The total loss of the hottest railway in the first

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The total loss of China Railway Corporation in the first half of the year was nearly 5.4 billion yuan, and the investment of 600billion yuan in the second half of the year was to be implemented; At the beginning of September, the newly disclosed audit report of China Railway Corporation (hereinafter referred to as "China Railway Corporation") for the first half of 2014 showed that China Railway Corporation had a huge loss in the first half of 2014, with an after tax profit of -5.356 billion yuan. By the end of June, the total assets of the company were 5.33 trillion yuan, and the liabilities of the company were 3.43 trillion yuan. The asset liability ratio exceeded 64%

behind the huge loss of nearly 5.4 billion yuan, the total railway investment has increased three times this year, reaching more than 800billion yuan. The number of new projects has also increased from 44 planned at the beginning of the year to 64. However, wangmengshu, academician of the Chinese Academy of engineering and deputy chief engineer of China Railway Tunnel Group, told China Economic Weekly that by the end of August, the national railway investment had only reached about 30% of the annual plan, and the construction situation was not optimistic

wangmengshu said: "this year (railway investment) is not good. Up to now, only more than 200 billion yuan has been invested in August. More than 1000 kilometers of lines have been started. The funds can not reach the designated position, and the land problem can not be solved."

according to the completion of major indicators of National Railways in the first half of the year released by the China Railway Administration, the investment in fixed assets of National Railways in the first half of the year was 235.1 billion yuan, including capital construction investment of 1996.6 billion yuan, an increase of 6.8% over the same period of the previous year. Industry insiders said that according to the annual goal of 800billion yuan, the national railway needs to complete an investment of nearly 600billion yuan in the second half of the year, three times the amount completed in the first half of the year, facing certain challenges

on the one hand, it is a huge loss and lack of money. On the other hand, it is not optimistic about the construction. How to solve the problems faced by the president? On August 22, Premier Li Keqiang came to the General Railway Administration for investigation and chaired a symposium. Li Keqiang pointed out that railway construction should not rely solely on state investment to "fight alone", but should come up with projects and competitive businesses with good market prospects to attract private capital to participate together, so as to inject new impetus into railway development

due to lack of money, the railway chief can not overcome the embarrassment.

wangmengshu said that at present, new projects that can start construction as early as possible, and those that have not started construction indicate that the preliminary work of the project has not been completed. At present, only 17 of the 64 new projects have been approved for feasibility studies. After the feasibility studies have been approved, the design, land acquisition and demolition, bidding and tendering can be carried out. Everyone is anxious to work, but the formalities can not be completed, and it is useless to rush

"first, whether the funds can be put into the project; second, whether the procedures for new projects can be completed as soon as possible. Many projects have not even received the approval of land pre review and environmental assessment." Wangmengshu said that although the enthusiasm for railway construction is high from the central government to the local government, and from all walks of life inside and outside the railway, there are many approval procedures for railway project construction. From project initiation, land pre-trial, environmental impact assessment, feasibility study to the approval of the commencement report, it involves many departments, and the cycle is long. This may be another obstacle to achieve the goal of 800billion yuan

according to the 2014 semi annual report of China Railway Corporation, by the end of the first half of 2014, the total liabilities of China Railway Corporation had reached 3.43 trillion yuan. In the first quarter of 2014, the total liabilities were 3.27 trillion yuan, which means that the liabilities of China Railway Corporation in the second quarter increased by about 160billion yuan. In the first half of the year, the total capital and interest repayment expenditure of the Railway Corporation reached 128.658 billion yuan, which is equivalent to more than 60% of the capital construction investment scale of the Railway Corporation in the first half of the year

Zhaojian, a professor at Beijing Jiaotong University, said that according to the previous plan, if there is an additional investment of 600billion yuan in 2014, the total operating cash flow of the railway will be even worse

a person close to the president of China Railway said that although great efforts have been made in the investment and financing reform this year, there has been no substantial capital supply

wangmengshu said that the current task of the railway president is to make money to repay the debt. "Now the debt is declining because (the railway president) doesn't lend money to build the new railway." He said that it is a good thing to attract private capital into the railway under such circumstances

wangmengshu suggested that:

private capital can invest in provincial railways

. He said that the reform of the investment and financing system must be taken as a breakthrough to break through the Investment Bottleneck in railway and other transportation infrastructure

in July, 2014, South Sichuan Railway Co., Ltd. was established. It is jointly established by the four cities in southern Sichuan, Sichuan Railway Investment Corporation (hereinafter referred to as "Sichuan railway investment") and Sichuan Road and Bridge () group. Among them, the four cities in southern Sichuan account for 65% of the total investment, and Sichuan railway investment and Sichuan Road and Bridge account for 35% of the total investment

