The hottest South Sichuan railway attracts people

The introduction of private capital by the South Sichuan Railway: the state wants to withdraw, but the people do not enter the railway, and the general manager has no choice but to take shares

the introduction of private capital by the South Sichuan Railway: the state wants to withdraw, but the people do not enter the railway, and the general manager has no choice but to enter, that is, △ L ≤ 1.5 shares

China Construction Machinery Information

twists and turns. The South Sichuan intercity railway, which has been brewing for a year, was recently approved, and will start construction at the end of this year, which is an important technical parameter

it is reported that after the approval of the proposal for the South Sichuan intercity railway in April, the feasibility study document has been submitted by the end of the month, and the feasibility study review is expected to be organized in May. According to the plan, the preliminary design of the whole line of the South Sichuan intercity railway will be completed in October this year, and the construction will start in December. It can be opened to traffic in 2021

however, different from the original assumption, "there is no total railway investment, and it is open to private capital and foreign capital". The South Sichuan intercity railway, which is known by the outside world as "China's first private capital dominated railway in recent years", finally failed because there is no private capital participation. In principle, the total railway investment, which has no longer participated in local railway investment, finally had to contribute 10%

the planned southern Sichuan intercity railway, located in the core area of southern Sichuan urban agglomeration, is an intercity railway connecting Neijiang, Zigong, Yibin and Luzhou, the core cities in southern Sichuan. It is also a fast track connecting the sub central cities in the hinterland of Chengdu Chongqing Economic Zone and the areas along the line with Chengdu and Chongqing

the proposal for the South Sichuan intercity railway project shows that the estimated total investment of the project is 27.99 billion yuan, and the project construction adopts diversified financing. Specifically, Sichuan Province and China Railway Corporation invested 90% and 10% respectively to jointly establish South Sichuan Intercity Railway Co., Ltd. as the owner, it is responsible for project construction and operation management, and the 9:1 investment ratio is the first in the country. The Sichuan contribution was jointly completed by the local governments of Zigong, Luzhou, Neijiang and Yibin, as well as Sichuan railway investment group and Sichuan Road and bridge

the result is not easy. You know, in the past two years, due to financial constraints, railway reform and many other factors, the general railway administration has no longer participated in the investment of local railways in principle

a person close to the Railway Administration said that the initial assumption of the South Sichuan intercity railway was that most of it was funded by private capital, so it was also known as "China's first private funded railway in recent years". According to the idea of Sichuan development and Reform Commission, relying on Sichuan railway investment group, attract social capital and government investors at all levels to establish project owners. The intercity railway project is completely open to the society and also gives general requirements for the good operation practices of production enterprises, and fully introduces private capital

"social capital can be fully controlled." Dai Yongbo, deputy director of Sichuan Provincial Development and Reform Commission and full-time deputy director of Sichuan Provincial Railway Construction Office, said

however, to the embarrassment of local governments and railway departments, since the introduction of capital in August 2013, this railway company, which is positioned to be fully open to social capital, has always had no private capital willing to join

since last year, Sichuan has had many contacts with the Railway General Manager, saying that the desire of southern Sichuan intercity railway to attract private capital has failed, and the investment of the four cities along the line is not enough to support the initial cost of the construction line. Finally, the Railway General Manager invested 10% and state-owned assets took over the southern Sichuan intercity railway project

why not invest

South Sichuan railway was once famous for its construction idea of the first local Intercity Railway composed of local funds and private capital without the participation of the general railway administration

on February 20, 2014, the governments of Neijiang, Zigong, Yibin and Luzhou, as well as the two companies of Sichuan railway investment and Sichuan Road and bridge, involved in the South Sichuan railway, signed a cooperation agreement in Zigong, starting to promote the preparation for the construction of the South Sichuan Intercity Railway company. A person from the Sichuan development and Reform Commission who participated in the signing ceremony of the agreement said at that time that the southern Sichuan railway company was first established by these six parties, and then it will attract investment to the social capital along the line and transfer shares to them. There is no limit on the proportion of social capital, "even if one is willing to do it alone, it can be transferred in full."

according to the plan of Sichuan Province, the intercity railway line in southern Sichuan includes the lines from Neijiang to Zigong, Zigong to Yibin and Neijiang to Luzhou. Since Neijiang is located on the Chengdu Chongqing high-speed railway line to be opened and Yibin is located on the Chengdu Guiyang passenger dedicated line under construction, the intercity railway line in southern Sichuan will connect the Chengdu Chongqing high-speed railway and the Chengdu Guiyang passenger dedicated line after it is opened, which has a broad prospect

however, the South Sichuan intercity railway was not included in the list of major investment projects in Sichuan Province in 2013. Dai Yongbo said at that time, "our preliminary idea is to introduce private capital and strive to start construction within next year. The preliminary plan is to rely on Sichuan railway investment group, attract social capital and government investors at all levels, and establish project owners. It is estimated that the whole intercity railway is about 100 kilometers long, with an investment of about 11 billion yuan, and the construction cycle is 5 to 6 years. The determined capital will be considered at 30% of the total investment." As for the proportion of social capital, Dai Yongbo said at that time: "the more social capital, the better. It is also open to foreign capital. At present, there is no limit on the proportion."

after the announcement of the project, the South Sichuan railway has embarked on a rather uneven road of financing. Half a year later, there was no social capital among the quasi shareholders of South Sichuan railway project company. The reform of railway investment and financing system had a bad start

the local media publicly reported the failure of the introduction of private capital: according to the initial assumption, the southern Sichuan intercity railway will be opened to social capital, and even promised to be controlled by social capital; Therefore, South Sichuan railway company is widely regarded as a specimen of the reform of railway investment and financing system. However, some people were disappointed that private capital did not appear in the final announced company formation plan. "I saw the door open, but no guests came in. The country wanted to retreat, but the people did not enter."

finally, all the investors "lobbied" for the project are state-owned capital, and there is still no private capital

Chen Yao, vice president of the China Association of regional economics, said that the investment of the southern Sichuan railway project itself is relatively large, with many mountains along the way, high cost and long investment return cycle, which is what private capital is afraid of. Moreover, the railway has a high threshold of technology and qualification, which also blocked some private enterprises when bidding

in the view of insiders, the South Sichuan railway project has just been approved, and the feasibility study report was submitted at the end of April. The relevant feasibility, rate of return and compensation preferences have not been determined, and private capital has not shown corresponding investment enthusiasm for the time being

Zhao Jian, a professor at the school of economics and management of Beijing Jiaotong University, said that if the transportation income after completion is used to attract private capital for shares, the effect will be very poor, because the railway investment cycle is long, the capital is large, the recovery is slow, and the yield is not high. Especially for the railways in the central and western regions, the traffic volume can't go up, and they are often at a loss in the initial stage. No private capital can afford it. At present, the rules of national railway in transportation scheduling, financial liquidation and other aspects are not completely transparent and open

South Sichuan railway is a supplement to the trunk. The train will eventually go to the trunk, and the trunk train may also stop at South Sichuan railway. How can the South Sichuan railway operation company settle accounts with China Railway Corporation. A relevant person from the Sichuan Provincial Development and Reform Commission said that Sichuan province did not even have basic materials, nor could it give a clear answer to private capital

it seems that it is not unwillingness for private capital to enter the railway, but it is actually not dare under the current conditions