in another time, it will usher in major festivals – the Mid-Autumn National Day holiday for the first time nationwide waive highway tolls. Recently, the Institute of Science and Technology of the Ministry of Transport (hereinafter referred to as “the Ministry of Transportation) experts a free” all major holidays, the national highway will cost 20 billion yuan a year, “estimates once again aroused public concern.

reason the

questioned this assertion is: $ 200 billion should not have received. Over the years, the voice of the people to clean up even cancel highway toll is getting higher and higher, in the context of reform of toll roads ice is hard to break, major holidays waive highway toll is already public “second best” appeal .

the the

In fact, this new policy announced in the beginning, a lot of the public on the proposed “why major holidays only include the Spring Festival, National Day, Labor Day, the Ching Ming Festival, the New Year’s Day and the usual weekend are enumerated, there are some public looking forward to the highway completely cancel the charges in the near future.

total gap between the the the

public expectations and why the government decision-making? Once in early August of this year, “the State Council on the batch of the major holidays of the Ministry of Transport and other departments to waive notice embodiment of the small passenger car toll” to make this estimate after the publication of the Institute of Science and Technology of the Ministry of Transportation traffic fiscal Institute of Finance, Deputy director Hu Fangjun recently accepted an interview with China Youth Daily reporter. In his view, should take an objective look at the face of the public highway should be one-sided calls for free passage, a comprehensive analysis.

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than each highway profit

According to Hu Fangjun introduced in 1984, China’s first toll motorway – Hujia high-speed opened to traffic. Since then, road loans, payment repayment “became China’s highways, especially highway development strides” holy grail “. The advantage of such a policy is quite clear, to make up for the lack of government funds in the early stages of reform.

“In this sense, if no toll roads in China, only with the money of the government finances the construction of the highway, to be decades behind China’s highway transportation network.”

in early 2012, the

Ministry of Transportation spokesman He Jianzhong has provided a set of data: the Chinese toll roads cumulative total investment of 3.65 trillion yuan, the debt balance of 2.32 trillion yuan, the balance was 64% 2.32 trillion yuan with interest must be returned to the investor, toll collection is also the money.

It is understood that, in the highway built in the 12 years after 1990, the majority belonging to the highway connecting the capital city as well as a population of over 100 million people in the central city highway after more than a decade of market incubation period, the area of ​​high population density, traffic is heavy, usually able to debt service, also loan into a stable earnings period, the formation of a certain highway cash flow.

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However, in recent years built highway connecting small and medium-sized cities, due to the traffic flow is small, usually the lack of debt service capacity. The highway currently under construction or to be constructed, mostly in low income levels, low population density and low traffic volume in central and western regions, most of these roads are part of the support system of the national strategic road network. In this case, the local government’s highway construction liabilities will be a significant increase in debt-servicing capacity will significantly decline.

The

Hu Fangjun In recent years, local secondary roads continue to transform and elevate the level, and passengers can have more choices, many newly built highway traffic flow have not reached the expected investment argument. The same time, a highway need for routine maintenance, and long-term minor repairs, periodic overhaul, many high traffic highway lane, equipment operation costs but also continue to broaden the company’s basic management fee and so the increased operating costs, investment The payback period is generally 15 years or 20 years or more, individual highway or even the longest toll period in 30 years in the western state regulations can not recover the investment. “

Hu Fangjun the

in seems some people have a misunderstanding that many investment managers highway listed company’s gross profit margin is high, “to judge the type of company earnings, should see its net assets yield, rather than the gross margin, according to our research, in recent years, Shenzhen Expressway annual ROE is only 7% ~ 8% of. “

the

a provincial traffic Investment Limited Finance Manager once said, “Before 2004, we built the highway project, and efficiency is indeed very good, the gross profit margin even more than 90% in 2004, the situation began to deteriorate from 2006 to the present, our losses have been more than 10 billion yuan. now we opening of the Highway 17 project, only four are profitable. “

the

calculations: the construction cost of the highway, for example, assume that a highway construction cost of 100 million yuan / km, calculated in accordance with the one-year lending rate of bank loans to 6.56% The one-year interest rate of 6.56 million yuan / km. Suppose maintenance fee to count 1.5% according to the most conservative cost of $ 1.5 million / km. In so doing, the expenditure cost per kilometer a year to 800 million. If you only pay interest on a daily basis per km toll revenue should more than 22,000 yuan, to be able to cover the costs.

“But the situation we learned, from 2008 to 2010, the highways listed companies in the investment and operation in a day, the average per kilometer toll income over 22,000 yuan the only three: Shenzhen Expressway, Guangdong Expressway and Shanghai-Hangzhou-Ningbo Expressway. “

The

Hu Fangjun fact, domestic highway managers target only want to be able to time “debt service.

the

Audit National local government debt audit report, 2010 National Highway government bears the guarantee obligation debt and other related debt by the new-old rate reached 54.64 percent, a considerable number of high-speed highway toll revenues have been insufficient to repay the debt principal and interest, therefore, to rely on borrowing new debt to repay old debts.

