributes of government investment, reduce investment in competitive fields, and make way for market players and even create investment opportunities. While clearly defining the scope of government investment, the book proposes to give full play to the constraining and guiding role of planning. One of the core measures is to work out investment and financing plans and medium - and long-term fiscal plans on a rolling basis, to find out the family's bottom line, to live within income, and to comply with financing regulations. Another measure is to strengthen the rigid constraints of the government's annual investment plan and annual fiscal plan, and improve the linkage mechanism between the investment plan and the fiscal budget. It is particularly worth mentioning that the book makes a clear distinction between government investment management and enterprise investment management, holding that the focus of the reform of enterprise investment management system is to loosen the management of enterprise investment projects and release the vitality of enterprise investment, while government investment management should continue to follow the basic principles of scientific decision-making, standardized management, emphasizing performance, openness and transparency put forward in the Regulations on Government Investment. It's not all about simplification and speed. It is instructive for us to correctly understand the course and direction of China's investment and financing system reform in the past 20 years and avoid confusing government investment management and enterprise investment management.

Infrastructure construction is a long-term undertaking, and the accompanying infrastructure investment and financing is a long-term and difficult task. This book cannot and does not need to cover everything, but its principles, ideas and methods provide useful reference for us to solve the problem of infrastructure investment and financing in the new era.