I. Classification of investment projects
Generally speaking, domestic investment projects are divided into three categories: government investment projects with approval system, enterprise investment projects with approval system and enterprise investment projects with filing system. In recent years, the concept of "social investment projects" has reappeared. See the Guiding Opinions of the State Council on Innovating Investment and Financing Mechanisms in Key Areas to Encourage Social Investment (Guo Fa [2014] No.60) (hereinafter referred to as Guo Fa [2014] No.60) and the Notice of the Ministry of Finance of the National Development and Reform Commission on Supporting Government Investment in Social Investment Projects.
With regard to "government investment projects", according to the Decision of the State Council on the Reform of Investment System (Guo Fa [2004] No.20) (hereinafter referred to as "Guo Fa [2004] No.20 Document") and the Measures for the Administration of Government Investment Projects formulated by various localities, "government investment projects" generally refers to the government's use of "various government investment funds, including budgetary investment, various special construction funds and It should be noted that the term "fund injection" has only been used in recent years. For details, please refer to Guo Fa [2065438+06] No.60 and relevant local regulations.
With regard to "enterprise investment projects", major projects and restricted projects listed in the Catalogue of Investment Projects Approved by the State Council Municipal Government need to be approved, and others only need to be put on record.
As for "social investment projects", logically speaking, we think they should belong to enterprise investment projects, but in practice, social investment projects often involve government investment funds, and the situation is relatively complicated, so we can't generalize them. At present, most PPP projects belong to this kind of social investment projects.
It is worth mentioning that the Opinions of the Central Committee of the State Council on Deepening the Reform of Investment and Financing System (Zhong Fa [20 16]18) issued on July 5, 2016 clearly mentioned that it is necessary to speed up legislation and "formulate and implement government investment laws and regulations and regulations on the approval and filing management of enterprise investment projects", which is regarded as a violation of China's [
2. Is the 2.PPP project a government investment project?
As stated in the document No.823 of the Development and Reform Commission [2015], "actively use government investment to support the cooperation mode between the government and social capital (PPP). For PPP projects, government investment can be arranged to support the project construction through capital injection, and it can also be supported through investment subsidies, loan interest subsidies and guarantee subsidies. Relevant government investment projects should give priority to projects that introduce social capital under the same conditions. Encourage private capital to initiate the establishment of PPP project investment funds, and the government can support them by subscribing for fund shares; The government can also independently initiate the establishment of PPP project investment funds. At present, most PPP projects are not pure enterprise investment or government investment projects. So, are these PPP projects government investment projects supported by government funds?
According to Guo Fa [2004] No.20, "For government investment projects, if direct investment and capital injection are adopted, only the project proposal and feasibility study report will be approved from the perspective of investment decision-making, and the commencement report will not be approved except in special circumstances. At the same time, the preliminary design and budget approval of government investment projects should be strictly implemented; If investment subsidies, loans and loan interest subsidies are adopted, only the fund application report will be approved. " In this regard, the government investment management measures issued by various provinces and cities subsequently responded. However, from these documents, we know that "projects with investment subsidies, lending and loan interest subsidies" are still regarded as government investment projects, but the approval process is relaxed to only approve fund application reports.
It can be seen that whenever PPP projects involve government investment, regardless of the investment method (direct investment, capital injection, investment subsidy, lending or loan discount), according to the current domestic project management system, such projects are more likely to be regarded as government investment projects, but relatively unwilling to be regarded as enterprise investment projects, and logically not smooth.
3. Approval, approval or filing?
Similarly, if PPP projects involve direct government investment, capital injection, investment subsidies, lending or loan interest subsidies, we understand that unless there are other provisions in the project location (such as Zhejiang and Beijing), the project approval system is applicable, not the project approval or filing system. However, for non-government direct investment or capital injection projects, the scope of approval should be limited to the fund application report, and it does not involve the approval of project proposals, feasibility study reports and preliminary designs under the traditional approval system.
Now let's look at the development and reform document [2016]1818. The reason why this article is innovative is that it does not fully conform to our above understanding. On the one hand, this article stipulates that "the new PPP project of the national expressway network that the government participates in by capital injection is still managed according to the examination and approval system, and the feasibility study report is directly submitted for approval", which is consistent with our understanding. On the other hand, this article also says that "the new PPP project of the national expressway network, which the government participates in by means of investment subsidy, shall be managed according to the examination and approval system", which is a further step on the basis of document No.20 [2004] of Guofa. In other words, this kind of government investment subsidy project not only needs to approve the fund application report instead of the traditional approval management, but also directly determines the application of the approval system management.
However, further problems have come again. Since the approval system is implemented instead of the examination and approval system, does it mean that this kind of project belongs to enterprise investment rather than government investment? If it is an enterprise investment project, does it mean that the nature of the project depends on the investor of equity capital, rather than loans, subsidies or interest subsidies other than equity capital? If it belongs to government investment projects, does it mean that specific forms of government investment projects can also be managed by the approval system, not limited to the approval system?
20 13 According to Guo Fa [2004] No.20, the National Development and Reform Commission formulated and promulgated the Measures for the Administration of Investment Subsidies and Discounted Projects in the Central Budget, which mentioned that "government investment projects that should be approved by local governments according to regulations should submit a fund application report after the feasibility study report or preliminary design is approved. Where an enterprise investment project is required to be approved or filed by the local government, it shall submit a fund application report after approval or filing. It is also said that "for investment projects that have been examined and approved by the State Council or the National Development and Reform Commission, the contents of the fund application report can be appropriately simplified, focusing on the main reasons and policy basis for applying for investment subsidies or discount funds". According to this document, we know that enterprises can also apply for government investment subsidies and interest subsidies for investment projects. In other words, projects that use government investment subsidies and interest subsidies are not necessarily government investment projects. From this point of view, the "novelty" of the development and reform document [2016]1818 still has its origin, not groundless.
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