The

Professor, School of Economics and Management, Beijing Jiaotong University, Zhao Jian, told the China Youth Daily reporter, in April 2011, the Yunnan Highway Development and Investment Co., Ltd. sent a letter to the creditor banks, said that “with immediate effect, interest-only not principal. ” The company is in the Construction Bank, China Development Bank, Industrial and Commercial Bank of more than a dozen bank loan balance of nearly a thousand billion. In the the defaulting official letter is issued, the Banking Bureau of Yunnan Province and the creditor banks and the Yunnan provincial government, a number of communication, the Yunnan provincial government made a capital increase, advances and other commitments, and asked to withdraw the official letter.

The

day to the next debt service, the Yunnan provincial government, as well as money advances? Yunnan provincial government where a fund-raising? How should repay him?

the highway toll

need transparency

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Over the years, the highway extended charges much public criticism. Toll roads Regulations “(hereinafter referred to as the” Regulations “) government loan highway operating road toll period to make strict limitations: For the former, the provisions of the Ordinance:” Government loan road toll period the termination fee, determined in accordance with the principle of use charges to repay the loan, repayment of paid-raised funds, may not exceed 15 years “; government loan highway before the expiration of fees approved to pay off the loan, and pay off the paid funds raised must For the latter, the Ordinance provides that: “operating road toll period, according to the recovery of investment and a reasonable return principle, may not exceed 25 years.”

Hufang Jun said, “Bill” useful life “Yinggang Gang” provisions of the fee deadline, “However, the national government loan highway situations vary widely, their locations, the level of economic development, population density, car traffic has a significant difference, some less than 15 years to pay off the loan, and some received a 15-year toll had not paid off and how to do? owes the bank money who is going to debt service? “

the

In this case, the provisions of the Ordinance the government repayment highway of the transportation departments of provinces, autonomous regions, municipalities directly under the Central People’s Government of the administrative areas, can implement unified management, unified loans, unified models, some of the loan has also finished the highway did not stop the charges, toll subsidy received to the highway with no debt service capacity.

“Ordinance provides that:” the transfer of the rights and interests of the toll road should be announced to the public, public bidding, fair, impartial, open and select managers. “However, in some places and not very better enforcement of the rule. For example, the Beijing-Shijiazhuang Expressway twice in the process of the transfer of the right to charge, the right to operate, were not to do this.

The

Hu Fangjun, should be the operational roads “reasonable return” in government can within the scope of the regulation and supervision, highways as transportation infrastructure, only tiny benefit to protect their business, can not become a money maker.

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many public not opposed to highway toll collection, but feel that some of the highway turned into operational roads become money-making machines, the loss of the public property of the road should have. More importantly, this process is not known to the public, where huge tolls charged? For example, the Beijing-Shijiazhuang Expressway, and the Capital Airport Expressway over the years received much money, when it has to pay off the loan, where tolls to pay off the loan closing? In a number of NPC deputies, CPPCC members over the years strongly appealed before the audit report by the Beijing Municipal Audit is known to the general public.

The the

“either subsidize other roads, or the repayment of bank loans, the process should be transparent management, government and highway managers should give the public a better environment to understand account.” said Hu Fangjun.

the

highway is completely free Can

the major holiday free of the

highway, when it can be completely free?

The

Shenzhen Expressway Company Limited, said operating mode of the highway, the laws of the market, the legal system and supervision of regulatory together to consider. If the implementation of a nationwide free, especially for the highway business operations, not reality.

The

Hu Fangjun If adequate financial resources of local governments, such as the developed cities of the southeast coastal areas, the infrastructure has been quite perfect case, there is still spare capacity to implement the highway completely free is not impossible.

view the

from long-term, it should gradually establish a road under the framework of public finance investment and financing system, classification adjustments of the financing structure of the highway, ordinary roads mainly to finance the construction of public finances, the highway should improve the issuance of bonds the proportion of direct financing, to avoid over-reliance on credit funds, and standardize and guide social capital investment.

think to clean up the toll road and avoid the debt crisis of the local government, we must first stop highway construction Great Leap Forward the

Zhao Jian.

the

Zhao Jian said, there have been serious difficulties in the debt service, the the Yunnan highway construction still ready to implement the new Great Leap Forward. “Eleventh Five-Year” period, the Yunnan provincial transportation infrastructure totaled 204.2 billion yuan investment, the highway mileage of 2630 kilometers, ranking first in the western region. “Kunming Daily reported that in August 2012, in the” 12th Five-Year period, the Yunnan traffic will have a big breakthrough, highway mileage of 10,000 km, planning to invest 500 billion yuan to complete the construction.

The

construction funds come from? How much traffic will be on the new highway? Toll revenue whether the debt service? Whether these issues should be considered in conjunction with it?

The

he suggested, “Twelfth Five-Year” period, China’s annual increase highway mileage can not be more than 1000 kilometers, up to no more than 2000 kilometers, instead of the current Ministry of Transport Planning 6000 km per year. Construction of Highway Traffic structural adjustment and capabilities. Even so, we must go through a long period of time, and so most of the toll roads to complete the debt service, highway gradually free possible.

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