It takes the hottest iron group on average 7% a da

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The total Railway Corporation aims to achieve the goal of 800billion yuan: it will spend an average of 7.4 billion yuan per day. The total Railway Corporation aims to achieve the goal of 800billion yuan per day: it will spend an average of 7.4 billion yuan per day. China Construction machinery information is less than a month away from the end of 2015. However, the annual "spending" quota has only reached 60%

this seems to be a good thing of "saving" for individuals, but falling on the shoulders of China Railway Corporation (hereinafter referred to as China Railway Corporation), which takes investment as its own responsibility to drive economic growth, means "unqualified"

on December 10, in a report released by the National Audit Office, China Railway Corporation named the "unqualified spending" behavior of China Railway Corporation. In the opinion of the National Audit Office, the problems of China Railway are mainly concentrated in two aspects: the low completion rate of annual investment plans for 12 railway projects, and the slow commissioning progress of 63 national joint venture railway construction projects that China Railway mainly promotes

however, China Railway always has its own difficulties in the face of such embarrassment. As a project with a relatively long operation cycle, the implementation of the railway infrastructure project will involve many links such as demolition, planning, design, bidding and fund-raising. A slight stagnation in one link will delay the whole project. In addition to these objective reasons, the decline of China's macro-economy this year has become another reason for the slow railway investment

in order to successfully complete the last kilometer of the 12th Five Year Plan, China Railway General Manager started the final "assault"

spend 7.4 billion yuan every day

at the end of each year, China Railway always spends money like water. This year will not only be the same as before, but also may reach a new high

in December 2013, the investment amount in a single month reached 152.4 billion yuan, more than three times the average amount completed in the first 11 months of 2013. In december2014, it completed an investment of 192.537 billion yuan, approaching the sum of the first half of the year. According to the total data of China Railway, in the first 11 months of 2015, the investment in fixed assets of national railway reached 490.396 billion yuan, which is still 300billion yuan from the target of 800billion yuan at the beginning of the year. Even if the local railway investment is deducted according to the amount completed last year, China Railway still has more than 30% of the total investment funds to avoid heavy metals, and nearly 2300 billion yuan of monomer investment funds to be spent

"there is no doubt that the goal will be achieved within this year." An insider told the author. If the target is completed within the year, that is to say, the remaining 2 pay attention to the original settings in the cleaning process. For example, 30billion laps will be spent within one month, with an average of 7.4 billion yuan per day. This will break the record of 192.5 billion yuan in 2014, the largest single month investment at present

this is a common practice for railway construction. Railway investment habitually goes from low to high, and the investment in December is extremely high. "Because the railway construction cycle is very long and can not be completed in a few months, the construction cycle often spans several years. According to the practice of engineering construction, the engineering company usually pays in advance and then sums up with China Railway at the end of the year." Dongyan, a researcher at the Comprehensive Transportation Research Institute of the national development and Reform Commission, told the author

in fact, in 2015, the number of railway construction projects approved by the national development and Reform Commission increased again and again. In only one month in September this year, the total investment in railway and highway infrastructure projects approved by the national development and Reform Commission reached 887.254 billion yuan. These projects will bring a lot of fresh blood to railway construction

although the completion of the project has slowed down, the railway investment still maintains a growth momentum in terms of the overall investment. From 2009, the fixed asset investment of the Ministry of Railways was 704.527 billion yuan; In 2010, it was 842.652 billion yuan, which is also the highest so far. Insiders believe that the investment this year may reach the second highest level in history

investment is difficult to achieve

although through the "assault" in the last month, China Railway General Manager can still achieve this year's "spending money" goal, the obstacles encountered in the process of achieving this goal still reflect the investment dilemma of the railway

the overall completion of railway investment this year is less than that of last year. In the first quarter of 2015, the year-on-year growth rate of national railway infrastructure investment was as high as 20.9%; In the second quarter, the growth rate dropped to 13.2%; In the third quarter, the growth rate of fixed assets dropped sharply to 0.7%. This data of China Railway Group also coincides with the project progress delay mentioned in the report of the National Audit Office

according to the report of the National Audit Office, by the end of October 2015, among the 339 large and medium-sized national and joint-venture railway projects that had been started, the completion rate of annual investment plans for 12 projects was less than 10%, involving an annual investment plan of 8.57 billion yuan

in addition, China Railway Corporation has focused on promoting 63 national and joint venture railway construction project sections, involving 8099 kilometers of planned new production mileage. By the end of October 2015, the actual mileage of new production was 3722 km, 27 railway project sections had not been put into production, involving 4377 km of planned new production mileage

experts say that the difficulties in project implementation and investment implementation have affected the role of financial funds in stimulating the macro-economy. In the opinion of China Railway General Manager, the main reason for the low completion rate of the annual investment plan of the project is that the approval of the project feasibility study, preliminary design, construction drawings, project bidding and other links require a long period, and the local capital raising and bank loan implementation of some projects are slow. However, some railway project sections have not been put into operation, which is mainly affected by local land acquisition and demolition

"inadequate investment is an important feature of railway construction, which has touched on the creep problem of high-level personnel for a long time. Due to the complex allocation path, cumbersome procedures and serious lag in the arrival of funds, this is also one of the reasons why railway construction will be stopped after 2011." Wangmengshu, an academician of the Chinese Academy of engineering, said

capital curse

investment slows down - in most cases, the core problem is where the money comes from

with the macroeconomic downturn, the railway freight volume has also been shrinking, and the financing channels have not been opened for a long time, so the pressure on Railway funds is naturally increasing. In January, 2015, the total volume of national railway freight transportation reached 2.486 billion tons, a decrease of 227million tons over the same period last year, a year-on-year decrease of 11.63%. In the first three quarters of 2015, China Railway's total freight revenue was 174.112 billion yuan, a year-on-year decrease of 9.09%. In the first three quarters, the total revenue was 657.774 billion yuan, and the net profit was -9.435 billion yuan, a year-on-year decrease of 174.11% compared with -3.442 billion yuan in the same period last year

due to the large investment volume of the railway, most of the funds are still raised by loans and bonds. Although the state has planned the railway development fund and PPP model for railway investment who has taken the lead in scientific and technological innovation, these models also face many problems in practical application

although "actively encouraging and guiding private capital to enter the transportation field" has been proposed for many years, since 2012, the notice documents issued by the State Council, the national development and Reform Commission, the Ministry of finance, the former Ministry of Railways and the China Railway General Administration on accelerating the reform of railway investment and financing system and encouraging social capital investment have been more and more intensive, and the encouragement has been increasing, private capital has always been indifferent to railway projects, such as Mengxi railway, South Sichuan railway Model projects such as the Jinan Qingdao high speed railway have encountered various setbacks, and some have even been ignored. Luorenjian, a researcher at the Comprehensive Transportation Research Institute of the national development and Reform Commission, believes that although the central government has launched a series of PPP project libraries to try to introduce private capital, most infrastructure projects have large investment, long cycle, low yield and large uncertainties, so the enthusiasm of private capital to enter is not very high. "The railway liquidation and withdrawal mechanism is still imperfect, and there is limited room to attract private capital. The railway reform needs to be accelerated." Luorenjian said

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