The overall vision of the future reform of China's government investment mode is that, under the premise of transforming the government's investment function, playing the fundamental role of the market in resource allocation, and establishing the role of a limited government, we should explore a new way of thinking about financial management of the public ****, and comprehensively play the role of various types of leverage in government investment, and give full play to the leverage of the government's investment mode on the social capital of the guidance, fostering, incentives and amplification to achieve the effect of spending less, doing more, getting things done, and doing great things. Spend money, do more, do good things, do great things.
(a) in the pure public welfare field, to take "government capital civil (government affairs, people do)" and other new investment and construction methods, "spend less, do more"
by the government to invest directly in pure public **** products, does not mean that the government to directly produce public **** products. directly produce public **** products. To learn from the experience of developed countries, the introduction of market mechanisms in the field of government public **** services, through the "generation system", "contracting system", "ordering system" and other ways, the government authority and the Through the "substitute construction system", "contracting system", "ordering system" and other ways, the government authority and the functional advantages of the market exchange are combined, so as to maximize the supply capacity, quality and efficiency of the government's public **** services at the lowest possible cost. Specifically, the main solution to four aspects of the problem:
(1) the implementation of public **** eye service project announcement system, optimize the use of government investment in the use of purpose. The establishment of the socialist market economic system of government investment in public **** put forward higher requirements. The service object of governmental public service investment projects is the whole society, especially the general public, so it is necessary to maintain full disclosure of information and rely on the supervision of the general public to improve the effectiveness of governmental investment. Government departments have the responsibility and obligation to publicize the relevant information of public **** projects to the community, including the scale of investment in construction projects, the scale and cost of liabilities, debt servicing plans, employees, etc., and to hold relevant hearings, so that all sectors of the community to judge and supervise the feasibility of the government's investment, so as to put forward relevant recommendations to improve the scientific nature of the investment in public **** projects. Especially for some of the people hurt money, no practical use of the image of the project, performance projects or too luxurious public **** project, through the project publicity system can be effectively monitored by the community, so as to be corrected in a timely manner. For example, in the process of preparing for the 2008 Olympic Games, Beijing pursued too much high-grade in the design of the main venues, and the cost of the project budget was too high, which was objected to by the society after the project was publicized. The Beijing Organizing Committee of the Olympic Games, in line with the concept of "running the Olympic Games frugally", carefully and meticulously calculated the cost, input and output, and made readjustments to the design of the high-priced Olympic projects, realizing the effect of spending less money to do a good job. Visible, private participation in the use of government investment is also a major change in the way of investment.
(2) the implementation of public **** service bidding and purchasing system, saving the cost of using government funds. The implementation of public **** services must be funded by the government to provide, but does not have to be produced entirely by the public **** economic sector. For example, waste disposal may be invested in by private enterprises, military airports and terminals may be funded by the government and built by private enterprises, and so on. However, this process is not government-directed, but should be tendered and ordered from the private and non-profit sectors, because the use of market mechanism approach will effectively improve the productivity and economic efficiency of the public **** services, and therefore can save the cost of using government funds. Generally speaking, tendering to the private sector to build on behalf of the system can save 22-25% of the cost of government spending, and can promote the development of service industries and related new industries.
(3) The implementation of public **** project bidding on behalf of the construction system, control the quality of the use of government funds and construction period. The implementation of non-operational government projects "on behalf of the construction system", the non-operational government projects construction management tasks to specialized, permanent project management agencies or companies rather than the project user units to undertake, in recent years, the construction of government investment projects to implement a major reform and institutional innovation. National investment system reform decision put forward, the non-operational government projects to speed up the promotion of the "system", that is, through bidding and other means, selecting specialized project management unit responsible for the construction and implementation, strict control of project investment, quality and duration, completion and acceptance of the transfer to the user unit. At present, Beijing, Chongqing, Shenzhen and other places have been in the city hospitals, schools, cultural facilities and other social services introduced in the bidding on behalf of the construction of the way to solve the overestimation over the years difficult to solve the difficult problem of dragging the schedule and so on.
