February 22, 2017 / 8:08 AM / 5 months ago

惠譽:PPP項目推動中國基礎設施投資;國有企業領跑

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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Chinese Public-Private Partnerships here BEIJING/SHANGHAI, February 22 (Fitch) 本文章英文原文最初於2017年2與19日發布于:<a href="https://www.fitchratings.com/site/pr/1019246">Fitch: PPPs to Drive China Infrastructure Investments; SOEs Lead 惠譽評級在最新的一份報告中表示,到2020年的五年內,政府和社會資本合作(PPP)將是中國地方政府進行基礎設施投資的主要融資模式。PPP模式也有助於中國建築企業 在這期間擴大訂單。 然而,PPP模式仍處於初期發展階段,目前國有企業是地方政府的主要社會資本合作方,而非真正的民間資本。這主要是因為大部分PPP項目的回報率(通常為5%-8%)對民 間資本不是很有吸引力,但是足以吸引融資成本較低的國有企業。此外,地方政府和中資銀行通常認為國有企業是更加穩定的長期合作夥伴。由於中國缺乏處理失敗項目的明確法律框 架,項目失敗情況下投資者需要吸收的損失仍然有待觀察。 PPP可以幫助中國地方政府進行更多的基礎設施投資,因為有社會資本共同承擔初始投資。在中國,“社會資本”指來自私營部門的資金,包括國有企業但不包括地方政府融資平台 。但是,地方政府對於採購服務或補貼項目的合同義務仍然被認為是公共債務,因此,採用PPP模式不會協助地方政府去槓桿化。 儘管如此,採用PPP模式可能有助於理順地方政府預算,因為採用PPP模式項目的周期通常遠比傳統建設-移交(BT)模式的長。 專題報告《中國政府和社會資本合作(PPP)》請參見<a href="https://www.fitchratings.com">www.fitchratings.com或點擊本新聞稿上方鏈接。 聯繫人: Yuting Liu(劉玉婷) 聯席董事 +86 10 8517 2123 惠譽(北京)信用評級有限公司 中國北京市朝陽區建國門外大街2號 中國人保財險大廈19層1903室 Wang Ying(王穎) 高級董事 +86 21 5097 3010 Jenny Huang (黃筱婷) 聯席董事 +86 21 5097 3101. 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