The most popular three high-speed railways in Guan

2022-08-02
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Three high-speed railways in Guangdong have been shut down or suspended, and the Ministry of Railways has defaulted on more than 100 billion yuan of project funds.

three high-speed railways in Guangdong have been shut down or suspended, and the Ministry of Railways has defaulted on more than 100 billion yuan of project funds.

China Construction Machinery Information

Guide: so far, Xiamen Shenzhen, Nanning Guangzhou and Guiyang Guangzhou high-speed railways in Guangdong Province have been shut down or suspended, and have entered the cold winter ahead of schedule. Why? Their capital chain is broken. On the 26th, wangmengshu, deputy chief engineer of China Railway Tunnel Group Co., Ltd. and academician of Chinese Academy of engineering, accepted the Yangcheng Evening News

so far, the Xiamen Shenzhen, Nanning Guangzhou and Guiyang Guangzhou high-speed railways in Guangdong Province have been suspended or delayed, and have entered the "cold winter" period ahead of schedule

why

"their capital chain is broken." On the 26th, wangmengshu, deputy chief engineer of China Railway Tunnel Group Co., Ltd. and academician of the Chinese Academy of engineering, said in an interview with the Yangcheng Evening News that the construction of the railway can not be stopped. In addition to the channels allocated by the Ministry of finance, the national foreign exchange reserves may be used to support the railway construction

the Ministry of Railways has defaulted on more than 100 billion yuan of project funds

at present, the high-speed railway projects under provincial cooperation within Guangdong Province mainly include Guangzhou Shenzhen Hong Kong, Xiamen Shenzhen, Nanning Guangzhou and Guiyang Guangzhou high-speed railways. Among them, the construction of Guangzhou Shenzhen Hong Kong high-speed railway has been basically completed, while the other three inter provincial high-speed railways have been suspended or suspended. It is learned that the Yunfu section of Nanning Guangzhou high speed railway and the Guangzhou hub project of Guiyang Guangzhou railway and Nanning Guangzhou railway are currently in a state of suspension. The pace of construction of Xiamen Shenzhen railway has also slowed down, so we can only build some "node" projects first

"the reason for stopping work or delaying construction is that there is no money." Wangmengshu told him that according to the data he had, the total amount of project funds owed by the Ministry of Railways to the two major railway construction units was about 130billion yuan, of which about 70billion yuan was owed to China Railway Construction Co., Ltd. and about 60billion yuan was owed to China Railway Co., Ltd. "some migrant workers participating in railway construction have not been paid for half a year, and China Railway Co., Ltd. alone has had more than 2000 incidents of migrant workers demanding wages."

problems many banks refuse to lend

what is the problem of tight funds

it is understood that the sources of funds for railway construction include state grants (railway construction fund), self raised by the Ministry of railways, local government contributions and social capital, while the Ministry of Railways' self raised funds mostly rely on banks or trust loans and the issuance of bonds. Some professional analysts believe that since the beginning of this year, there have been problems in the internal system of the Ministry of railways, coupled with frequent quality problems in local railways, which has led to a significant reduction in the trust of banks in the Ministry of railways. Banks have either refused to lend or raised loan interest rates, leading to the rupture of the railway capital chain. According to the report on major financial and operating data of the Ministry of Railways in the first half of 2011 released by the Finance Department of the Ministry of Railways on August 1, its affiliated transport enterprises made a profit of only 4.29 billion yuan in the first half of 2011, and its total liabilities exceeded 2trillion yuan for the first time, with a debt ratio of 58.53%

a professional analyst who did not want to be named said that the loans of the Ministry of Railways in the five major banks of industry, agriculture, construction, China and communications have exceeded the limit, "which other bank dares to continue lending?"

wangmengshu said that the shortage of funds has something to do with the internal problems of the Ministry of Railways and the frequent occurrence of accidents

in addition, there is another view that China's high-speed rail construction was spread too widely before, which led to a shortage of funds at this stage. According to the medium and long-term railway planning adjusted in 2008, China plans to build more than 120000 kilometers of Railways by 2020, including 16000 kilometers of passenger dedicated lines. In, it is still the peak period of China's railway construction

the Ministry of Railways is busy financing through various channels to alleviate the shortage of railway construction funds

On October 12, the Ministry of Railways issued 20billion yuan of railway construction bonds in the first phase of this year, and on October 26, the Ministry of Railways issued 20billion yuan of railway construction bonds in the second phase of this year. With the previous ultra short-term securities lending, short-term securities lending and medium-term tickets, the total amount of funds raised this year reached 180billion yuan. At the same time, the national development and Reform Commission issued documents, and China railway construction bonds officially became government backed bonds. Guiguang and Nanguang, which are already in the state of semi shutdown, also need to raise funds from this bond to relieve the pressure

according to the prospectus for the first phase of China railway construction bonds in 2011, the total investment required for Guiyang Guangzhou railway is 85.8 billion yuan, and the total investment required for Litang Guangzhou section of Nanning Guangzhou railway is 41billion yuan. The Ministry of Railways plans to use 1.5 billion yuan and 1billion yuan of the funds raised from this phase of bonds for the construction of these two lines respectively. According to the prospectus for the second phase of China railway construction bonds in 2011, some of the funds raised by the second phase of China railway construction bonds are used for the construction of Guiyang Guangzhou and Nanning Guangzhou high speed railways

