Industry insiders said that the domestic subway construction investment capital of about 20% was wasted

To cross-examine the trillions of subway construction funds last year the bank lent heavily to erode the newly formed subway construction diversification financing mechanism. If you can easily get the money from the bank, who also use the market-oriented way to finance it?　　Some operators believe that the current subway construction investment funds waste about 20% "Outlook Oriental Weekly" reporter American Beijing, Changchun reported 9, 230 kilometers, the total investment of more than 60 billion yuan subway in Beijing into operation, still can not defuse the traffic pressure in Beijing. Beijing Political Consultative Committee member Chen Jie proposed "peak time increase", the target point to foreign tourists, the proposal because of simple and rough by the public criticism. Starting in mid-July 2010, the Beijing Subway eight-pass line four Hui station in the middle of the platform, erect a height of 1.2 meters, 0.6 meters in diameter stainless steel column.　　It is said that the effect of this column is very obvious, the speed of the passenger car from 15 seconds to 40 people reduced to 35 people. 2010, the whole country will build 480 kilometers urban rail transit and put into operation, the investment is estimated to be 160 billion yuan. Comprehensive China's urban planning, the next 5 years will also start building more than 2500 kilometers of subway and other urban rail transit, investment will be more than 1 trillion yuan.　　This means that the new line will face an annual interest expense of tens of billions of yuan and a yearly depreciation fee of tens of billions of yuan.　　Ministry of Construction Subway and light Rail Center director Li Xiaojiang forecast, "Twelve-Five" period, China's urban rail transit total capital investment may be greater than air and water, after railways and highways. The question is how to solve such a huge amount of capital demand?　　How to safely pass this round of subway construction spanning development period? Another problem is the low efficiency of the operation of the mainland urban subway, which is rare in the world.　　According to the annual passenger volume calculation, the Beijing subway operation efficiency is higher, is 22200 people/day kilometer, but the mainland most cities are below 20,000 people/day kilometer, half of the city operation efficiency even lower than 10,000 people/day kilometer, far below Hong Kong about 30,000 people/day kilometer operating level. Investment in the next 5 years 1 trillion domestic urban rail transit divided into all underground lines, elevated and three types of ground, of which 72% for the subway. Its construction cost is: The subway is 500 million ~7 billion yuan/kilometer, elevated 100 million ~2. 500 million yuan/kilometer, light rail 0.　　500 million ~ billion/kilometer. 2009, the National economic stimulus policy issued, urban rail transit construction is also supported. Some of the previously shelved projects have been released, and cities that already have subways are expanding rapidly. 2009 has become the most urban rail transit in China in the year.　　At present, nearly 40 cities have sought to build rail transit, and 28 have been approved. May 2010, "China's rail transport industry Development Report", published in Changchun's "International summit on Urban Rail Transit", said: "Under the favorable policies of expanding domestic demand and promoting economic growth, China's rail transit line construction has increased by more than 300 kilometers, vehicle procurement increased by 460 vehicles, communication signals and other equipment, The demand for facilities has also increased by 29%. "AlthoughIs "sky-high project", but the industry generally believe that 100 million yuan per investment in rail transport construction funds can stimulate GDP growth of about 260 million yuan, engineering infrastructure, equipment manufacturing, steel, cement and other industries will benefit, but also create Chiyu jobs. For example, urban rail transport investment of 100 million yuan, will drive steel consumption in more than 10,000 tons. According to the current urban subway planning, in the next few years only subway construction will add steel demand nearly billion tons.　　For China's steel companies, which have a heavy steel production capacity, the demand for nearly billion tons of steel from the sky is undoubtedly a timely rain. At present, the total mileage of the urban rail transit has been under construction for about 1500 kilometres. The next 5 years will also start construction project total mileage of more than 2500 kilometers, investment scale will reach 1 trillion yuan.　　It is expected that by 2020, the national total mileage will reach about 6100 kilometers.　　This is a rare worldwide surge rate.　　More than 90% of the money on finance and loan money is the most important issue. "At present, the domestic subway project more than 90% of the construction funds rely on government financial investment and bank loans to solve."　　Jin Yongxiang, general manager of Beijing Grand-Yue Consulting, said of Outlook Oriental Weekly.　　From the historical data compiled by our correspondent, it is found that China's rail transit from the 60 's medium-term investment construction of Beijing Metro line Line 1 began to the end of last century, the cumulative investment of about 90 billion yuan, with central and local government financial allocations mainly. From 2000 to 2008, the total investment of China's rail transit was over more than 310 billion yuan.　　