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"PPP Asset Trading Rules" Expert Interpretation Meeting Held at Tianjin Institute

The first batch of PPP asset trading projects is expected to land

Source: China Business News Release time: 2019-10-10

The Tianjin Financial Assets Exchange's "Government and Social Capital Cooperation (PPP) Asset Trading and Management Platform" (referred to as the PPP platform) recently held the first "PPP Asset Trading Rules" expert interpretation meeting. The transaction process was explained in detail, laying a solid foundation for the implementation of the first batch of PPP asset trading projects being implemented. The meeting was chaired by Ding Huamei, deputy director of the PPP platform and president of Tianjin Financial Assets Exchange. Participating experts interpreted the trading rules.

Ding Huamei introduced that on September 11, 2019, the first domestic "PPP Asset Trading Rules" was officially released. The rules were formulated by the country's first "PPP asset trading and management platform", reviewed by a rules expert committee, and Shanghai Jintiancheng Law Firm issued a third-party legal opinion.

"Government and Social Capital Cooperation (PPP) Asset Trading and Management Platform" was established on February 28, 2017 by the Ministry of Finance PPP Center and Tianjin Financial Assets Exchange. The goal of the platform is to provide one-stop funding solutions and services for all parties in the PPP industry nationwide, form unified standards and rules for the PPP industry, create an ecological alliance for the PPP industry, and continuously promote the health and sustainability of the PPP industry in China. And efficient development.

The PPP Assets Trading Rules are composed of general rules and detailed rules, including six chapters and 72 rules. The rules define the scope of PPP asset targets, and clarify the parties to PPP asset transactions, transaction standards and conditions, transaction processes, and platform services and management.

Ding Huamei introduced that during the process of formulating the rules, the PPP platform conducted a full investigation of the international and domestic PPP markets and organized a rule expert committee to conduct multiple rounds of research and discussion on the rules, which not only used the traditional property rights trading system, but also fully considered PPP. Innovative, professional and complex asset transactions. At the same time, the platform also maintains close communication with the relevant departments on the applicability of the rules, sets a relatively strict operational bottom line, and maintains coordination with the policy caliber of the competent PPP department.

Peng Cheng, director of the PPP Research Institute of the China Academy of Financial Sciences at the Ministry of Finance, said that the "PPP Assets Trading Rules" are complete, scientific, and operational, which is another important practical achievement of the supply-side structural reform in the PPP field. The PPP industry needs to further study and explore how to raise this corporate standard to industry standards and national standards to promote the construction and improvement of China's PPP secondary market system. At the same time, it is necessary to coordinate risks and benefits, do a good job of "releasing, managing, and serving", increase publicity and demonstration case promotion, strengthen the construction of supporting systems for upstream and downstream, and attract more market participants to participate.

Wu Yaping, director of the Institutional Policy Office of the Investment Research Institute of the National Development and Reform Commission, said that conducting open, fair, and fair transactions on the PPP platform is an important way to enhance the liquidity of PPP projects, which is conducive to discovering value, creating value, realizing value, and revitalizing high-quality stock assets. As China's PPP stock assets become larger and larger, market transfer and investment needs become more and more intense, PPP-related policies should also adapt to the new situation in time to meet new needs, what assets are allowed to be traded, and professional operators are cultivated. Should be scientifically oriented.

Cao Fuguo, Dean of the PPP Governance Research Institute of Central University of Finance and Economics, said that the PPP platform under the financial service market system should realize three values: one is to serve the PPP goal "value for money"; the other is to pursue the value of benefits and improve PPP projects Liquidity and transaction efficiency. The third is to achieve normative value and play the role of the "discipline enforcement force". Dealing in standardized and high-quality projects and assets will force the PPP project to be standardized. In order to ensure that financial markets can better serve their functions, PPP related legislation should support the discovery and creation of financial values and promote the development of financial markets.

Liu Fei, a senior partner of Shanghai Jintiancheng Law Firm, said that the "PPP Assets Trading Rules" takes compliance as the bottom line, and requires that PPP asset transactions must be based on compliance with applicable laws and must not affect the compliance of PPP projects. In line with the current mainstream development of China's PPP specifications. Under the new situation, the PPP government should change its thinking, ensuring the continued stability of the project is the prerequisite for the transaction, but the purpose is not to limit the transaction. It should take the project output as the goal and use the performance appraisal as a means to participate in the formulation and review of the PPP asset trading program. To ensure the realization of the original intention of PPP to improve quality and efficiency; PPP social capital parties should cultivate new trading habits and change non-public and inefficient trading methods; PPP platforms should continue to improve the construction of the trading system and issue trading rules as soon as possible. In addition, since the China International Economic and Trade Arbitration Commission has set up a special "Government and Social Capital Cooperation Dispute Arbitration Center" and equipped with a corresponding professional arbitrator team, it is recommended that the PPP asset transaction dispute be submitted to the China International Economic and Trade Arbitration Commission "Government Cooperate with the social capital dispute arbitration center ".

Xiao Guangrui, CEO of Beijing Mingshu Data Technology Co., Ltd. believes that the PPP platform has maintained a leading position in the industry since its establishment. The release of the first PPP asset trading rules this time has more milestone significance. However, the development of China's PPP secondary market still has a long way to go. Mingshu Data's big data analysis and research on overseas experience show that the essence of PPP is "investment", and the wrong way of "emphasizing construction and neglecting operations" with the main goal of earning construction profits must be abandoned, and the asset itself should be achieved through active management. Value preservation and value-added, it is necessary to match appropriate institutional investors and professional asset operators for PPP projects, scientifically review the practical problems of "clear shares and real debt", and improve the construction of third-party professional service systems. Mingshu Data and Tianjin Institute are studying the formulation of a PPP project rating mechanism in line with China's PPP characteristics, solving problems such as project and asset value discovery, promoting innovation in PPP financing tools and financing methods, opening up high-quality PPP asset investment paths, and promoting the realization of real projects Financing.

Zhang Guidong, assistant general manager of Longyuan Mingcheng Investment Management (Shanghai) Co., Ltd., said that he has been waiting for the promulgation of the "PPP Asset Trading Rules". This rule focuses on legal compliance projects and is an acknowledgement of the efforts and results of social capital to carry out PPP projects, matching the original intention of the PPP model to pursue high-quality and standardized development; the rule requires the implementation of strict transaction procedures and the implementation of third-party registration and settlement To strengthen information disclosure, make transactions transparent, increase the standardization of PPP assets, help attract financial institution investors to participate in transactions, and reduce the overall implementation cost of PPP projects. As a leader of responsible PPP private enterprises in China, Longyuan Construction is willing to actively participate in the innovative exploration of PPP asset transactions and contribute to the development of China's PPP secondary market.

Participating experts generally believe that with the development of China's PPP market, exploring the establishment of trading rules suitable for PPP asset trading characteristics in specialized markets will improve asset liquidity, free up investment space, explore the path of China's PPP secondary market construction, and help China's PPP market. Milestones in sustainable, healthy, and high-quality development.

More importantly, a series of standard indicator systems can be formed during the PPP asset transaction process. This aspect can guide and force PPP projects to pay more attention to standardized operations, focus on operational performance, and focus on improving asset quality. The circulation of assets has alleviated the problem of "dam lake" of the whole life cycle of the project, and explored the standardized and orderly exit mechanism and channels of the PPP project.

Participating experts believe that the promulgation of the "PPP Asset Trading Rules" has injected new vitality into the PPP market. The active trading in the future will revitalize the existing PPP assets and further increase the investment potential of the PPP market. (Zhu Xiaobo)

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