"railway construction is beneficial to the country and the people. Many projects are half done, and 'sudden braking' is not enough. Some projects cannot be stopped at all." Wangmengshu suggested that in addition to the above channels, the country's foreign exchange reserves may be used to support railway construction. According to the latest statistics of the central bank, China's foreign exchange reserves have reached US $3.2 trillion

the experimental software under the windows platform in both Chinese and English worked together to quench thirst. The Ministry of Railways is facing the dual pressure of safety and financing. Many projects under construction of more than 10000 kilometers have been suspended or postponed...

according to Xinhua news agency, the Ministry of Railways issued the second phase of China railway construction bonds in 2011 through bidding on the 26th, of which the bid winning interest rate of 7-year varieties is 4.93%, and the subscription ratio is as high as 16.8 times. Compared with the bid winning interest rate of 5.59% and the subscription multiple of 2.84 times for the first phase of railway construction bonds issued in the middle of this month, the financing environment has been further improved

after the Wenzhou bullet train accident in July this year, China's railway construction was in trouble, and many lines were delayed or suspended. The news that the macro policy is expected to be fine tuned a few days ago makes market participants expect that "railway financing" will be one of the contents of the fine tuning

current situation: the construction of some lines has been postponed or suspended.

in the past two years, railway construction has been the focus of China's fixed asset investment. In 2010, China's railway fixed asset investment reached 834billion yuan. Although it was reduced in 2011, it still reached 745.5 billion yuan

the Wenzhou bullet train accident in July this year raised doubts about the "leapfrog development" of high-speed rail in the industry. Under the double pressure of safety inspection and tight financing, railway investment has declined rapidly. In August, China's railway investment fell to a low of 35.3 billion yuan in the year, a sharp decline from the scale of the monthly investment of more than 100 billion yuan in the previous two years

the decline of railway investment has a direct impact on the construction company. As early as this year when the China Railway news was released, China Railway said that as of the end of the second quarter of this year, the balance of accounts receivable of the company was 90.7 billion yuan, including 30.9 billion yuan of accounts receivable from railway business. China Railway Group pointed out that due to the general shortage of funds of the project owners, especially the insufficient construction funds of the railway project owners, it was unable to pay the project progress payment and the normal work inspection and calculation price in time according to the contract

the relevant person in charge of a subsidiary of China Railway Construction told: "since March this year, railway construction funds have become increasingly tight. The fund availability rate of general projects is only 30% to 40%. Some projects have reached the point of unsustainability, so there are more and more holidays and work stoppages."

another project contractor also said that in order to control risks, the construction party should do as much work as the project funds. In the case of "watching vegetables and eating", once the funds are cut off, the project can only stop

according to the statistics of public data, at present, there are more than 10000 kilometers of unfinished railway construction projects in China, and a considerable part of them are in the state of construction suspension

support: financing recovery is expected.

many professionals expressed concern about the difficulties encountered by domestic railway construction

luorenjian, a researcher at the Comprehensive Transportation Research Institute of the development and Reform Commission, pointed out that as an important national investment project, railway construction can not only meet the public's demand for a modern transportation system, but also involve a large number of migrant workers' employment, supplier development and other issues. It is not a normal phenomenon to postpone or suspend construction on a large scale and for a long time, and it urgently needs to be improved

some constructors said that the national macro-control policy should be tight on new projects, but for the projects under construction that have been started or are about to be completed, we still need to try to complete them, otherwise there will be three negative effects: first, the secondary start-up cost of some projects is high; Second, the project quality is difficult to guarantee, and there are many follow-up hidden dangers; Third, the team is unstable, and there will be some contradictions in the arrears of project funds, material costs and wages

in the case of many calls for "maintaining the construction in progress", the national policy has expressed some support for the construction of ni0.053 railway. For example, in terms of railway financing, the Ministry of Finance recently said that it would levy income tax on the interest income of railway construction bonds by half, while the development and Reform Commission sent a letter to clarify that China's railway construction bonds issued by the Ministry of railways are government backed bonds

after the promulgation of these policies, the railway bonds that once had the dilemma of losing standards were issued, and the tightness of the screws at the fixture should also be regularly checked to make the bank popular again. The smooth financing channels of the Ministry of Railways and the reduction of financing costs will inject a strong impetus into the troubled railway construction

in fact, according to the statistics released by the Ministry of Railways a few days ago, the investment in railway fixed assets in September was 37.7 billion yuan. Although there is a large distance from the 58.2 billion yuan in June, compared with the 35.3 billion yuan in August, it has hit the bottom and rebounded

with the recent recovery of railway financing, the expectation of resumption of railway construction has gradually increased. An insider of Jinyi industry, a high-speed rail parts supplier, told us that after the Wenzhou bullet train accident, the company's high-speed rail fastener workshop had been shut down for three months because of the disappearance of new orders and the delay in delivery of on hand orders, but the situation is now improving

many researchers said that since 2008, China's railway construction has gone through a process from "normal" to "high" and then to "low". The current policy support only allows it to return to "normal", and we should not expect too much. In the long run, the hope of the industry lies in breaking the "integration of government and enterprises" of the railway system and strengthening market-oriented reform

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