近日，国家集中批复大量基础设施建设惹人眼球。

recently,Countries concentrate rights to a large number of infrastructure construction provoking eyeball.

　　先是9月5日下午，国家发改委网站连发25道批文，批准了全国25个轨道项目上马，除江苏沿江城市群城际轨道交通网规划、内蒙古呼包鄂地区城际铁路规划投资额暂未公布外，其余23个项目总投资额超8400亿元。

First on September 5 in the afternoon,The national development and reform commission website volleying 25 way approval,Approved the national 25 track the project,In addition to jiangsu inter-city rail transportation network planning urban agglomerations along the river/Inner Mongolia call package hubei area inter-city railway planning investment temporary not released external,The rest of the 23 project a total investment of over 840 billion yuan.

　　随后，发改委又给13个地区公路工程项目开了绿灯，然后是多个集装箱码头，又然后是多个航道。

then,Development and reform commission and gave 13 area highway engineering project opened the green light,And then more container terminal,And then is the multiple channel.

　　最近铁路战线又传来消息，年初计划4060亿元的基建被追加到4960亿元，而且听说年底前还要追加，极有可能突破5000亿元。

Recent railway front and spread the news,Plan at the beginning of 406 billion yuan of capital construction is supplementary to 496 billion yuan,Before the end of the year and I will additional,Is likely to exceed 500 billion yuan.

　　要说还是铁老大力量大，这4960亿元可是要年内花光的，城轨项目虽然总投资额过8000亿元，但规划期都是到了十二五甚至十三五去了，而且那些钱，都还是纸面上的，政府能否如期如数出资，银行是否愿意出血，八字都还没有一撇。铁路投资可是实实在在，真金白银，而且追加部分的投资很大一部分出自中央财政预算内资金。

To say or TieLaoDa power is great,The 496 billion yuan but to spend years of light,City rail project though a total investment of over 800 billion yuan,But planning period is to 1025 even 1035 went to,And the money,Still on the paper,The government can be duly receive as much capital contribution,The bank is willing to bleeding,Eight words have not one iota.Railway investment but real,Real gold and silver,And additional part of a large part of investment from the central government budget funds.

　　2007年，铁路基建投资仅1762亿元，2008年翻番，达 3352亿元，2009年接着翻，达 6000亿元，2010年，不能再翻了，可也达到了顶峰， 8000亿元。 跟基建投资同步上涨的，则是铁道部的负债率，从2007年至2010年，分别为42.43%，46.81% ，53.06%，57.44%。

In 2007,,Railway infrastructure investment is only 176.2 billion yuan,Double in 2008,Up to 335.2 billion yuan,2009 then turn,Up to 600 billion yuan,In 2010,,Can't turn the,Can also reached its peak, 800 billion yuan. With infrastructure investment synchronous rising,The ministry of railways is the liability ratio,From 2007 to 2010,Were 42.43%,46.81% ,53.06%,57.44%.

　　负债率上升，要能还得起也行，2008年，铁道部净亏130亿元，2010年还好，还能盈利1500万元，2012年上半年则巨亏88.1亿元。

Ratio rise,To be able to have to also go up,In 2008,,The ministry of railways net loss of 13 billion yuan,2010 years is still good,Can a profit of 15 million yuan,In the first half of 2012 the huge loss 8.81 billion yuan.

　　大举投资带来的高负债同样出现在公路建设领域，交通运输部新闻发言人何建中在今年3月份时透露了公路债务的数据：全国的收费公路债务总余额是2.32万亿元人民币，累计投资总额是3.65万亿元，总体资产的负债率为64%。一位交通部的官员慨乎言之：我们也想尽快取消公路收费，可是这数万亿的债务最后怎么还啊？

Massive investment brings high debt also appeared in the field of highway construction,The traffic department of transportation spokesman HeJianZhong in March this year revealed highway debt data:The national toll highway debt total balance is 2.32 trillion yuan RMB,Accumulative total investment is 3.65 trillion yuan,General asset liability ratio is 64%.A ministry of communications with the officials who say:We also want to cancel the toll roads as soon as possible,But this multibillion debt finally how still?