(4) the implementation of public **** service contract contracting system, spread the risk of the use of government funds. Contract contracting is the government will be in the past has been provided by the government departments to the citizens of certain public **** services to the market, to the private sector and the non-profit sector bidding contract, the successful contractor in accordance with the supply contract signed with the government to provide public **** services and receive compensation. The greatest advantage of the contracting system is that the Government, as the funder, only makes demands on the content and standard of the final service, and the specific requirements for the construction and operational aspects of the project are minimized as far as possible. If the services provided by the enterprise do not meet the standards required by the contract, the government can cut its expenditure; if the required standards are met or exceeded, the contractor can receive a certain percentage of additional revenue. In principle, the Government does not bear the minimum level of payment, thus enabling the public and private sectors to share the cost of risk reasonably. At the same time, private enterprises in accordance with the government's requirements on behalf of the construction of prisons, hospitals, compulsory schools, city street lighting system, the government can be based on the contract requirements in the form of installment payments of rent and maintenance and management fees, so that the financial expenditure from a single year of full payment converted to the balance of the payment of the future of the multi-year, so as to further diversify the risk of investment.
In short, compared with the "government investment, government production" mode, "government investment, private production" investment mode from the fund allocation system to the contract system, the use of funds from the directive system to the bidding system, the implementation of investment from the reimbursement system to the reward and punishment system, investment (rewards and penalties), the investment (reimbursement) system, and the investment (reimbursement) system. Reward and punishment system, investment (implementation) risk from exclusive to share the system, thus improving the efficiency of investment.
(2) to promote the quasi-public **** field of government investment reform, support social forces to participate in the construction of public **** project, to achieve "less money. Do big things" effect
In order to make up for the serious shortage of funds and management capacity of government departments, the future government departments must change the monolithic investment mode, explore a variety of funding or compensation methods such as capital injection, loan subsidies, financial subsidies, etc., to support, encourage, and guide the social forces to participate more in the investment and construction of the basic areas, and to form a wide range of public and private Partnership, so as to greatly open up the investment channels of public **** project, to achieve the effect of "spend less, do big things".
(1)Attracting social capital through equity participation or holding to make up for the lack of financial investment capacity. Social infrastructure and other quasi-public **** field of capital investment, slow capital turnover, relying solely on government investment certainly can not meet the construction needs, which requires the government to take a flexible and effective way of investment, more to attract the participation of private capital. In the urban infrastructure and other public works projects, private capital is currently the government capital behind the government's credibility and administrative means, can better solve the conditions of land acquisition and detachment, environmental protection, labor protection, supporting facilities, so that private capital is generally willing to invest in the government's participation and a certain market prospects of the construction project. As long as the government out of a small amount of capital participation can attract a larger share of private capital involvement, not only solves the problem of insufficient sources of investment in infrastructure projects, but also greatly reduces the burden of government investment and private investment risk. This mode of operation is also known as "the government sets the stage and the private sector sings the opera" or "government-led, market-oriented operation". On the other hand, for some national major infrastructure construction, the central government should still have the necessary control, i.e., holding capacity, while widely introducing private capital as a supplement. In view of the more dispersed private capital, in addition to a small number of large enterprises, the strength of independent direct investment in infrastructure is insufficient, we can learn from international experience, the government holding investment and private equity capital market combination of major infrastructure investment projects openly to the market bidding prospectus, through the industrial investment fund, the issuance of corporate bonds and other ways to attract a large number of idle funds to participate in the private infrastructure investment, will be dispersed. Private capital to concentrate to do big things, and achieve very good amplification of the benefits.
(2) Attracting private investment through franchises and other means to make up for the government's lack of risk-resistant capacity and operational capacity. The traditional way of investing in social undertakings, the government department is fully invested and responsible for the whole process of the project, the capital and management risk is borne entirely by the government. In the future, before or after the completion of the project, the government can transfer all or part of the operating rights to the private capital through public-private partnership, private contracting, BOT (Build-Operate-Transfer), TOT (Transfer-Operate-Transfer), etc. to form a "government-owned private sector". The public-private partnership (PPP) of "government-owned and privately-run" can break down the government's burden of investment and operation. Specifically, the government can adopt public-private partnership (e.g., public-private joint venture, state-owned private, state-owned private, public-private joint venture) to attract social forces to participate in the investment and construction, and the government can sign a franchise agreement with the project legal person and grant an exclusive franchise within a certain period of time to clearly define the responsibilities of the two parties and risk sharing, and delegate all or part of the social utility financing, design, construction, operation, maintenance and management to enterprises. or part of the business is entrusted to the enterprise, not only the investment pressure and investment risk of the government is greatly dispersed, but also the social forces have the right to investment income, and can recover the cost and pursue the return by charging the consumers. The significance of this reform measure is: the government through the market mechanism to mobilize social resources to improve the production capacity of public **** services to make up for the lack of government financial resources and service capacity, but also through the price mechanism to show the real demand for public **** services, to achieve the purpose of making up for the public with the private and kill two birds with one stone.
