Article/Jia Kang of China Economic 50 People Forum
Recently, a new mechanism has been vigorously implemented by the management department. It plays an important role in combining the "Belt and Road" to a great extent. It is of great significance to fully relieve the financial pressure of the government, make people benefit, provide a large number of enterprises with opportunities for survival and development, and cultivate market players.
On January 30, 2015, the third annual meeting of China Wealth Management 50 Forum was held at the Westin Hotel on Beijing Financial Street. The picture above shows Jia Kang, former director of the Institute of Financial Science of the Ministry of Finance. (Photo source: Liu Haiwei, Sina Finance) As a researcher, I have always paid close attention to the "Belt and Road" strategy. The strategy proposed by the Central Committee is of great overall significance. When we heard such an idea early in the discussion, we realized that it would have a long historical impact.
Thirty years after the Opium War in China, the curtain of modern history began. In the past, we had to fight for coastal defense on the issue of national security. From the Revolution of 1911, the founding of the People's Republic of China in 1949, and the reform and opening up in the 1980s, our nation went from overthrowing the monarchy to decades later, after repeated exploration, decades later, we entered a new era of economic and social transition, The economy took off.
In the past three decades, our comprehensive national strength has been greatly enhanced, and the trend of peaceful development and rise has been clearly presented. We have finally discussed the "Belt and Road" strategy of export-oriented trade power, managing the surrounding areas, managing the west, and managing the ocean.
This strategy obviously has two clear origins. One is humanistic, which aims to make the people yearn for a better life. The other origin is the framework of cooperation and inclusion, which is to seek a win-win situation for all countries and nations in the global economy 。 The big background behind these two origins, I think, is actually Deng Xiaoping's very clear strategic judgment at the beginning of reform and opening up.
The era we live in is an era of peace and development. I have been thinking over and over again for decades. Comrade Xiaoping said that the strategic judgment did not have practical sensibility. In fact, it solved the problem of denying Chairman Mao Zedong's strategic judgment that we are in the era of war and revolution.
Practice has proved that Comrade Xiaoping's judgment is in line with the basic trajectory of the current development of the entire human society. The problem it needs to solve, which is derived from this strategic judgment, is that in fact, we are not looking for who will defeat whom in the process of moving forward, but under the theme of peace and development, inclusive cooperation, mutual benefit and mutual benefit, Naturally and logically leading to the implementation of our grand strategy of "the Belt and Road", it is along the path of peaceful development that our economic development space and the actual needs of the outside world can be more effectively and conveniently connected, forming the mutual benefit and common understanding between China and other economies, and it is also such a supporting condition for the various dreams of modernization of other nationalities.
Of course, in the process of specific implementation, this strategy objectively needs infrastructure first, and it is also a development process of interaction with other economies. We have seen that on the westward belt, we can at least distinguish the three directions of southwest, west and northwest, large-scale infrastructure and public works The hardware environment also does not exclude the so-called serial development, which has begun to flourish in China. This is a very innovative investment and financing mechanism that can be made to attract private market players of social capital. In addition, it is also necessary to cultivate a supporting mechanism for software.
In addition, in the direction of the sea to the east, it has first made it clear that Sansha City, as the representative, matches various types of marine park cooperation projects, so as to develop various ships, aircraft, and multiple economies frequently cross navigation and trade, which are supported by the Asian Infrastructure Bank, the BRICS Bank, the Silk Road Fund The SCO Fund and other diversified and multi-channel funds jointly form a joint force of support.
In the implementation of this strategy, the mechanism innovation is diversified financing and the use of PPP In the past, we used to literally translate it into corporate partnership, but now we translate it into cooperation between government and social capital. We can directly understand it as cooperation between government, enterprises and other non-governmental professional organizations. Such a mechanism also requires innovative tasks related to asset management.
We have noticed that the PPP mechanism has emerged in Europe, America, Australia and several emerging market economies in recent decades, and is in the ascendant. A series of practical cases have also emerged in our country. Our country is in the initial stage of creation and exploration. Recently, this mechanism has been highly promoted by the management department, which is in combination with the "Belt and Road" It is a new mechanism to give full play to its role. This mechanism is of great significance to ease the financial pressure of the government, make people benefit, provide a large number of enterprises with space for survival and development, and cultivate market players.
