opinions of the Ministry of transport of the China Banking and Insurance Regulatory Commission on the banking and insurance industry supporting the high-quality development of highway transportation
All banking and insurance regulatory bureaus, transportation departments (bureaus and commissions) of all provinces, autonomous regions and municipalities directly under the central government, policy banks, large banks, joint-stock banks, foreign-funded banks, direct selling banks, financial asset management companies, wealth management companies, insurance group (holding) companies, insurance companies, insurance asset management companies and pension management companies:
In order to thoroughly implement the outline for the construction of a powerful transportation country and the outline for the planning of the national comprehensive three-dimensional transportation network, improve the transportation fund guarantee and operation management system of "government led, hierarchical responsibility, diversified financing and controllable risk", improve the marketization and sustainability of highway construction financing, encourage banking and insurance institutions to support highway transportation construction in accordance with the law and promote the high-quality development of highway transportation, The following opinions are put forward.
I. fully understand the significance of promoting high-quality development of highway transportation
(I) highway transportation development is an important part of the construction of a transportation power. All parties should fully understand the significance of promoting the high-quality development of highway transportation, give full play to the role of transportation as the pioneer of China's modernization, constantly enhance the ability of highway transportation to guarantee the overall economic and social development and major national strategies, and better meet the needs of the people for a better life. Banking and insurance institutions should, in accordance with the principles of marketization and rule of law, accurately focus on major highway transportation projects that support the implementation of major national strategies, further increase support, improve service levels, strengthen risk control, distinguish different types of financing needs in different regions, and provide targeted strong financial support for accelerating the construction of a transportation power. Local transportation authorities at all levels should actively play the role of industry authorities, continue to deepen the reform of highway investment and financing according to the market law, make reasonable planning and scientific management, constantly improve the commercial sustainability of highway projects, protect the legitimate rights and interests of financial institutions, and provide a good guarantee for financial support for the high-quality development of highway transportation.
II. Actively provide market-oriented financing support for highway transportation development
(II) focus on key areas and major projects. City and one belt, one road, the Yangtze River Delta, the Yangtze River Delta and the Great Bay area of Guangdong, Hong Kong and Macau are actively serving the strategic implementation of major national strategies, focusing on the strategic channels for the Tibet, the central and western regions, along the Yangtze River along the coast, and the western Lu Haixin corridor, the inter city corridor of the urban agglomeration, the integration of transportation, the comprehensive three-dimensional transportation corridor and the roads in the old revolutionary base area. We will support the construction of national highway access roads and the expansion and reconstruction of busy traffic sections, and support the construction of provincial highways with the function of diversion of national highways.
(III) do a good job in supporting financing of government toll road projects in accordance with laws and regulations. In strict accordance with the requirements of the notice on doing a good job in the issuance of special bonds of local governments and supporting financing of projects, for the government toll road projects with certain income and income combined with government fund income and other operating special income (hereinafter referred to as special income), on the premise of implementing separate account management, if there are still remaining special income and funds that can be used to repay market-oriented financing after repaying the principal and interest of special bonds of toll roads, Bancassurance institutions can provide market-oriented financing according to the remaining special income on the premise of controllable risk and prudent compliance.
(IV) further optimize the repayment arrangement of highway projects. According to the characteristics of cash flow and income of highway transportation projects, make reasonable arrangements for loan repayment of principal and interest. For toll roads with revenue and expenditure gap at the initial stage of operation, banking financial institutions can reasonably arrange the grace period for debt principal and interest repayment according to the evaluation. In principle, it shall not exceed the construction period plus 1 year.
(V) carry out business innovation in a steady and orderly manner. Banks and insurance institutions are encouraged to provide financial support for qualified green and low-carbon highway projects and help the transportation sector achieve peak carbon and carbon neutrality. Support transportation enterprises to effectively revitalize the highway stock assets through asset securitization (ABS) and real estate investment trusts (REITs) in the field of infrastructure under the premise of legal compliance and controllable risk.
(VI) support insurance companies to participate in highway traffic construction. Give full play to the advantages of large-scale, long-term and high stability of insurance funds, and encourage insurance institutions to participate in the construction of major highway transportation infrastructure, new transportation infrastructure and other projects in the form of creditor's rights, equity, combination of equity and debt, asset support plan and private fund. Insurance institutions are encouraged to launch appropriate highway traffic project disaster insurance products and services according to the characteristics of different types of projects, and actively participate in highway disaster insurance and other businesses. Insurance funds are encouraged to legally and legally participate in highway development by purchasing local government bonds under the premise of controllable risk.
(VII) properly resolve the risk of stock debt. In accordance with the principles of marketization, legalization and mutual voluntariness, according to the asset characteristics and operation of toll roads, and on the premise of meeting the relevant provisions of highway charging, steadily and orderly promote the succession of toll road stock debt, and prevent and resolve the risk of toll road stock debt. For highway transportation enterprises that are seriously affected by the epidemic and encounter temporary difficulties in operation, banking financial institutions, on the premise of compliance with the law, reasonably optimize the loan term, interest rate and repayment method according to the market-oriented principle, do not blindly withdraw, cut off and suppress loans, and support highway transportation enterprises to deal with the impact of the epidemic.
