Guo Xiaobei, a researcher at the Research Institute of China Minsheng Bank, told first finance that there is still a lot of room for construction of Chinas railway, and it is expected that the annual investment of Chinas railway will remain at the level of 800 billion yuan for a period of time. Compared with the U.S. railway with a maximum time of more than 400000 kilometers, Chinas railway construction space is still very large. At the same time, as a new business card made in China, high-speed rail is the most competitive in the world. China should vigorously develop the railway and give full play to the supporting role of high-speed rail construction in Chinas economic development.
Indeed, from the perspective of spatial layout, there is still a large space for Chinas railway construction in the next few years. According to the medium and long term railway network planning released by the state in July 2016, based on the four vertical and four horizontal high-speed railway, the eight vertical and eight horizontal high-speed railway will be built to realize the 1-4-hour traffic circle between adjacent large and medium-sized cities and the 0.5-2-hour traffic circle within urban agglomerations.
As far as the current situation of high-speed rail network development is concerned, due to the late development of high-speed rail construction in the central and western regions, the central and western regions will still be the focus of railway reinforcement; moreover, with the development of urbanization in the second half of the year, the high-speed rail, intercity rail, city railway and other rail transit within the scope of metropolitan area and urban agglomeration is a major focus of current construction in all regions.
Efforts to expand direct financing
Before that, the national transportation working conference held by the Ministry of transport has made it clear that in 2020, the railway investment, highway and waterway investment and civil aviation investment will be 800 billion yuan, 1.8 trillion yuan and 90 billion yuan respectively.
Guo Xiaobei said that in addition to financial funds, many railways are open to social capital and enjoy the same policies in the comprehensive development of land. Although there are not many social capital investment in railway construction at present, both private capital and foreign investment will participate in railway construction in the future.
In the past 2019, China Railway Group has continued to deepen the reform of railway investment and financing system, and xiongan high speed railway, Haoji railway and other projects have attracted social investment of 11.7 billion yuan. A number of comprehensive land development projects have been implemented, and the disposal income of land and above ground assets has exceeded 20 billion yuan. Make use of the surplus capacity to support the development of urban transportation, and gradually form a mechanism for the government to purchase services or give financial subsidies.
Facing 2020, China Railway Group will open up a new growth point of railway operation and development. We will promote the implementation of a number of comprehensive land development projects. We will strengthen cooperation in production and research of railway advantageous projects, promote the industrialization of scientific and technological achievements, and achieve operational benefits. Make good use of the platform of guotie finance leasing company to deepen the reform of investment and financing of railway equipment. Improve the service platform of China Railway Jixun company and expand the industrial chain of railway passenger service. Give full play to the professional advantages of Railway Bureau Group Company and expand the operation and maintenance market of local railways and non holding joint-venture railways. Integrate the big data resources of the whole industrial chain of the railway and fully tap the market value of the big data resources of the railway.
Continue to promote the reform and listing of high-quality assets
On June 18, 2019, China National Railway Group Co., Ltd., which was restructured and established by China Railway Corporation, was officially listed. With the completion of the company system reform, China Railway has taken a key step on the road to marketization.
In this year, the reform of China Railway Group includes promoting the reform of high-quality assets stock of railway to be listed, the IPO of Beijing Shanghai high-speed railway company passed the examination and approval of the development and Examination Commission and obtained the approval of issuance, the rail company of China Railway Science and Technology Co., Ltd. formally applied for the listing of science and innovation board, and the listing of China Railway Special Products Co., Ltd. and Golden Eagle Heavy Industry Co., Ltd. was actively promoted. Adhere to the one enterprise, one policy, study and formulate improvement plans for the operation of the joint venture company. The operating holding joint venture company achieved an operating revenue of 378.5 billion yuan, an increase of 15.2% year on year.
The development of new business forms in the industrial chain has been accelerated. The mixed reform enterprises such as China Railway Jixun Co., Ltd. and China Railway Shunfeng International Express Co., Ltd. have continued to operate well. The multiple unit Wi Fi has covered 300 million people. The double 11 e-commerce golden week Railway Express has sent 30000 tons of goods, a year-on-year increase of 38.6%; the Internet has ordered 3.7 million meals, a year-on-year increase of 92%; the high-speed railway + shared automobile business covers 24 cities, and is completed in the whole year 40000, up 8.8% year on year.
Liu Xingguo, a researcher at the research department of China Federation of enterprises, said to first finance and economics that the common significance of both the mixed reform and IPO lies in the following: first, introducing strategic investors and other new shareholders through the mixed reform or IPO, exchanging equity for capital, effectively reducing the asset liability ratio while increasing the supply of development capital and enhancing the momentum of development; second, introducing new shareholders in the mixed reform or IPO On the other hand, with the significant changes in shareholder structure, enterprises are forced to improve corporate governance, speed up the construction of modern state-owned enterprise governance system, and then improve management efficiency to achieve efficiency growth.
Beijing Shanghai high speed railway has strong profitability, which also means that the listing of Beijing Shanghai high speed railway is not to simply raise funds to solve the problem of capital shortage in the operation process, but to promote the reform of the system and mechanism of the whole railway industry. For the industry, the listing of Beijing Shanghai high-speed railway will drive the railway enterprises to establish a market-oriented operation mechanism, realize the maintenance and appreciation of state-owned assets, and form an industry demonstration effect. This also means that the listing of Beijing Shanghai high-speed railway is just the beginning, and there will be more high-quality railway assets listed in the future.
We will continue to promote the listing of high-quality assets through share reform and the refinancing of listed enterprises. We will ensure that the stock reform and listing work of Beijing Shanghai high speed railway, China Railway special cargo, Golden Eagle heavy industry, rail science and Technology Co., Ltd. and other enterprises achieve substantive results, and study and explore the stock reform and listing work of regional railway companies, design group companies and other key enterprises. We will make full use of existing listed companies, promote asset M & A and restructuring, and revitalize existing assets. Lu Dongfu said.