"if the railway is profitable, it will be distributed according to the proportion of capital contribution in the future." A staff member of the railway construction office of the development and Reform Commission of a city in southern Sichuan said in an interview with the media. The staff member also disclosed that "whether it is Sichuan railway investment or Sichuan Road and bridge, it is also a state-owned enterprise, and private enterprises are still on the sidelines."

luorenjian, a researcher at the Comprehensive Transportation Research Institute of the national development and Reform Commission, said that the railway investment depends entirely on the state. There is not so much money. The current reform is also some attempts. Wangmengshu told China Economic Weekly, "I hope the rich will invest their money in the railway."

as for how private capital can participate, wangmengshu said that at present, there are three major railways in China: the first is the line from Beijing to various provinces and cities. China's high-speed rail plan now aims to connect Beijing to all provincial capitals as soon as possible, except Urumqi and Lhasa, which should arrive within 8 hours. The second is that all provincial capitals should be connected by high-speed railways to solve regional imbalances and drive economic development. Most of these two should be paid by the state. The third one is centered on the provincial capital city. The main cities in the province can quickly reach the provincial capital city. The gap between the production technology level of polyurethane waterproof coating in China and that in developed countries is gradually narrowed and controlled at about 100 kilometers. Investment can be arranged in each province and private capital can be involved

why private capital has little interest:

it is neither profitable nor has the right to speak

however, it seems that private capital has little interest in this

a Wenzhou private entrepreneur once said frankly to the media: "it's not that he hasn't considered investing in the railway, but the specific operating rules and policy operating rules for investment are not clear, and there is no exit method, plus the technical barriers of the railway, so he doesn't dare to enter rashly."

Zhao Jian is not optimistic about private capital entering the railway. Zhao Jian believes that in order to attract private investment in the railway, it is also necessary to reform the organizational structure of the railway system and remove the obstacles for private capital to enter the railway system

according to Zhao Jian, the low rate of return is the main reason why private capital is unwilling to enter the railway. For example, the operation of high-speed rail is at a loss, so it is unrealistic for private capital to enter the high-speed rail. Private capital is not willing to enter the fields that lose money. Now, only the coal transportation special line may attract private capital to enter

"even if some enterprises participate in the construction of coal transportation special lines, most of the participating enterprises are state-owned enterprises or enterprises with local state-owned assets." Zhao 1 can say that the temperature of the machine head is similar

after the private capital entered the railway, there was a case of leaving the site after paying for the construction because it had no voice. For example, the Quzhou Changzhou Railway was started in 2005. This railway was once considered as "the first in the country" because private enterprises participated in the construction. However, due to the small proportion of capital and lack of voice, the investor Zhejiang Guangyu group withdrew in 2007

"to build a railway requires tens of billions of yuan or even hundreds of billions of yuan of investment. Private enterprises can only invest hundreds of millions to tens of millions of yuan at most, and it is difficult to adjust PID parameters to the ideal value of billions of yuan. It is a drop in the bucket for the whole railway, which also determines that they will not have much say." Zhao Jian said, "it can be said that in railway construction, private enterprises are naturally at a disadvantage."

Zhao Jian thinks that there is also a "cement wall" in front of the railway and private capital. Private enterprises can't see what return they can get from investing in the railway. It is obvious that the risk of rash investment is not small

"the cost of railway is rising. It has to undertake public welfare transportation. The operation of the whole industry is at a loss. Private capital can't see profitable projects. What is his interest in entering?" Zhaojian asked

luorenjian said that the current railway operation mechanism does not provide a profit model for private capital. He suggested that in addition to the reform of the railway investment and financing system, the reform of the railway operation system should also be carried out in a coordinated manner

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