The rising PPP model Moreover, it is a breakthrough in directly matching the mixed ownership given at the Third Plenary Session of the CPC Central Committee and the rule of law construction under the general policy of comprehensively promoting the rule of law and governance emphasized at the Fourth Plenary Session of the CPC Central Committee. It also corresponds to the cultivation of the spirit of contract and the culture of dedication and integrity that Chinese society needs.
In the process of implementing the "Belt and Road" strategy, we clearly need to promote win-win cooperation and interaction between governments and public enterprises. We also need to better understand the challenges and innovations faced by asset management under international practices and acceptable concepts in this process, We should connect the management mechanism of PPP innovation and its asset optimization. At least the following points need to be discussed within the scope of the series.
First, combine the spirit of rule of law and the spirit of contract Compared with the accelerated construction at present, there is still a phenomenon that China's rule of law system cannot be followed. It is impossible to establish many laws at once. At least there are temporary regulations. At least the relevant documents in China's legal system must be formed first, and then gradually improve the level of legislation. We have seen the guidelines on PPP in the recent period, Some relevant documents with guiding significance are being issued intensively.
It is also necessary to continue to promote the process of legalization, specifically echo the progress of the "Belt and Road" construction, and strive to fill the gaps in PPP projects and related asset management, so as to strive for laws to follow. Further dynamic optimization will make each component of such a legal system more and more characterized by good law, which is a focus I think must be mentioned.
Second, on some important nodes of the "Belt and Road" construction, planning departments and relevant management departments should also consciously make several major types of PPP innovation schemes The parties concerned have obviously paid attention to this matter.
As for the so-called demonstration project, this project can be extended to the new mechanism of the park, such as service packaging. In fact, the local government and business circles in China now pay special attention to the continuous development. It seems that in the international experience, other economies also pay more attention to some BOT Some stable models have been formed in such projects as POT and BT, and the excitement of China has suddenly fallen to the projects of continuous development.
Such an innovative feature can also be integrated into the "Belt and Road". We should strive to provide some innovative solutions with exemplary significance, and then connect some feasible bidding practices. At the same time, we should also pay attention to preventing the mob from rising, and try to be proactive and prudent.
Third, we should learn from the successful experience of relevant enterprises and encourage more innovation. Some time ago, I heard that Huawei was called sub Saharan in the underdeveloped region of Africa. In the past, Huawei was the poorest and least developed region. They also developed mobile banking without stores in that region by leaps and bounds through hard work. This experience deserves our attention. In the "Belt and Road" initiative, we have taken the lead in implementing some communication latecomer advantage strategies, encouraging cooperation with the government, boldly exploring new ways and technical routes, and striving to achieve some extraordinary development.
The fourth issue I think needs to be considered is to actively prepare and develop the "Belt and Road" equity investment funds, investment and loan funds and government guidance funds with private capital as the main part in combination with the mixed ownership reform, and actively explore the template that can stabilize the mutual operation methods in possible PPP projects, It is connected to the long-term mechanism of relatively stable asset management.
The finance and tax departments should obviously give necessary preferential policy support in these areas. For example, the government is not responsible for the government's guidance fund. The government is here to help. In doing things, we must seek government funds to produce mature effects and amplify effects here. It is best to allocate a lot of money.
Fifth, we should work closely in diplomacy, development, commerce and trade, effectively cooperate with local and foreign relevant parties to negotiate and promote a number of domestic and foreign private investment oriented "Belt and Road" PPP projects, learn from the experience of introducing asset management available in relevant countries, and our coordination and cooperation in all aspects are also facing challenges, It is easy for departments to take their own ideas seriously and do not buy each other. In the case of modern national governance, some new efforts are needed in this regard.
Finally, we should actively cultivate and promote domestic professional institutions, intermediary organizations, think tank platforms, university research centers and others to jointly carry out scientific research consulting services and targeted support of special teams in PPP mechanism innovation and asset management innovation related to the implementation of the "Belt and Road" strategy.
(The author of this article introduces: Director of the Institute of Financial Science, Ministry of Finance, researcher, doctoral supervisor.)
