土地财政低迷、平台贷严控，地方政府如何开源？安徽省淮南市潘集区正在探索“基建投资基金”。

Land financial downturn/Platform credit tight control of,The local government how to open source?Anhui province pan set area of huainan city are exploring"Infrastructure investment fund".

　　这一“创新金融产品”的全称是潘集区基础设施建设投资基金。根据当地官方的说法，该基金由潘集区政府、中国银行(601988,股吧)（601988.SH，03988.HK）全程参与运作。基金规模4亿元，一期2亿，期限2年，预期收益率8%。一份关于该基金的募集简介则显示，潘集区工会被明确为代持投资人。

this"Innovative financial products"Is the full name of pan set area infrastructure construction investment fund.According to local officials said,The fund by pan set the district government/The bank of China(601988,guba)(601988. SH,03988. HK)Fully involved in the operation.The fund size is 400 million yuan,A period of 200 million,Period 2 years,Expected rate of return of 8%.A brief introduction about the fund raising is display,Pan set zone union be clear for the generation of the investors.

　　明确预期收益、工会参与基金投资……这些“创新手法”让一些投资界和法律界人士对该基金画上了一个个问号。

Clear expected return/Trade unions participate in fund investment...these"Innovation technique"Let some capital and legal professionals in the fund on the painting a question mark.

　　这是一个法理依据尚待明确的基金，折射的却是一个不争的事实——在融资渠道收紧和上项目保增长的双重压力下，一些地方政府正在努力探寻“找钱”新路子。

This is a legal basis for the fund is yet to be clear,Refraction is an indisputable fact, in financing channels to tighten and project insurance under double pressures of growth,Some local governments are trying to explore"change"The new way.

　　《第一财经日报》记者查询安徽国元信托网站发现，仅从今年6月起，该公司就成立了至少22个信托产品，涉及当地多个市县城投、国有资产投资等公司，包括多个债权投资集合信托计划。

[The first financial daily]Reporter inquires the anhui countries yuan trust website found,Only from this year June,The company has set up at least 22 trust products,Involves more than local city for the county/State-owned assets investment company,Including more debt investments set trust plan.

　　只不过，和纯粹的信托相比，潘集“基建投资基金”的金融属性并不明确。

just,And pure than trust,Pan set"Infrastructure investment fund"Financial attribute is not clear.

　　业内人士分析，仅从上述基金的简介来看，潘集区工会已经类似于一个吸收资金并赚取收益的理财机构。而与信托和PE相比，其投资属性更接近银行理财产品或券商集合理财产品，但是工会本身并没有任何金融业务资质。

Analysis of the personage inside course of,Only from the fund's introduction to see,Pan set area trade unions have similar to a absorption funds and earn income financial institutions.And with trust and compared to PE,Its investment attribute closer to bank financing products or brokers set financial products,But the labor union itself and no any financial business qualification.

　　一堆问号 A pile of question mark

　　潘集区政府网站信息显示，9月17日，当地召开全区基础设施建设投资基金募集调度会。该基金定向投资于当地基建项目。

Pan set the district government website information display,On September 17,At the local infrastructure construction investment fund raising processes.The fund directional investment in local infrastructure projects.

　　值得关注的是，这一基金被官方明确为“政府支持、财政兜底的政府项目”。当地主要领导要求领导干部要带头募集、率先募集。

There is concern,The fund is for official clear"Government support/Financial disclose the ins and outs of government project".The local main leader is calling for the leading cadre to take the lead to raise/Take the lead in raising.

　　潘集教育信息网显示，当地教育部门早在8月份就已经下发基金募集通知，称这是一次福利性待遇，其对象限于区财政供给的行政、事业单位的工作人员。

Pan set education information network display,The local education department in early August had issued notice of fund raising,Say this is a welfare treatment,Its object is limited to the financial supply area administrative/Institutions of the staff.

　　年息8%，每半年结息一次，时限2年。这样的福利来源于规划中的高收益。

8% annual interest,JieXi once every six months,Time 2 years.Such benefits from the planning of high yield.

