According to statistics, in 2020, the bid-winning value of the eight state-owned construction enterprises’ PPP projects is about 1800 billion; In 2021, the bid-winning value of the PPP projects of the eight major state-owned enterprises will be about 740 billion; In 2022, the bid-winning value of PPP projects of the eight major state-owned construction enterprises rose to 980 billion.
The details of each company are as follows: China Railway>China Communications Construction>China Railway Construction>China Construction>China Power Construction>China Energy Construction>China MCC>China Chemical.
For example, since 2022, PPP has frequently received policy support: in May 2022, the General Office of the State Council issued the opinion on further activating the stock assets and expanding effective investment, which proposed to optimize and improve the way of activating the stock assets and promote PPP in a standardized and orderly manner.
Of course, the share of new infrastructure, new energy, ecological and environmental protection, urban comprehensive development, agriculture, forestry and water conservancy is also increasing year by year.
In addition, it is difficult for local governments to raise matching funds and social financing, so the overall trend of special bonds will be downward.
It can be seen that after the “calm” in 2021, PPP began to “warm up” again in 2022, which proves that the policy effect of attracting social capital gradually appears.
Special bonds and PPP are the main sources of capital for infrastructure investment.
What about the PPP situation in 2022? According to the latest data released by the PPP Center of the Ministry of Finance, as of January 4, 2023, there were 10388 projects in the project management database of the national PPP comprehensive information platform, with a total investment of about 16.78 trillion yuan.
According to the data, since 2014, 6651 PPP projects have been started nationwide with an investment of 11.0 trillion yuan.
From the project classification, we can see that expressway, rail transit, urban comprehensive development and other fields still occupy the majority.
Under the constraint of local government debt, how to leverage private investment has become a key to the growth of infrastructure investment in the future, and the standardized use of PPP mode is particularly important.
Compared with the previous year, the total investment in new PPP warehousing projects will decline slightly in 2022, while the issuance scale of special bonds will increase significantly.
With the improvement of the epidemic situation, the financial investment will gradually return to the right track in 2023, and the scope for the increase of the issuance of special bonds is limited.
Therefore, PPP mode plays an extremely important role in the field of public infrastructure construction and public service supply, both in terms of the number of projects and the amount of investment.
The eight central construction enterprises have won the PPP project.
In June 2022, the notice issued by the General Office of the National Development and Reform Commission proposed that infrastructure stock projects with relevant conditions could be revitalized by means of infrastructure REITs, PPP, etc.
It can be seen from the above table that in the PPP field of several central construction enterprises, China Railway and China Communications Construction both exceeded 200 billion, and China Railway Construction and China Construction both exceeded 100 billion.
The total amount of the eight central construction enterprises won the PPP project in 2022 is about 980 billion.
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Industry insiders believe that a long-term mechanism for the participation of long-term funds such as insurance funds and development policy funds in PPP projects can be established.
After the policy support in 2022 and the early preparation in various regions, PPP will have a significant increase in 2023, and its proportion in infrastructure investment will rise.
At present, the capital construction investment funds mainly come from self-raised funds, including government funds, local special bonds, urban investment bonds, government and social capital cooperation (PPP), non-standard funds, etc.
Everyone is more concerned about the PPP achievements of the eight central construction enterprises.
According to the data from the PPP Center of the Ministry of Finance of China, by the end of 2022 (according to the disclosed provincial data), the top five provinces with accumulated investment in inbound projects since 2014 are: 551 inbound projects in Sichuan, with a total investment of more than 1.15 trillion; Henan has accumulated 851 warehousing projects with a total investment of 1078.21 billion; Guangxi has 625 inbound projects with a total investment of 966.5 billion; Shandong has accumulated 787 inbound projects with a total investment of 891.8 billion; Jiangsu has accumulated 392 warehousing projects with a total investment of 788.39 billion; Among them, from January to December 2022, the top three investments in new warehousing projects were: 132.3 billion yuan in Guangxi, 129.1 billion yuan in Shandong and 116.5 billion yuan in Henan.
Improve the exit channel of PPP investment projects, encourage and support social capital to issue REITs products based on PPP projects, and form a virtuous circle of “investment exit reinvestment”.
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