(3) the use of investment subsidies and other ways to support private investment, to make up for the loss of externalization of investment returns. Social quasi-public welfare investment is mainly to meet the needs of mass society's externalized benefits, although it may enjoy the government's tax exemption treatment and other preferential policies, but in the price is still subject to the necessary regulations, it is impossible to completely liberalize, making investment returns are bound to be constrained. If the government sector is not to assist, it will lead to externalization of investment income often all to be internal digestion by the investment subject, seriously dampen the enthusiasm of social forces to participate in the investment, for those who are priced by the government charges, but the charges are not enough to recover the investment and realize a reasonable profit, the shortfall should be subsidized by the government sector. Such as the actual return is lower than the cost of investment in hospitals, schools of higher learning, cultural institutions and social welfare departments, the Government can compensate for the cost plus a reasonable return, the principle of financial subsidies and the public reasonable commitment to the combination of project operators to subsidize a certain amount of operating costs. Can also be in the construction period of a one-time subsidy investment costs, so that social forces can make use of government subsidies to make investment returns at least reach the break-even point. For example, the main venue of the 29th Olympic Games in 2008 - the National Stadium, in the 3.5 billion yuan of total investment in the Beijing Municipal Government gratuitous contribution of 58%, do not want to return regardless of the loss, the winning enterprise with 42% of the investment to obtain a franchise for 30 years.
(4) Support private investment through subsidized loans to make up for the lack of public **** investment credit capacity. At different stages of economic development, around the important sectors and major projects stipulated in the industrial policy to provide long-term policy credit funding support, effectively guiding the flow of industrial investment, to ensure the implementation of industrial policy. For the financing of infrastructure with a long payback period and large scale, policy loans can provide long-term and stable financial support. For infrastructure projects that bear the burden of public **** and have good social benefits, the cost of general commercial loans is often difficult to bear. Policy loans formed through government subsidized interest rates and other means can make up for the shortcomings in this regard. Zhejiang province in the country's first use of financial interest policy, bank loans for construction projects to give interest subsidies, the many private capital to infrastructure investment. From 1998 to 2000, three years, the province **** arrangements for interest subsidies 2 5.2 billion yuan, directly leading to bank loans 50 billion yuan, tens of billions of yuan of private investment.
(5) through the voucher system to support private investment, to make up for the lack of consumption capacity of specific consumer groups. From the social_2 point of view, due to the lack of consumption capacity of low-income consumer groups with the unprofitable supply system for low-income classes, making non-compulsory education, medical care, social welfare institutions, investment and consumption capacity is seriously insufficient. From the point of view of promoting the development of public *** services, the government can play the role of economic leverage, such as the voucher system, to increase the consumption capacity of specific consumers. The so-called vouchers are securities issued by the government to help certain specific groups of people to purchase certain specific goods or services, and are mainly utilized in the areas of food subsidies, medical subsidies, educational subsidies and housing subsidies provided by the government. Consumers eligible to receive vouchers use them to purchase specific goods or services at government-designated public *** service-providing organizations, and the government then redeems the vouchers received by the organizations for cash. For example, to economically disadvantaged students issued education vouchers, to low-income people issued medical vouchers, to the need to take care of widows and orphans issued welfare vouchers, etc., through this way in the poorer classes to make up for the difference in the non-compulsory education, health care, social welfare institutions in the consumption, expanding the public welfare nature of the science, education, culture, health and sports clubs to consume the scale of at the same time, but also indirectly subsidize the difference in the investment return of the social utilities business units,. Amplify the social effect of fiscal expenditure, mobilized the enthusiasm of the whole society to invest, so as to make up for the market failure triggered by the gap in public welfare investment.
(C) to promote the reform of government investment in the field of operation, amplify the investment benefits of social investment industrialization, and achieve the effect of "spending less money to do a good job"
Operating field is under the government's overall planning, macro-control by domestic and foreign civil organizations, individuals or other social forces, by the market to regulate the relationship between supply and demand, and to continuously improve the quality and efficiency of social investment. The market regulates the relationship between supply and demand, and constantly meet the diversified, multi-level demand for goods industry. Obviously different from the public welfare and quasi-public welfare areas, the government only plays an indirect regulatory role in the allocation of resources in the operating social undertakings, and the purpose of investing financial resources is to better play the fundamental role of the market in the allocation of resources. In the future, to the extent permitted by the national industrial policy, the government's financial subsidies, tax adjustments and other special investment in the government's effective function, reduce the market transaction costs of private investment, capital costs, human costs and social costs, mobilize private investment enthusiasm and creativity, so as to amplify the effectiveness of social investment.
