Research On Risk Management Of Rail Transit PPP Projects

By the end of 2018,35 cities on the Chinese mainland had opened urban rail transit.As a public welfare infrastructure project,urban rail transit is not only an important part of the national economic system,but also one of the pillar industries for national economic development.The extensive application of new technology and equipment in the field of rail transit not only promotes the rapid development of supporting infrastructure,passenger transport equipment and passenger flow,but also builds a modern,comprehensive and three-dimensional transportation network system.On the one hand,the new traffic network system alleviates the contradiction between urban traffic supply and demand,on the other hand,it obviously improves the traffic network structure of large and medium-sized cities in China.Due to the huge investment amount,long construction period,high operating cost,low return on investment and long payback period of the rail transit project.For the construction and operation of urban rail transit,the government is faced with the dual pressure of construction investment and operation subsidy.It is difficult to meet the needs of its sustainable development only by relying on government investment,so it must adopt various financing channels to raise construction funds.PPP,as a widely used financing mode,emphasizes the participation of social capital in the construction and operation of rail transit projects.Since the social capital side and the government jointly build infrastructure,share expected benefits,share responsibilities and share risks,all countries are vigorously promoting PPP model in public construction.However,PPP model is also a double-edged sword.Due to the insufficient understanding of PPP by government departments,the lag of relevant laws and regulations,and the immature operation of PPP model by public capital,it is of great significance to identify,measure and manage risks of PPP projects in rail transit.