The Midwest Railway will usher in a start-up tide

Under the policy, the investment in the first half of the Chinese railway with huge debts is still qualified. The "First Financial Daily" learned from several official sources that the NDRC, the Ministry of Finance, the Ministry of Transport and other departments have issued multi-angle policies to ensure that railway investment is in place in the second half of the year.

The National Development and Reform Commission has issued a 500 billion yuan railway infrastructure investment plan, and the remaining 30 billion yuan will be combined with the new start-up project. According to the idea of ​​“maintaining construction, opening new construction, and grasping the early stage”, the Ministry of Communications has sorted out a list of projects that have been accelerated. Regarding the central government's financial resources, the Ministry of Finance will urge the acceleration of railway financial investment. Since last year, it has paid a transitional financial subsidy to the China Railway Corporation (hereinafter referred to as the “Iron General”).

In addition, the bank's loan lending to railway projects is also increasing. People familiar with the matter said: "At present, the main channel for railway financing comes from loans and debt issuance. Although railway debt is already at a fairly high level, it is not difficult for the railway system to borrow from banks under policy control."

Financial pockets start to work

The National Bureau of Statistics recently released data showing that infrastructure investment (excluding electricity) in the first half of the year was 3,409.4 billion yuan, a year-on-year increase of 25.1%, and the growth rate was 0.1 percentage points higher than that in January-May.

In infrastructure construction investment, investment in water management industry increased by 34.2%, growth rate dropped by 2.2 percentage points; investment in public facilities management industry increased by 25.5%, growth rate dropped by 0.6 percentage points; investment in road transportation industry increased by 23.5%, growth rate dropped by 0.8%. Percentage points. Different from the above-mentioned “speed increase and fallback”, the railway transportation industry investment increased by 14.2%, and the growth rate increased by 5.9 percentage points.

On the 17th, the Ministry of Communications held a regular press conference to inform the situation in the first half of the year. In the first five months, the railway completed an investment of 152.5 billion yuan.

As an important investment direction for steady growth, the market generally believes that railway investment will continue in the second half of the year. In order to ensure that the high-debt iron can smoothly promote the start-up and construction of major projects, many ministries have carried out the policy-based design from different angles.

Wang Mengshu, an academician of the Chinese Academy of Engineering, said in an interview with this newspaper that the middle of the year is usually a node for investment warming. Due to the large scale of investment this year, the investment peak may be advanced.

The National Development and Reform Commission has previously established a work consultation system to coordinate the preliminary work of key railways. More importantly, this year's railway investment plan has reached an unprecedented level. The "First Financial Daily" reporter received a report from the National Development and Reform Commission, indicating that the National Development and Reform Commission is speeding up the railway investment plan. In the 2014 530 billion yuan railway infrastructure investment plan, as of June, it has already placed a 500 billion yuan arrangement. The 30 billion yuan will be combined with the new construction project to promote the arrangement.

Support from the central government also provided a more solid guarantee for the iron construction in the second half of the year. This year, the Ministry of Finance plans to allocate 75 billion yuan to support railway construction. In addition, in 2013, the railway transitional subsidy was 45 billion yuan. As of June, it has already reached 23 billion yuan in 2014.

According to media reports, Zhang Shaochun, deputy minister of the Ministry of Finance, recently told the State Council inspection team that the funds for railway construction in the first half of the year were very smooth. In the first five months, the national railway construction completed an investment of 140.4 billion yuan, completing 23.9% of the annual plan, an increase of 3.3% over the same period. %.

In addition, relevant personnel of the Ministry of Communications recently stated at the press conference that it is estimated that the railway will complete 800 billion yuan in fixed assets investment, an increase of 20.2% over the previous year.

The First Financial Daily reported on July 11th that the 64th railway project planned to be invested this year will be approved by the end of August, and the new wave of railway construction will come again.

Local railways start to work hot

In the construction of the entire railway network, local railways are often an indispensable part of the “capillary”. The aforementioned NDRC materials show that in the first half of the year, the NDRC actively promoted the completion of local railway and enterprise railway investment plans. According to preliminary statistics, as of June, 1,407 projects have been promoted, with a total scale of about 450 billion yuan.

The newspaper previously learned from the members of the State Council inspection team that railway investment and construction is the focus of supervision in various places. According to the self-examination report obtained by the reporter, there are 10 railway projects in Shandong, 2069 kilometers of newly built railways, with a total investment of 111.3 billion yuan; 7 projects in Jiangsu with a total investment of 170 billion yuan; and 16 projects in Zhejiang with a total investment of 135 billion yuan.

The official media also disclosed that Shandong will promote railway construction from four aspects this year: First, ensure that five railways, including Qingrong Intercity (Jinan direction), will be completed and opened to traffic within the year; second, the country added four projects including Qinglian Railway to this year. The start-up plan; the third is to continue to build 10 railway projects; the fourth is to propose three local railways.

"With the clear signal of steady growth, the local governments will invest more in infrastructure in the second half of the year, especially in the central and western regions, and the railway will usher in a wave of construction." A person close to the iron told the newspaper yesterday.

Multi-angle financing accelerates

In the face of 800 billion high annual investment, it is obviously difficult to maintain financial support alone. The NDRC previously told this newspaper that as early as March of this year, the NDRC took the lead in discussing the multi-angle financing countermeasures of the railway.

At present, loans and bond issuance remain the main source of funding. On July 8, the company officially tendered and issued the fifth issue of railway bonds (corporate bonds) this year, and issued a total of 90 billion yuan during the year. It is estimated that the amount of railway enterprise bonds issued this year will be 150 billion yuan, and 60 billion yuan of railway bonds will be issued in the second half of the year.

The data shows that as of March 31 this year, the total iron liabilities were 3.27 trillion yuan, an increase of 1.3% from the end of the previous year, and the debt ratio continued to rise slightly to 64%. In addition, in the first quarter, the total new debt of iron and steel was 1,320 billion yuan, accounting for 72% of the source of funds in the first quarter (183.179 billion yuan).

With the peak of the debt repayment started in 2013, it is reported that many banks are not willing to lend money to the iron. However, from the official sources, the cooperation between major banks and the iron company is still very stable. For example, the materials obtained by this newspaper show that CDB has increased its support for railway loans. Since 2013, it has issued loans of 113.9 billion yuan. From January to May this year, loans amounted to 56.2 billion yuan, accounting for about one-third of the total financing of the same period. In addition, since 2013, the main underwriting of various types of railway bonds is 170 billion yuan, ranking first among all types of financial institutions.

“The borrowing model is too singular and cannot last long. Expanding financing channels, reducing financing costs, and improving profitability are still the most important,” said the source.

With the introduction of the "Measures for the Administration of Railway Development Funds", the railway development fund with an annual scale of 200 billion yuan to 300 billion yuan will be unveiled during the year. This may bring new vitality to the financing difficulties of the railway.

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