Local fiscal self -rescue: new stove of urban investment companies

An industry insider who has been engaged in local government platform financing told reporters that there are more examples of integrating the original platform assets now. The original liabilities were peeled out and integrated into a new platform in a new way. In this way, the asset scale of the new platform is made to enhance credit rating so that it is easier to raise funds.

Author: Du Tao

Figure: Tuwa Creative

Guide

One || Gao Heng believes that the downward pressure on the economy is increasing, and the fiscal revenue and expenditure are too tense. When the new platform was established, the financing function and investment construction function ranked in the top two, and then the asset operation management function.

平 || Through the establishment of a new platform for financing, it is becoming an option for the financial department in many places. From the perspective of public information in various places, the integration of financing platforms is similar in integration.

"The new platform took about half a year from the idea to the end of the establishment of the new platform. The establishment of a new platform is mainly for financing. Some of the previous platforms were included in the hidden debt platform directory, which caused limited financing. For other platform assets, a new platform was established. "On September 20, Gao Heng (pseudonym) told reporters. Gao Heng is a financial system of a certain place. During this time, he has been busy with the establishment of the platform.

Gao Heng has recently studied the development and financing path of new platforms. He believes: "The primary task of setting up a new platform is financing to prevent risks; secondly to maintain the sustainability of finance; again to transform and develop."

An industry insider who has been engaged in local government platform financing told reporters that there are more examples of integrating the original platform assets now. The original liabilities were peeled out and integrated into a new platform in a new way. In this way, the asset scale of the new platform is made to enhance credit rating so that it is easier to raise funds.

The person further explained that the platform assets include two categories: one is municipal roads, bridge pipe networks, squares, green belts, public welfare assets, etc. The transfer of this asset only needs to evaluate the company as an evaluation. You can allocate into the platform company; the other is the right of land. It is to use the (new) platform to shoot the land, then cooperate, or help the government for land integration, and organize and develop.

"Of course, the liabilities of the original platform are still there, and the new platform will not become escap debts, otherwise financial institutions will not agree." Gao Heng said.

New platform

Gao Heng's newly established platform size assets are relatively large, reaching the scale of tens of billions of yuan, and the industry involves almost a person's life and death. The assets of the platform are mainly the assets of the platform that had already existed high debt ratios, or the platform that included in the list of invisible debt -these platforms are not easy to financing -then put into some other government's other assets.

The business sector includes 6 parts: asset resources and construction, education and cultural tourism, ecology, public undertakings, finance, trade, etc.

The education sector mainly involves cultivating the development of education industries, investing in construction intelligent training bases and research bases, and attracting outstanding educational institutions to settle in; developing preschool education, charging high school and adult vocational education; Information management and other school logistics support business. The asset resources and the construction sector include land collection and storage, real estate development business, etc., and also involves development and construction operating cemetery to carry out funeral service business.

In addition, the new platform has set up an ecological environmental protection sector, which can conduct the operation and development rights of platform carbon transactions and ecological protection construction. Based on environmental governance, ecological protection, carbon neutralization and renewable resources related businesses, carbon index transactions and transactions and The operation of ecological environmental protection projects such as carbon exchange transactions, hazardous waste development, mining repair, and solid garbage recycling and reuse.

The new platform also undertakes some assets with good cash flow, such as temporarily retaining tap water, thermal power and other companies in the new platform to maintain its own liquidity. In order to improve the quality of their assets, assets such as medical care are also injected.

Gao Heng believes that the downward pressure on the economy is increasing, and the fiscal revenue and expenditure are too tense. When the new platform was established, the financing function and investment construction function ranked in the top two, and then the asset operation management function.

Gao Heng further explained: "In terms of financing, the platform prioritizes the high -quality state -owned asset resources in the area to the platform. Financial institutions have cooperated, incorporating funds through multiple channels such as debt issuance and bank loans, reducing financing costs, improving financing capabilities, and giving play to the repayment tasks of the debt of the stock platform and the fund raising function of key construction projects. "

As an investment subject, as the main body of construction, the newly established platform can form an integrated investment and construction in the platform group system. Investing in the cycle of assets, profit construction, asset operations, and can be used for financing, financing reinvestment.

trend

Establishing a new platform for financing is becoming an option for the financial sector in many places. From the perspective of public information in various places, the integration of financing platforms is similar in integration.

