Innovative Research On China's Investment And Financing Models Of Large And Medium-sized Hydropower Projects

Since reform and open, it has passed for twenty years, China's economy have gained great development. But the economy achieves more advancement, it means needing more energy, the fact is: China's development is based on the great consumption and waste. At present, China's energy consumption lines for the second in the world, the mainland's consumption accounts for 10.9 percent of the world's total consumption, lining for the second in the world; but the average energy is less than half of the world's average level, the oil is equivalent to one tenth of the world's average level. The infrastructure's draggling like energy and transportation seriously restricts China's economy's more development, it becomes the main reason of block its development. Setting electric power as example, although China largely increase the investment to the electric industry, the electric industry has achieved so much in the near twenty years: the installed capacity of generating equipments increased by 11.12 percent per year, generated energy increased by 12.92 per year, the two indexes both lines for the second, although it alleviated the block factors of economy to some degree, it still has large electric power dap, switching off the power often happens. If we want to satisfy 8 percent of China's economy increasing rate and keep the economy to a stable and healthy development, we need increasing 12000 to 15000 MW in the installed capacity, to keep the increasing pace like this, only relying on domestic resource can not satisfy the investing demand, so we should take advantage of foreign capital, keep more open and look for other broad financing ways to increase the investment to the electric industry. However China has rich water resource, which lines for the first in the total in the world, therefore, developing vigorously cleanly and reproducible water energy is a better way. However, large and middle hydropower projects are meeting serious financing difficulties; there is a problem of capital gap in it. So how to finance money effectively becomes a very important and urgent topic. Reform and perfect of electric power industry's system is the problem that should first be handled, what's more, developing more financing ways is also very important. Through many years' reform and practice, there are domestic and foreign bank loans, stock equity, creditor's rights, commercial papers and other financing ways. But they can't satisfy China's hydropower industry's developing demands in new situation, so we need innovating new financing models urgently. Project financing belongs to a new and flexible international financing way,...