Although the diversification of financing attempts, but the overall financial investment plus bank loans. In response to the international financial crisis, the 2009 circular of the State Council on the adjustment of capital ratio of fixed assets investment projects lowered the minimum capital ratio from 40% to 25%.　　Previously, the domestic urban rail transit Project capital ratio is generally between 40% ~ 70%. Different capital ratios determine the use of different financing instruments.　　The high proportion of registered capital will limit the flexibility of financing, which will affect the confidence of the financing object to the project. Generally speaking, the minimum capital reduction of the project is 25%, which will increase the risk of financing and even the operation of the whole project.　　But the reality is: the project company and the bank two love mutually, enjoyable. 2009, the bank released the day amount of credit, some urban subway construction financing accelerated, rail transit construction to obtain sufficient funds. The proportion of bank debt financing of various purposes increased greatly.　　Some local government officials told the economist that their biggest concern was whether the country would raise the minimum capital ratio for rail transit projects because of the upturn in economic conditions.　　The State Bank of wealth in the city subway and other urban rail transit projects in the loan information, almost all will appear in the national development banks figure. Among the 15 cities recently built by the State Council's approved rail transit, the city's first long-term loan for projects has been financed by the National Development Bank.　　All cities regard the national Development Bank as the great wealth of the urban rail Transit project. According to the stateDevelopment Bank Annual report, before 2002, the Bank is the only fund provider of Subway construction, as at the end of 2005, the Bank for the construction of the subway line loans have been issued 42 billion yuan, accounting for the total subway construction investment of 25%.　　By the end of 2006, the bank had pledged to lend RMB 104.7 billion to the construction of metro and light rail lines.　　With the acceleration of subway construction, the National Development Bank loans for urban rail transit projects, such as subways, have also increased rapidly. National Development Bank Review bureau secretary Zhangqingmin in the "Urban rail Transit International summit," said: "As of the end of March 2010, the National Development Bank for Urban rail Transit Project cumulative commitment to long-term loans of 345 billion yuan, the table loan of 135 billion yuan, a total of 23 cities involved in more than 60 projects." "In recent years, a consortium of national development banks and several banks, or even more than 10 banks, has become increasingly popular in providing loans for urban rail transit projects." According to the reporter not fully statistics, 2009 year 16 cities in the domestic subway project to obtain a total of 240 billion yuan of the loan line, the majority from the syndicate, the only exception is Chongqing city, its Line 1 line is the use of German promotional loans of two batches of 200 million euros, and the country opened the line is Line 3 line,　　Line Line 6 promises a loan of 11.19 billion yuan. Since 2009, the urban Rail transit construction investment and financing companies are basically in the buyer's market, banks almost begging them to lend.　　Jin Yongxiang to this newspaper reporter said. In mid-February 2009, for example, the Zhengzhou urban Rail Transit plan was approved by the State Council. At the beginning of March, 14 commercial banks in the main responsible for this expressed "strong interest", of which 10 with the Zhengzhou government signed a comprehensive strategic cooperation agreement, syndicated commitment in the next 3-5 years for the Zhengzhou Subway project credit 50 billion yuan.　　In May, the syndicate cashed in a loan of 8.6 billion yuan.　　The failure of the mechanism to leapfrog development and the flow of banks does not obscure the risk of wasteful and inefficient operations that are now a single source of funding.　　In 2003, the State Council issued the "notice on strengthening the management of urban rapid track construction", stressing the need to reform the construction management system and encourage social capital, including foreign capital, to participate in the investment, construction and operation of urban rail transit in such ways as joint ventures, cooperation or commissioned operations. Rail transit projects can be diversified sources of funding, according to the nature of the integration of funds can be divided into debt financing and equity financing of two major categories. Among them, debt financing theory at least includes domestic and foreign bank loans, corporate bonds, trust financing, financial leasing and so on.　　In infrastructure projects at home and abroad, the more widely used method of equity financing includes at least government financial direct investment, franchising, company joint ventures, stock market financing and so on. "Last year's massive bank lending almost completely ruined the nascent market mechanism," he said. If you can easily get the money from the bank, who also use the market-oriented way to finance it? Jin Yongxiang to The Economist, said, "so the whole investment waste is very big, almost a waste of about 20%."　