In April 2022, the website of the People's Government of Xianyang City, Shaanxi Province published an article "Six Special Class" in Urban Investment Group in Our City, and Promoting the integration and upgrading of financing platforms. " Each financing platform, consulting relevant financial institutions, and hiring professional teams to further deepen and improve the city's city financing platform integration and upgrade plan, and promote the integration and upgrading of financing platforms. The first -level finishing business; the third is to establish a debt to sort out the reorganization work class, actively solve the stock debt, expand the financing channels, and alleviate the pressure of rigidity; the fourth is to establish a special class of mineral resources Explore and transfer work; Fifth, the establishment of a franchise right to implement a special class to promote the implementation of the franchise operation of the group's group; sixth, the establishment of a special class for urban renewal, coordinate follow -up, actively participate in urban renewal services, promote promotion Urban construction upgrade. Prior to October 2021, the Shaanxi Provincial Development and Reform Commission and the Shaanxi Provincial Department of Finance issued the "Opinions on Accelerating the Integration and Upgrade of Municipal and County Financing Platform Company to promote market -oriented investment and financing, and put forward orderly promoting the resolution of the municipal government's debt resolution to resolve the resolution of the municipal government debt. , Accelerate the market -oriented transformation of financing platform companies, further enhance market -oriented investment and financing capabilities, and build a financing platform company into an important carrier for the city and county government to plan and implement construction projects and support high -quality development. In principle, each city (district) builds a comprehensive state -owned capital operation group with a total asset of 50 billion yuan or above, and each county (district) builds a comprehensive state -owned capital operation company of 5 billion yuan or more , Municipal -level platform asset scale is 20 billion levels, and county -level platform assets are 2 billion levels). By the end of 2022, the direct financing scale of municipal and county financing platforms has been at least more than at present. Among the province's county -level financing platforms, the ratio of rating AA and above will reach the national average.

In the opinion of the above -mentioned practitioners: "Platform integration is a trend that integrates decentralized platforms to expand the scale, reduce the debt ratio, can better financing, and alleviate financial difficulties. From the perspective of people in the industry, some urban investment companies have performed their performance Some roles of the SASAC, such as investment management of public welfare assets.

As early as 2014, the integration of the platform showed signs. In recent years, with the continuous increase in fiscal pressure, the integration actions have significantly faster.

"In 2014, No. 43 (" Opinions of the State Council on Strengthening Local Government Debt Management ") Since its release, some areas have relatively slow integration in some areas, especially in some platforms in the north. In the past two years, we can obviously feel the integration. The purpose of integration is not only for financing, but also because the previous platform assets are too scattered, the scale is small, and the efficiency is too low. "The above practitioners told reporters.

For example, he explained: "There are two platforms in a certain place, one is called Urban Investment; one is called Guotou, and then the two platforms of CCP Holdings were established, and the group holding the group holds the construction investment. It is 'set baby', because its core assets are still the assets of the original two platforms. "

The newly established platform requires the government's support. The reporter learned that one approach is to inject some new high -quality assets into the platform company, such as the right to operate income and land of people's livelihood assets such as administrative assets, medical care, education, and pensions, and the mineral resources Resources, etc. In order to solve the problem of low platform operating income, some places will also be assigned assets such as hydropower hot buses such as operating income, but this asset accounts for a relatively small size of the entire platform assets. For example, a large 2A+platform asset scale is about 50 billion yuan, and the annual water supply income is only about hundreds of millions.

The above -mentioned practitioners believe that: "Establishing a new platform is only the first step. What really pays attention to is whether the assets that can generate cash flow can increase assets after resource integration."

In Gao Heng's view, the effect of the new platform needs to be observed. The new platforms currently established are more to maintain credit and prevent liquidity crisis, especially to prevent loan disconnection.

Russia and Ukraine Conflict Day 210: Ukraine announced the entry into Russia's referendum. Russia's Tuju dagger saw the new round of "gambling cards" in Macau and started a hundred billion market value medical giants.

- END -