| In this paper, first, the author introduces the United Nations Commission on International Trade Law interpretation - BOT is a new form to traditional project financing, the host country awards a concession of development, operation, management and commercial exploitation to a certain investor group on a specific project, and then project company established by the project consortium begins to develop and operate the project in accordance with the concession agreement signed by Government to repay and to make profit, property rights of the project will be free transferred to the host Government after the agreement is completed. BOT develops a lot of forms in practice.BOT as a means of letting private sector participate in public infrastructure construction was introduced as early as the 17th century in British. European countries have widely used since then. Turkish Prime Minister Ozal formally proposed BOT financing pattern in 1984. BOT projects are developed and operated better in developed countries and regions at present, so the corresponding legal system are fairly more perfect. BOT laws and regulations are not as regularly as developed countries because of limited level economic development in developing countries.They are the two most important strategic choices to accession to WTO and the western development implementation at the turn of century to Chinese nation. Accession to WTO provides an important opportunity for funding solution in China's economic construction. Not only BOT financing pattern can introduce a large number infrastructure construction funds for China, will but also not cause burden on the Government, so this means of financing is very suitable for China's economy in the less developed western regions apply.Although BOT projects develop more rapidly in China, there is few successful BOT projects. This is because China's legal system is not completed yet, "On BOT pattern in attracting foreign investment-related notice" is the main regulations on BOT issued by the Ministry of Foreign Trade and Economic Cooperation in early 1995, the State Planning Commission, Ministry, Traffic jointly issued "Foreign concessions on pilot projects and approving problem notice" in the same year on August and "municipal utility franchise management " began to carry out by the Ministry of Construction in May 1, 2004 , lack of legal rules coming from Effective high-level, which will refer to the possible enormous profit created by this means of financing to our country.The author think that in the future, in "BOT projects for financing law", which should clearly explain the meaning of BOT, endorse its various forms, formulate the guiding principles of BOT law and the main national competent institutions, make the examined and approved items of BOT projects clearly and definitely, stipulate the main provisions, project scope and capital projects of BOT project investment; which should regulate stipulated pattern of the project company, patterns of drawing up concession agreement and other contracts, have all participants get a clear understanding to their relationship, formulate rights and obligations of all parties and give a clear and definite stipulation to the Government's specific regulatory issues; which should make risk-sharing matters and guarantees Government provided, and other responsibility-sharing issues clear; which should regard ways of negotiations, conciliation, arbitration, litigation, as well as multilateral treaties as a solution to solve disputes in concession agreement.In short, we should learn advanced BOT legislation and management experience from other countries to establish and improve China's legal system with specific conditions of our country as soon as possible, and make it to communicate with the international practice, so as to better attract and encourage foreign and host investment devoting to the basic construction of our country. |
PDF Full Text Request