Author: Ling Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
By identifying the political motives of officials and local governments, this study aims to provide a new political economic analysis framework for understanding China's incentives for investing in public-private partnership (PPP) infrastructure projects. Chinese urban panel data for the period 2013-17 were used to examine the mechanisms of promotion pressure and financial burden in relation to investments in PPP infrastructure projects. Based on our findings, the following policy recommendations are proposed: standardise the behaviour of local government officials in promoting PPP projects, establish a lifelong accountability mechanism for PPP project performance, establish a mechanism for local government debt risk assessment and prevention, and avoid the risk of local debt arising from over-investment in PPP infrastructure projects. Moreover, a match should be formed between local economic infrastructure planning and investment plans to avoid over- or under-investment.
Author: Manal Fouad
Publisher: International Monetary Fund
ISBN: 1513576569
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292546112
Category : Business & Economics
Languages : en
Pages : 166
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Book Description
This report summarizes the proceedings of the Public-Private Partnerships (PPP) in Urbanization workshop held in Beijing on 22-23 August 2013. Some 200 participants from the central government, 35 local governments, financiers, private service providers, academic and research institutions, and development partners joined the workshop to share their knowledge and good practice approaches to PPPs in the People's Republic of China and other countries.
Author: Hui Jin
Publisher: International Monetary Fund
ISBN: 1475536763
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
In this paper, we argue that there is much room for China to strengthen its regulatory framework for public-private partnerships (PPPs). We show that infrastructure projects carried out through local government financing vehicles (LGFVs) were largely unregulated PPPs, and significant fiscal risks have already manifested themselves. While PPPs can potentially provide efficiency gains, they can also be used by governments to circumvent budgetary borrowing constraints. Therefore, effective PPP regulation is key to delivering PPPs’ benefits while containing their potential fiscal risks. The authorities have taken concrete steps in order to establish a sound regulatory framework and foster a new generation of PPPs. However, to make the framework effective, we highlight a few issues to be resolved. Based on international best practice, we propose a four-pillar regulatory framework for China, which could be implemented gradually in three stages.
Author: Akash Deep
Publisher: Asian Development Bank
ISBN: 9292614193
Category : Business & Economics
Languages : en
Pages : 341
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Book Description
This publication highlights how public–private partnerships (PPPs) can be effective to meet Asia's growing infrastructure needs. It shows how governments and their development partners can use PPPs to promote more inclusive and sustainable growth. The study finds that successful PPP projects are predicated on well-designed contracts, a stable economy, good governance and sound regulations, and a high level of institutional capacity to handle PPPs. It is the result of a collaboration between the Asian Development Bank, the Korea Development Institute, and other experts that supported the theme chapter "Sustaining Development through Public–Private Partnership" of the Asian Development Outlook 2017 Update.
Author: Vijayan Sugumaran
Publisher: Springer Nature
ISBN: 3030514315
Category : Technology & Engineering
Languages : en
Pages : 815
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Book Description
This book presents the proceedings of the 2020 International Conference on Intelligent Systems Applications in Multi-modal Information Analytics, held in Changzhou, China, on June 18–19, 2020. It provides comprehensive coverage of the latest advances and trends in information technology, science and engineering. It addresses a number of broad themes, including data mining, multi-modal informatics, agent-based and multi-agent systems for health and education informatics, which inspire the development of intelligent information technologies. The contributions cover a wide range of topics such as AI applications and innovations in health and education informatics; data and knowledge management; multi-modal application management; and web/social media mining for multi-modal informatics. Outlining promising future research directions, the book is a valuable resource for students, researchers and professionals, and a useful reference guide for newcomers to the field.
Author: Shuang Liang
Publisher: Springer Nature
ISBN: 9811568030
Category : Law
Languages : en
Pages : 215
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Book Description
This book discusses the reform and improvement of Chinese legislation on Privately Financed Infrastructure Projects (PFIPs), the goal being to help its implementation in China satisfy international standards. In this regard, current Chinese laws are found to be insufficient when it comes to reducing risks to PFIPs, due to certain shortcomings. Therefore, the corresponding legislation must be reformed and improved.The Legislative Guide and Model Provisions drafted by UNCITRAL are discussed as the international standards that can effectively guide this reform; other countries’ laws on PFIPs provide supplementary reference material.Given the rapid rise in the use of PFIPs in China, this book offers a strong theoretical basis for improving Chinese legislation. It also provides general suggestions that can be applied to the reform of laws on PFIPs in any country.