(1) establish and improve the support and encouragement policies for private small and medium-sized capital to reduce the cost of entrepreneurial investment. Private small and medium-sized investment has a clear property rights, independent operation, a wide range of points, bear the risk, rolling development and other advantages, can supplement the large business units can not meet the market gaps, there is a great potential for development. Weak investment strength, financing difficulties, backward operation and management. At present, in the market access, land use, bank loans, taxes, fees, charges, prices, certificates and other aspects of the system within and outside the huge differences in policy treatment, private economic investment in schools, medical, cultural, social welfare, there are still all kinds of discrimination, some unfavorable to the "social cause of social affairs" of the traditional concepts and management system still exists in large quantities, making the social welfare, social welfare, and social welfare, the private economy is still the most important factor. Some traditional concepts and management systems that are not conducive to "social undertakings run by society" still exist in large quantities, making the investment enthusiasm of social forces has been greatly suppressed; government departments should create a more relaxed market access environment and the development of entrepreneurial environment, to support and encourage the development of small and medium-sized private capital. For example, the government invested certain resources in tax, land, credit and other aspects to give the necessary support to alleviate the private small and medium-sized scientific and technological, cultural enterprises start-up costs, and to promote more private capital into the ranks of science, education, culture, health and sports entrepreneurship to come.
(2) The government shares the cost of reform, and promotes the participation of private capital in the optimization and restructuring of the stock of state-owned assets. From the overall perspective of optimizing the strategic layout of state-owned assets, it is necessary to promote the orderly withdrawal of state-owned capital in general competitive fields, and encourage social capital to participate in the reorganization and transformation of state-owned stock assets through participation, holding, merger, leasing, contracting, trusteeship, franchising and other means. However, if the restructuring of assets in the restructuring of debt, personnel streaming and other restructuring costs of the government does not share, directly transferred to the community or private capital, will increase the revitalization of the asset stock of the difficulty. Therefore, should be funded by the government to bear part of the restructuring costs, including the cost of debt, surplus personnel resettlement costs, the remaining restructuring costs and then borne by the parties to promote private capital to participate in the optimization of the restructuring of the stock of state-owned assets.
(3) Provide subsidized interest rates and guarantee support for private investment to reduce the capital cost of social investment. At present, commercial financial institutions are often keen on loans for large enterprise construction projects and lack enthusiasm for loans to small and medium-sized enterprises (SMEs). Most small and medium-sized enterprises are subject to constraints such as credit ratings, credit guarantees and mortgages, and financing is generally difficult. In order to alleviate the problems of small and medium-sized enterprises, especially small enterprises, in terms of difficulty in obtaining loans and guarantees, government departments should do something about it. It is recommended that the government funded the establishment of special services for small and medium-sized policy banks and credit guarantee system for the development potential of private investment to provide interest rate subsidies and guarantees to support private investment projects, allowing private investment projects to moderate the interest on loans against corporate income tax and other initiatives will greatly reduce the cost of private investment funds, so that small and medium-sized enterprises in the government's support for access to vital financial resources.
(4) the use of tax leverage to promote enterprise technological progress, reduce the risk and cost of social investment in technological progress. Accelerating the pace of technological transformation and technological progress of China's enterprises is related to the improvement of the overall competitiveness of the entire country. Given that domestic enterprises generally face a serious lack of investment in technological progress, insufficient risk-resistant ability and weak motivation, the government can invest in tax credits and tax breaks and other special inputs to reduce the investment burden of enterprises and promote enterprises to increase investment in technological transformation and technological progress. For example, in order to promote equipment renewal in the old industrial bases in Northeast China, the state has recently introduced preferential policies for accelerated depreciation, allowing local industrial enterprises to shorten the depreciation of fixed assets by no more than 40% on the basis of the current depreciation period; intangible assets transferred or invested in can be amortized on the basis of the current provisions of amortization by no more than 40% to shorten the amortization period. In order to promote enterprises to improve R&D investment and introduce new technologies, some regions allow enterprises to deduct the purchase cost of new equipment proportionally from the amount of income tax payable, and allow enterprises to deduct a certain proportion of experimental research fees and introduction of technology expenditures from the pre-tax income of enterprises, and so on. At present, there are still some unfavorable provisions in the financial and tax policies for the technological progress of enterprises, should be further explored through the development of appropriate tax "investment incentives" to encourage investors to increase investment in technological progress, and incentives for private investors to invest in enthusiasm.