防止四种泡沫 促进PPP理性发展

Preventing Four Kinds of Bubbles and Promoting Rational Development of PPP

PPP发展中存在四种泡沫,不利于PPP健康发展。大型建筑企业与金融机构合作成立基金,虚增股东出资能力,形成了资本金泡沫;少数西部省区PPP发展过快,形成了潜在的地方债务风险;局部地区的PPP项目过于集中于少数几个行业,高速公路PPP项目过度超前建设;金融机构过度参与PPP,偏离了为社会资本提供信贷支持的正途。出现泡沫的原因是地方政府、社会资本和金融机构都实用主义地对待PPP。规范发展PPP,各方要树立长期合作的理念,PPP才能实现可持续发展。

There are four kinds of bubbles which are unfavorable to the development of PPP. Firstly, the cooperation of large construction companies and financial institutions to set up funds can fictitiously increase share-holders＇ ability of providing funds, thus create a capital bubble. Secondly, development of PPP in several western provinces is too fast, which contributes to potential risks in local debts. Thirdly, some PPP projects clusterwithin limited industries due to premature constructions of highways. Fourthly, the excessive participation of financial companies has deviated from the righteous path of providing credit to support social capital accumulation. The reason for the appearance of these bubbles is that local governments, social capitals and financial in-stitutions all treat PPP with short-term pragmatism. To achieve sustainable development of PPP, all parties involved must establish the concept of long-term cooperation and a strong adherence to standard rules.