Author: Chen-Yu Chang
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
Since 2013, the Chinese government has attempted to make a transition from user-pay PPP to government-pay PPP systems with the aim of facilitating infrastructure investment and government transformation. Whilst the application of government-pay PPP systems can considerably expand the areas where PPPs are suitable, the lengthy procurement time experienced in the implementation of similar systems (e.g., Private Finance Initiative (PFI)) presents a tough challenge to Chinese procuring authorities who are under increasing pressure to get the earmarked PPP projects off the ground swiftly to stem the downward pressure in the economy. The first PFI-ish project in China, the Anqing Urban Road PPP project, has been successfully tendered in May 2015 with an impressive record on procurement time. Through the scrutiny of this project, it is found that speedy procurement is achieved by leaving some of the major risks ill-defined and vaguely allocated in the tender document. However, this apparent high risk exposure did not deter investors. This research maintains that the greater risk tolerance revealed among SOE-led investors should be attributed to the power structure embedded in China's administrative system. Whilst leveraging this mechanism can reduce transaction costs, it could hold back the participation of private investors in future Chinese PPP projects.
Author: Yanhong Liang
Publisher: Open Dissertation Press
ISBN: 9781361326886
Category :
Languages : en
Pages :
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Book Description
This dissertation, "A Study of Public Private Partnership Project Success Factors and Risk Management Integration in Mainland China" by Yanhong, Liang, 梁艳红, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: To solve the conflict between limited fiscal funds and increasing demands to strengthen infrastructure construction, Public Private Partnership (PPP) was introduced by the Chinese government as an effective approach to make use of private investment to implement infrastructure projects. To provide services or facilities for public use, in PPP, participants pool their skills and resources while at the same time sharing the risks and rewards. The application of PPP could not only ease the government's financial pressure, but also improve the efficiency of infrastructure construction and ensure the service quality of projects. Although PPP produces these benefits, the complexity and long-term features of PPP projects expose participants to more risks than in traditional projects. Therefore, risk management of participants is critical to the success of PPP projects. As an innovative procurement approach involves a variety of stakeholders over a long time span, it is necessary to investigate how to appraise and recognize PPP project success. In addition, although risk management has attracted much attention, few studies examine the detailed link between various dimensions of risk management and PPP project success. This research therefore intends to fill these two gaps. Compared with countries in the West, PPP was introduced into China relatively recently. A comparative study was employed in this research in order to understand the Chinese situation and to make use of the experience of other countries to critique PPP project performance in Mainland China. In this study, a two-pronged research program-comprising quantitative and qualitative approaches-was used to test and validate the tripartite theoretical model which was set up based on Transaction Cost Economics (TCE), Resource-based View (RBV) and Relational Exchange Theory (RET). In the quantitative study, questionnaire surveys were conducted concurrently in Mainland China and other places. Hierarchical Multiple Regression was used to explore the relationships posited in the research framework. To provide supportive and complementary evidence to the quantitative data, a case study of a PPP project in Mainland China was undertaken. Open-ended interviews and the thematic analysis technique were adopted in the case study. Taken together, the findings indicated that although the facets of risk management significantly affect project success, there are subtle different influences on different stakeholders' benefits. For example, the uncertainty of social issues and economic issues will affect public partner's benefits while the uncertainty of political & institutional issues, economic issues and project specific issues are directly influence private partner's benefits. To maximize their own interests, different stakeholders should pay more attention to the influencing factors that are specifically associated with them. Meanwhile, it is demonstrated that individual efforts on risk management also contribute to the benefits of other stakeholders as well as to the whole industry development. In addition, the comparative study suggests that public partners of PPP projects in Mainland China could refer to the risk management experience of public partners from other countries to make an appropriate risk management commitment and better manage risks. On the other hand, private partners of PPP projects in Ma
Author: Michel Noël
Publisher: World Bank Publications
ISBN: 9780821360552
Category : Infrastructure (Economics)
Languages : en
Pages : 92
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Book Description
Annotation "In recent years, the countries of the Europe and Central Asia (ECA) Region have experienced a marked decline in the interest of international private operators and investors in municipal infrastructure projects, in line with the trend experienced in other emerging markets. The objective of this paper is to explore the possible innovative elements of a Public-Private Partnership (PPP) in an effort to rekindle the sagging private finance interest in municipal infrastructure in the ECA Region. The contemplated PPP model would involve government, municipalities, Local Infrastructure Investment Trusts, private equity funds and/or turnaround advisors, and International Financial Institutions."