”　Some observers believe that the root cause of the single financing channel of Subway and other rail transit projects in China is the lack of a suitable profit model, and the final reason is that the mechanism is not smooth. Beijing SASAC deputy director, the Beijing investment Company's former general manager Wang Yu and the company team together, in Beijing Rail transit investment and financing to make a lot of innovation.　　In the six-year period from 2003 to 2009, it raised 250 billion yuan in subway construction funds and controlled the annual average capital cost rate in 1.44%~2.32%. However, in the preface to a recent book, Wang Yu stressed: "I have always believed that the reform of Beijing Urban rail Transit is due to the lack of construction funds." Wang Yu that the problem of institutional mechanism is embodied in two aspects: first, the relationship between enterprises and enterprises is not clear, the lack of scientific compensation mechanism and the way of subsidy. The government in the subway investment, construction, operation and other aspects of offside, vacancy, dislocation of the phenomenon at the same time. At the same time, due to the lack of scientific and reasonable compensation model, government supervision and subsidy policy can not form an effective incentive and restraint mechanism for enterprises, and accumulated a lot of historical problems.　　Second, the enterprise's own governance structure is imperfect, the enterprise own initiative to improve the management level, improve the operational efficiency of the lack of power.　　The accumulation of capital pressure although almost all the world's subway projects are in the loss, but such as the low efficiency of the domestic subway is relatively rare.　　According to the annual passenger volume calculation, the majority of the mainland city subway operating efficiency of 20,000 people/days below, half of the city operating efficiency or even less than 10,000 people/day kilometers, much lower than Hong Kong about 30,000 people/day km operating level. "The construction of rail transit is indeed fast, and the rest of the world is not so fast." But ' good ' is the most important, ' good ' how to achieve it? "Chinese Academy of Engineering academician Shizhongheng sigh:" Beijing, Shanghai, these mega-city subway operating efficiency can be greatly improved. "There is a general need to make a report on the subway project, one of which is to forecast passenger traffic," he said.　　Because of the uncertain factors in the passenger traffic forecast and the man-made factors caused by the system mechanism, the passenger traffic in the urban subway and other railway projects is generally too optimistic. May 27 "The International Summit of Urban Rail Transit", Beijing Vice mayor, academician of the Chinese Academy of Engineering Huang Wei said: "So far, I have not found any city on the track traffic forecast is reliable, not to mention accurate." "If it is market-based financing, the passenger flow forecast will be more rigorous and full."　　Because both of these data will be done, and the underlying data should be used in the final negotiations. But last year it was easy to borrow from a bank that could be compiled. "That's one of the differences between market-based Finance and current bank lending," Jin Yongxiang. Xu Dinguo, executive chief engineer of China Metro Engineering Consulting Co., Ltd. said: "The timing of the subway construction is not right, it will also lead to inefficient operation, thus increasing the financial supplementPaste the pressure. Can not build the subway, also will not be able to use! "July 19, the Shenzhen Municipal People's Congress to inspect the construction of the subway, Shenzhen Metro Group, the relevant responsible person complained:" Shenzhen subway operation since the loss has reached nearly 1 billion yuan, 2012-2016 years estimated subway depreciation and interest losses of about 22 billion yuan. At present, the Shenzhen subway has been operating miles in the domestic far less than　　BEIJING, Guangzhou and other cities, even by 2016 its operating mileage is only about 160 kilometers. In the absence of a perfect network, and inefficient operation, the more the subway is generally more common losses.　　Apart from the economic strength of the cities do not mention, many cities in China than Shenzhen have more reason to "call losses."　　Beijing Investment Company financing planning manager Ng Lai wo forward, "outlook Oriental Weekly" said that the current Beijing municipal finance to the subway construction project accumulated investment of about 10 billion yuan, the line operating loss subsidy has been around 2 billion yuan.　　According to Beijing Rail Transit Construction plan, 2015 operating mileage will reach 581 kilometers, according to the forecast, by 2015, the Beijing Subway's simple operating loss will reach 4.3 billion yuan (excluding depreciation and financial costs), the total operating loss of more than 17 billion yuan (including depreciation and financial costs). This is similar to the 2015 after the government's annual operating subsidy equivalent to a new subway line Line 4 (note: Beijing Metro line Line 4 planning total investment of 15.3 billion yuan, the actual investment may be close to 17 billion yuan).