　　试问，当初大量上马公路项目的时候，是否征求过民众的意见？等到债务高企，无法还债的时候，又让民众为政府这种不负责任的行为埋单，延长收费公路收费年限，就等于变相让民众给公路债务埋单。

ask,At the beginning of the highway project,Whether for over the opinions of the people?Until the high debt,Can't the debts,And let people for government this irresponsible behavior buried single,Extend the toll highway charge fixed number of year,Is disguised let people to highway bill debt.

　　公路建设的债务至少可以用收费公路的收入来慢慢偿清，铁路的债务呢，我们只看到它日益高企，从没看到当局拿出一套解决的方案出来，恐怕以后强征铁路建设基金、强行提高铁路运费、票价的事情不会没有出现的可能性。

Highway construction debt at least can use toll highway income to pay slowly,Railway debt?,We only see it increasingly high,Never see the authorities took out a set of solution scheme out,I'm afraid later impress railway construction fund/Forced to improve railway freight/Fare things will have the possibility of appear.

　　这种靠大量举债来投资基建从而拉动经济的方式依然是大多数项目的融资方式。不过也有一些项目试图引入民资，这有点像让兔子上树去捉鱼，树上既没有鱼，而兔子也上不了树。一个项目如有利可图，不用鼓励，民资也会削减脑袋进去，而这时你不让它进去。等你鼓励它进去的时候，谁都知道这个项目肯定无利可图。“非公36条”颁布好久了，各个部门贯彻落实的实施意见也张挂多日了，而我们也始终没有见到民间投资的汹涌浪潮，其中缘由不是这些意见只能“纸上画画，墙上挂挂”，就是这些领域无利可图，民资无意进入。

This by a large number of debt to invest infrastructure so as to stimulate economic way is still most project financing mode.But there are also some project intends to introduce what,It's a bit like let rabbit on the tree to catch fish,The tree is neither fish,And the rabbit also on the trees.A project such as profitable,Don't encourage,What will also cut head in,And then you don't let it in.Waiting for you encourage it in time,Who all know this project must be unprofitable."Non-state-owned 36"Issued for a long time,Each department implementation of the implementation opinions also hang up the for many days,And we never see private investment in the tide,The reason is not only these opinions"Draw on paper,The wall GuaGua",It is these fields unprofitable,Accidentally into what.

　　笔者曾经在以前的博客中提到，公益性的基础设施建设项目，政府要挑起大梁，因为这些项目基本无利可图，如果有利可图，它就不是公共项目，也不用政府去张罗去提供了。

The author once in a previous blog mentioned,Public infrastructure construction projects,The government should make girder,Because these project basic unprofitable,If profitable,It is not public projects,Also need not the government to scare up to provide the.

　　当然，政府提供公共服务、建设基础设施项目的实现形式不一定要政府下海去搞，可以外包给社会资本，当然这需要高度技巧，既要避免其中的寻租行为，又不能让承包者耍滑头使公众利益受损，这才是引入社会资本的精义。而我们目前的引入社会资本，大概是指明知这个项目必亏无疑的情况下，还一厢情愿地向社会资本抛媚眼，这不是引资，这是“坑爹”。

Of course,The government provides the public service/Construction of infrastructure projects in the realization form does not necessarily have to government sea to make,Can be outsourced to social capital,Of course it needs high skills,Not only to avoid the rent-seeking behavior,And can't let the contractor ShuaHuaTou make public interests is damaged,This is the introduction of the essence of the social capital.And our current introducing social capital,Is probably specified know this project will loss under the condition of no doubt,Also wishful thinking to social capital leer,This is not capital,This is"Pit dad".

　　（suncf@21cbh.com）

(suncf@21cbh.com)