| Infrastructure is a very important factor that affects national economy development. It would be impossible that China's national economy could develop rapidly and continuously without solid infrastructure. Having been conditioned by policy and thought, China's infrastructure lags behind the development of the other economy. It has been considered that infrastructure should be possessed and invested by the government. But the practice proved it couldn't put an end once and for all to infrastructure's lagging. In order to change the status quo, we should break away from outdated traditional thought and make effort to probe a new mechanism of infrastructure's investment and financing.Up to now, there is no systematic and overall theoretical research on the reform of the mechanism of infrastructure's investment and financing, which has existed in socialist economy development for a long time. Based on reform and innovation, this dissertation makes the qualitative analysis on the mechanism of infrastructure's investment and financing and discusses every decisive solution which is practical in China, thus, inducing some important conclusions about the mechanism of infrastructure's investment and financing. This paper is composed of four chapters.Chapter One: Foreword. Research shows at the stage of $140～1120 per capital income, the contribution of infrastructure to the rate of all factors' productivity would rise from 16% to 30%. At this stage, infrastructure has the tendency of leading development. Though China is just in this stage, its infrastructure construction is the bottleneck of economy development. Therefore, we try to do some research on it.Chapter Two: the Theoretical Foundation. It is the theoretical part of the paper. Before the discussion, we should get the point of infrastructure's attribute, which decides its supply. In the first place, with introducing the Theory of Public Goods, we distinguish between the characteristic of public goods and quasi-public goods. Secondly, in the light of the Theory of Public Goods, we can draw the conclusion-infrastructure belongs to quasi-public goods. It means we can offer infrastructure through the government or market, or both. In contrast with the conclusion, the problems in China's construction of infrastructure appear obvious. Chapter Three: the Practice of China's Infrastructure Construction. This chapter disserts two aspects of the practice. Firstly, limited by outdated thought, the Chinese government has been the only investment subjective, no matter what the economic system is, planning economy or market economy. But because of lack of competition, information and incentive, the mode of the government investment always fails to be effective. It's time to break down the old framework and transit from the sole investment subject to the multiple alternatives in investment modes. Secondly, there are only four ways in which we finance China's infrastructure construction: capital in budget, loan, external debt and self-financing. But the four ways are all fronted with problems. With the change of national income distribution, capital in budget will be falling down; and since specialized banks turned into commercial banks, it is difficult to finance by loan; and lots of external debt lead to a heavy burden of payment; because of its complexity, self-financing is not easy to manage. So, we make the suggestion: reform current mechanism of infrastructure's investment and financing. In a whole word, bringing in market mechanism is the very solution to change the status quo.Chapter Four: Reform and Innovation in the Mechanism of Investment and Financing for China's Infrastructure Project. Firstly, the emphasis of reforming current mechanism of infrastructure's investment and financing is, bringing in market mechanism. This chapter suggests that the reasonable subject framework should be composed of the government, enterprises, individuals and foreigners, and the way of the government's investment and financing should be changed. In the second sect... |
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