| New-type urbanization is not only the fundamental way to balance urban and rural development,breaking the binary structure of urban and rural areas,but also the huge engine to expand domestic demand and stimulate the economic growth.In 2015,the urbanization rate in China has reached 56%,but compared with the developed countries whose urbanization rate are about 80%,China's urbanization level is still low.To further promote the development of new-type urbanization,China needs to invest a lot of construction funds.For a long time,China's urbanization construction funds mainly rely on the government's financial investment,local financing platform and domestic loan.However,this kind of investment and financing mode is faced with a lot of problems such as the land finance is hard to go on,the increased risk of financing platform,the imbalance of financing structure and so on.So,this way of investment and financing has been difficult to sustain.Zhejiang is one of the provinces with highest degree of urbanization,but its investment and financing model which heavily dependent on the land finance also has many contradictions.Therefore,how to improve the investment and financing mechanism and efficiency in the process of urbanization has been an urgent problem to be solved.PPP(Public-Private-Partnership),as a way of cooperation between government and social capital to construct infrastructure and provide public goods or services,has increasingly become an important investment and financing tool in the construction of urbanization.From the beginning of 2014,the Ministry of Finance,Development and Reform Commission and other ministries have introduced relevant directive opinion and operational guidelines,and carry out the recommended and implemented work of PPP project throughout the country.In early 2015,Zhejiang also released Guiding Opinions on Promoting the use of PPP and listed the first 20 recommended projects,be one of the provinces which first apply PPP in the field of investment and financing.However,in current application practice,due to the defects existed in the legal system,risk sharing mechanism,financing system and project selection and evaluation,the signing rate and operating efficiency of PPP is generally low all over the country.In view of this,this paper takes Zhejiang Province as an example,under the perspective of PPP,analyzes the problems existed in the investment and financing and the application of PPP in the construction of new-type urbanization,trying to find solutions to improve the investment and financing mechanism and efficiency.First of all,this paper describes the development of new-type urbanization and status of investment and financing in Zhejiang province on the basis of related study and theory,finding the problems existed in the investment and financing.Secondly,this paper uses ICOR index and DEA method to measure and calculate the efficiency of urbanization construction investment in Zhejiang,compares the investment efficiency between government and private and financing efficiency among different kinds of funds.The results show that the investment efficiency should be further enhanced,the efficiency of private investment is higher than government investment,the financing efficiency of market-oriented financing and private financing is higher than that of fiscal financing.On the basis of previous research,this paper leads into PPP as an effective way to solve the problems such as the low efficiency of investment and financing,pressure on fiscal expenditure,irrational financing structure and low participation of private capital to the infrastructure.Then this paper analyzes the feasibility and function of the application of PPP in the investment and financing of new-type urbanization.Finally,this paper puts forward several countermeasures corresponding to the problems existed in the application of PPP,in order to provide decision reference for the parties concerned. |
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