Comparative Research On Investment And Financing Of Railway And Highway In China

As an important infrastructure, railway plays an important role in promoting the development of the national economy. In 2004,《medium– and-long-term railway network plan》brought forward the overall plan of railway construction in the next 10 years. China will build more than 12,000 km of passenger special railway lines and about 16,000 km of other new lines by 2020.Then, railway lines will reach 100,000 km in our country. Long as a typical and complex network-infrastructure industry, the financing problem of the railway has been a weak link. Because of the expected good economic returns and the special attributes, 12,000 km of passenger special railway lines building is seen as a breakthrough in market-oriented financing.Based on highway financing models as a focal point, the text attempts to extend the successful experience reasonably to the passenger special railway line projects that are under construction. First, introduced the investment and financing system of the railway construction, and analyzed the current financing situation and existing problems of the passenger special railway line projects; Then, discussed detailed the highway more successful investment and financing system mainly from the theory and practice of investment and financing; On the basis of the investment and financing system in the railway and highway, comparative analysis of the two key to the breakdown of the investment and financing is emphases. There is a great difference between two infrastructures in investment body, financing structure, financing mode and financing scale etc. The main reason is by their nature, return on investment, the investment and financing policies, government management and supervision system.Finally, according to the same point, drawn experience from the highway financing models, and made the following recommendations for the reform of the passenger special railway investment and financing : to establish a management system in line with the market economy; to establish a fair and open system of billing and settlement; to establish the coordination and supervision mechanism to ensure fairness; to establish market-priced mechanism combined the market financing for the passenger special railway; from highway mode, given financial subsidies or granted land exploitation; drawn experience from the highway project financing; to speed up enterprises and securities business financing from highway experience.