III. optimize the investment and financing environment of highway transportation and resolutely curb the new implicit debts of local governments
(VIII) strengthen the management of highway traffic projects. Transportation authorities at all levels should actively play the role of industry authorities, constantly improve industry development policies and highway transportation development plans, strengthen the management of government investment projects and special funds, actively expand effective investment, accelerate the construction of major highway projects, improve the comprehensive three-dimensional transportation network, and effectively serve the implementation of national major regional strategies, regional coordinated development strategies and main functional areas strategies.
(IX) improve the market-oriented operation mechanism of highway projects. The competent transportation departments at all levels should further innovate and improve the road market-oriented operation mode, scientifically standardize road charges, continue to develop independent operation, and actively expand road extension franchise. By combining the local location advantages, resource endowment and market potential, plan the road transportation projects with market attraction, do a good job in attracting investment and industrial introduction, and vigorously develop the road Yan franchise economy. Luyan franchise should actively attract social capital to participate in the construction and development of highway transportation, and should operate independently and manage separately.
(10) establish and improve diversified investment and financing mechanisms. Transportation departments at all levels should further improve the management mode of highway construction investment and financing. When formulating the charging period and charging standard of toll road project, we should fully consider the actual situation and realize the full coverage of highway construction cost. Strengthen the management of highway projects supported by special bonds of local governments, and use the toll income and relevant special income to repay the principal and interest of special bonds according to regulations. If there is residual special income after repayment, on the premise of ensuring the safety of the capital for repayment of principal and interest of special bonds, the highway enterprise legal person project unit determined according to law can appropriately carry out market-oriented financing according to the residual operating special income. The toll and other income included in the management of government funds and the special operating income included in the management of enterprise income shall be managed separately. The special operating income included in the management of enterprise income, including the franchise income of Luyan, shall be preferentially used to repay the financing of bank and insurance institutions.
(XI) effectively strengthen the coordinated guarantee of funds. Transportation departments at all levels should speed up the establishment of a coordination mechanism between highway development planning and capital guarantee, and strengthen the prevention and control of capital risks of highway construction projects. Strictly implement the capital fund system of fixed asset investment projects, strengthen the compliance constraints of project capital funds, and prohibit the conversion of various debt funds into project capital funds in violation of regulations. We will increase subsidies for car purchase taxes to the central and western regions and the northeast. For projects involving debt financing, it is necessary to strictly evaluate the expected income of the project, implement various sources of funds and debt repayment responsibilities, and give priority to the continuation and closure of projects under construction. For the projects that have been open to traffic for many years but the toll income has not reached the expectation or there is still a gap in revenue and expenditure, the local transportation authorities shall comprehensively study the debt resolution plan to protect the legitimate rights and interests of creditors.
(XII) deepen feasibility study and demonstration. The competent transportation departments at all levels shall solidly carry out the preliminary research work of highway projects, select units with corresponding technical capabilities in strict accordance with the procedures to prepare the feasibility study report, scientifically and reasonably calculate the project traffic volume and toll income, so as to ensure the preparation quality of the feasibility study report.
(13) resolutely curb the increase of local government implicit debt. The competent transportation departments at all levels should regard the prohibition of new implicit debts of local governments as an important political discipline and political rule, strictly review the project construction, strictly prohibit new projects through new implicit debts, strictly prohibit illegal financing or disguised borrowing through financial institutions, and earnestly implement the lifelong accountability system for debt raising and the backward investigation mechanism of debt problems.
IV. strengthen organizational guarantee and do a good job in risk control
(XIV) strictly carry out financing review. Bancassurance institutions should implement their main responsibilities and improve their internal rules and regulations, operational processes and risk control measures. We should strengthen pre loan due diligence, focus on reviewing the legality and compliance, capital adequacy and benefit stability of the project, fully identify and evaluate the construction and operation risks of the project, issue loans in strict accordance with the project engineering, capital use progress and capital availability, strictly review the payment of loans, and supervise the use of loans according to the specified purposes. At the same time, we should resolutely implement the requirements for preventing and resolving the hidden debt risk of local governments, and shall not provide financing in violation of regulations.
(XV) strengthen work linkage. The competent transportation departments at all levels and the banking and insurance regulatory bureaus shall strengthen information sharing and work linkage, establish a docking mechanism between enterprises and banking and insurance institutions, and promote the exchange and sharing of policy information of the transportation industry, production and operation information of enterprises and information of banking and insurance products. The competent transportation departments at all levels explore the establishment of a "white list" system for highway construction and operation enterprises, so as to provide reference for banks and insurance institutions to support the high-quality development of highway transportation. If there is any problem during the implementation, it shall be reported to the CBRC and the Ministry of transport in time.
Ministry of transport, China Banking and Insurance Regulatory Commission
April 15, 2022