In addition, we will steadily promote the reform of market-oriented debt to equity swap and mixed ownership. We will improve the implementation plan for market-oriented debt to equity swap of high-quality assets of China railway enterprises, strengthen communication and docking with banking institutions, and steadily and orderly organize the implementation. We will promote the adjustment of industrial structure and the optimization of the layout of the enterprises to which we belong, and promote the reform of mixed ownership.
Liu Xingguo said that in terms of supervision, the State Council and the Ministry of finance should further authorize and delegate power to build China Railway Group into a market-oriented entity with independent operation, self financing, self risk, self-restraint and self-development; from the perspective of enterprises, we should speed up internal reform and build a flexible and efficient market-oriented operation mechanism.
There is still a large space for railway complementary board
In the future, Chinas railway construction still has great potential and space.
Meng Wei, spokesman of the national development and Reform Commission, said last month that in 2020, focusing on the high-quality development of the railway, it will promote the planning and construction of Sichuan Tibet railway, accelerate the construction of eight vertical and eight horizontal high-speed rail backbone channel projects along the Yangtze River and coastal high-speed rail, and the construction of central and Western Railway, and actively support key urban agglomerations such as Beijing, Tianjin, Hebei, Yangtze River Delta, Guangdong, Hong Kong, Macao and Dawan District, as well as Inter City railway in metropolitan areas Urban (suburban) railway planning and construction, promote the construction of last kilometer projects such as hub supporting projects and special railway lines.
In this process, due to the late development of high-speed railway construction in the central and western regions, the central and western regions will still be the focus of railway shortcomings.
Meng Wei said that in terms of the central and Western Railway, 15 of the 16 double hundred transportation poverty alleviation railway projects have started construction, and the last project, Xining Chengdu Railway, will be approved for feasibility study in the near future. Of the 42 planned new construction and reserve railway projects this year, 33 projects are located in the central and western regions and the northeast region. At the same time, we will increase financial support. In 2019, we will invest 43.6 billion yuan in the central budget to support railway construction in the central and western regions, an increase of 14 billion yuan over 2018.
Recently, the national development and Reform Commission approved the feasibility study reports of three high-speed railway projects, namely, the new Jining Datong Yuanping railway, the new Baotou Yinchuan high-speed railway Baotou Huinong section, the Yinchuan BAYANHOT branch line and the new Shenyang Baihe high-speed railway. The three high-speed rail projects are located in the Midwest and northeast, with a total investment of 160.85 billion yuan.
The national development and Reform Commission said recently that relevant departments have earnestly implemented the work requirements of supporting the old revolutionary base areas in poverty alleviation and accelerated the planning and construction of Railways in the old revolutionary base areas, focusing on the central and western regions.
In addition, the railway special line is also a major focus of the next railway construction. In October 2019, Yuan Da, spokesman of the national development and Reform Commission, said in response to media questions that the national development and Reform Commission had put forward a number of special railway projects to be promoted and implemented in 2019-2020, with a total investment of about 120 billion yuan, and the project construction funds were mainly enterprise investment.
The railway of urban agglomeration and metropolitan area is also the focus of current construction.
Hu Gang, President of South China Urban Research Association and professor of Jinan University, analyzed the first finance and economics. With Chinas development entering a new stage of transformation and upgrading, the current population, technology and other elements are gathering in the central city and metropolitan area. The central city, metropolitan area and urban agglomeration are important platforms for China to participate in international competition. The construction of high-speed rail, intercity rail and other rail transit can promote regional economic development and accelerate the development of metropolitan areas and urban agglomerations. In the future, Chinas rail transit still has a lot of room for development.
Feng Kui, a researcher of the city center of the national development and Reform Commission, believes that at present, Chinas urbanization has entered the second half of the year, and the construction of a development space with the central city and urban agglomeration as the new power source is aimed at providing space support for the realization of modern high-quality development. Increasing effective investment in urban agglomerations is an important measure to promote counter cyclical regulation.
Therefore, the high-speed railway, intercity railway, city railway and other rail transit within the metropolitan area and urban agglomeration are the major focus of the current construction. However, intercity railway and city railway are mainly implemented by local governments. According to Lin Jiang, vice president of the Free Trade Zone Comprehensive Research Institute of Sun Yat sen University, the return on investment of railway projects is relatively low, and many railway passengers do not make money, so how to solve the source of funds is very important. In order to speed up regional railway construction, Shandong, Jiangsu, Gansu, Guangdong, Chongqing and other places have set up and restructured railway investment platforms since last year. At the same time, the development mode of track + land has been widely used in various regions. Hu Gang said that through rail construction and land development, rail transit has been built and the land value has risen. The revenue can feed back and support rail construction and operation. This mode will exist for a long time in the future. Source: First Financial Editor: Guo Chenqi, nbj9931
Therefore, the high-speed railway, intercity railway, city railway and other rail transit within the metropolitan area and urban agglomeration are the major focus of the current construction. However, intercity railway and city railway are mainly implemented by local governments. According to Lin Jiang, vice president of the Free Trade Zone Comprehensive Research Institute of Sun Yat sen University, the return on investment of railway projects is relatively low, and many railway passengers do not make money, so how to solve the source of funds is very important.
In order to speed up regional railway construction, Shandong, Jiangsu, Gansu, Guangdong, Chongqing and other places have set up and restructured railway investment platforms since last year. At the same time, the development mode of track + land has been widely used in various regions. Hu Gang said that through rail construction and land development, rail transit has been built and the land value has risen. The revenue can feed back and support rail construction and operation. This mode will exist for a long time in the future.