Abstract : Focusing on optimizing the investment structure, adjusting and improving the capital ratio system of fixed assets investment projects, we can reasonably lower the investment threshold, improve investment capacity, increase effective investment, and accelerate the recruitment of public goods, services and other developments. .
Guided by optimizing the investment structure, adjusting and improving the capital ratio system of fixed assets investment projects, we can reasonably lower the investment threshold, improve investment capacity, increase effective investment, and accelerate the “short board†of public goods, services and other developments. Promote structural adjustment and improvement of people's livelihood. On September 1, Premier Li Keqiang presided over the State Council executive meeting to determine the adjustment and improvement of the capital ratio system for fixed asset investment projects and promote the optimization of investment structure.
The meeting pointed out that around optimizing the investment structure, adjusting and improving the capital ratio system of fixed assets investment projects, we can reasonably lower the investment threshold, improve investment capacity, increase effective investment, and accelerate the “short board†of public goods, services and other developments. Reform promotes structural adjustment and improvement of people's livelihood.
The meeting also determined the proportion of investment-owned capital reduction in some industries. For example, the minimum capital requirement for investment such as ports was reduced from 30% to 25%, and the railway, highway and urban rail transit projects were reduced from 25% to 20%. The deep processing project was reduced from 30% to 20%.
Lowering the proportion of capital invested in some fixed investment projects
In addition to capital, investment funds can also have other financing funds such as bank loans and corporate debt funds. The ratio of capital, that is, the proportion of capital invested in all. Reducing this ratio can result in a larger investment project with less investment capital.
In 2009, the State Council adjusted the capital ratio of many industries. The minimum capital ratio of coal, calcium carbide, ferroalloy, corn deep processing, airport, port, coastal and inland shipping, and other real estate development projects is adjusted to 30%; railway, highway, urban rail transit, and chemical fertilizer (excluding potash) are 25%; Sex housing and common commodity housing is 20%; steel and electrolytic aluminum are 40%.
The adjustment ratio is further reduced on this basis.
The executive meeting of the State Council has determined that the minimum capital requirement for fixed assets investment projects in ports, coastal and inland shipping and airports, which are related to the national economy and the people's livelihood, will be reduced from 30% to 25%; railway, highway and urban rail transit projects will be reduced from 25% to 20%. %; In order to promote the processing and transformation of agricultural products (14.51, -0.44, -2.94%), the corn deep processing project was reduced from 30% to 20%.
The reporter was informed that due to the high proportion of minimum capital investment in many industries, some projects are difficult to carry out.
For example, in 2014 China's corn production was 215.67 million tons, although it was 1% lower than the previous year, but the accumulated stocks were still large. Li Guoxiang, deputy director of the Macro Room of the Institute of Agricultural Development of the Chinese Academy of Social Sciences, pointed out that reducing the minimum capital ratio of corn processing will help to digest existing corn stocks and convert them into alcohol, gasoline or starch products as soon as possible. Otherwise, corn will easily deteriorate after a long time. waste.
Liu Huiyong, vice president of the China Investment Association, pointed out that lowering the minimum capital investment in some public sectors will help accelerate investment. “The current minimum capital ratio in many industries is too high, which has affected the progress of investment.â€
It is reported that the State Council has given different minimum capital ratio requirements to different industries. For example, for industries with excess capacity such as steel, cement, electrolytic aluminum, coke, and polysilicon, the current ratio of higher capital of 30%-40% is still strictly enforced.
The meeting also decided that the urban underground integrated pipe gallery and the urgently needed parking lot project, as well as the proportion of capital of major national projects approved by the State Council and in special circumstances, can be appropriately reduced.
When providing credit, financial institutions must adhere to independent review and self-determination, and effectively strengthen risk prevention. Through the policy guidance of support and control, we will promote a more rational investment structure and enhance the development potential.
Investment in railways is expected to accelerate
The State Council decided to reduce the proportion of minimum investment capital in some industries, and directly benefited from the development of infrastructure investment such as railways.
Wang Mengshu, an academician of the Chinese Academy of Engineering, told reporters that the railway investment in the first seven months of this year was only over 300 billion yuan, and the progress was not completed. In the next stage, lowering the capital ratio requirement will help accelerate the railway investment.
Statistics from the National Bureau of Statistics show that from January to July, the national railway investment was 336.6 billion yuan, a year-on-year increase of 10.9%. The goal of completing 800 billion yuan in the whole year and the completion of 400 billion yuan investment in the first half of the year was large.
Not only the railway, but from January to July, the national water conservancy industry invested 368.9 billion yuan, a year-on-year increase of 16.6%, and it did not reach the stage of 400 billion yuan in the first half of the year.
From January to July, the national fixed asset investment (excluding farmers) increased by 11.2% year-on-year, which is also somewhat distance from the 15% target for the whole year.
From the perspective of the funds in place, from January to July, the fixed assets investment in place increased by 6.8% year-on-year, and the growth rate was 0.5 percentage points higher than that in January-June. However, domestic loans fell by 4.2%, a decrease of 0.6 percentage points; self-raised funds increased by 8.6%, and the growth rate was unchanged from January to June.
Wang Mengshu pointed out that after reducing the proportion of the railway's own capital in the future, other sources of financing, such as bank loan interest rates, need to be lowered, so that the financing pressure of railway investment will be smaller.
He believes that the current railway construction is an investment in the public service sector. If the construction is accelerated, it will be beneficial to the long-term development in the future, but it is also necessary to pay attention to refining the cost. It is not necessary to design many projects too large, and excessive capital demand has increased the project start-up. Difficulty.
Ouyang Jie, director of the Institute of Integrated Transportation of the Airport College of Civil Aviation University of China, believes that it is necessary for the state to reduce the proportion of its own capital invested in some industries. In the past, when some infrastructure industries did not have the money to invest, some local governments adopted the method of borrowing money from banks as capital, which is illegal in itself. In the future, the proportion of investment-owned capital such as airports will be reduced, which is conducive to corporate investment.
However, companies involved in infrastructure investment need to solve the problem of return on investment, which involves supporting reforms. Taking civil airport investment as an example, at present, the airspace occupied by civil airports is only about 20%, and that of foreign countries is 80%. If the airspace rights of civil airports are not given at the same time, it is difficult to cause social capital to invest in airports.
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