　　上述通知中附带的基金简介显示，区政府联系人是一位李姓总经理，该人士称，基金将主要投资于潘集区一些规划的道路建设，“道路建成后周边土地必然会升值，政府将通过出让土地偿还本息。”

The above notice incidental fund introduction display,The district government contacts is a general manager of those named li account,This personage says,Fund will be the main investment in pan set area some planning of road construction,"After the completion of road and surrounding land will rise,The government will through the land to repay the principal and interest."

　　对于财政兜底，该人士解释称，这个基金是由潘集区政府常务会议和区长办公会议研究，然后经过潘集区委常委会、潘集区人大常委会的表决通过。“区人大要求列入当地财政预算，最终由财政兜底。”

For financial out,This personage explanation says,The fund is set by the executive meetings and pan district district office conference research,Then after pan set district party committee standing committee/Pan set area of the National People's Congress standing committee vote to pass."District congresses requirements included in the local financial budget,Finally by financial reveal all the details."

　　而对于中行在这只基金中扮演的角色，出现在上述基金简介中的“中行潘集支行彭行长”称，“中行只是代办手续，具体运作是由基金管理人和市政府协商确定。”

For bank of China in this fund, the role of,Appear in the above fund in the introduction"Bank of China pan set branch peng President"says,"Bank of China is just agent formalities,Specific operation is by the fund management and the municipal government affirmatory."

　　“该基金只针对潘集相关政府员工，相关的法律条款是齐备的，不可能按照非法融资的渠道来做。”他说。

"The fund only to pan set relevant government employees,Relevant legal articles is complete,Not possible according to illegal financing channels to do."He said.

　　按照最高人民法院《关于审理非法集资刑事案件具体应用法律若干问题的解释》，未向社会公开宣传，在亲友或者单位内部针对特定对象吸收资金的，不属于非法吸收或者变相吸收公众存款。

According to the supreme people's court[On the trial of the criminal case illegally accepting the concrete application of law in the explanation],Not to social public propaganda,The friends and relatives or unit interior specific object absorption funds,Do not belong to illegal absorption or in a disguised manner absorbing public savings.

　　法律界人士告诉本报记者，“特定”二字的定义要看怎么理解，如果在一个单位内部募集资金，员工的亲友参与是否属于“非特定人群”？而向行政系统募集也面临“特定”与“非特定”的模糊界限。

The legal profession (ie lawyers) told our reporter,"specific"The definition of the word to see how to understand,If in a unit interior to raise funds,Employees participation is belong to relatives and friends"Non specific populations"?And the administrative system to raise also faces"specific"and"Non specific"Fuzzy boundaries.

　　这不是潘集这只基金留给外界的唯一疑问。

This is not pan set the fund to outside the only question.

　　此次潘集募资的做法特别之处在于没有通过信托公司这一渠道，若当地工会确为代持投资人，则其形式更类似于工会发起的一只PE基金。

The pan set need to recapitalise practice especially in not through the trust company this channel,If the local trade union is really generation of the investors,Its form is more similar to the trade union launched a PE funds.

　　2011年11月，国家发改委发布关于促进股权投资企业规范发展的通知，其中明确，股权投资企业的资本募集人不得向投资者承诺确保收回投资本金或获得固定回报。从这点来看，潘集“基建投资基金”又属于这个金融品种范畴。

In November 2011,The national development and reform commission issued on promoting the equity investment enterprises to standardize the development of the notice,The clear,Equity investment enterprise capital collect person can not to investors commitment to ensure that disinvestment the principal or get fixed returns.From this point of view,Pan set"Infrastructure investment fund"And belongs to the category of financial varieties.

　　如果从信托的行业规范考量，这只基金亦难符合。单从投资门槛来说，上述潘集教育部门的基金募集通知要求征询教师的自愿投资数额，但明确起点为3万元。

If the trust industry standard considerations,The fund is also difficult to conform to.Single investment threshold from it,The pan set education department's fund raising notice requirements consult teachers' voluntary investment amount,But clear starting point for 30000 yuan.

　　信托的募资门槛相对更高。银监会出台的《信托公司集合资金信托计划管理办法》明确，合格投资者要符合三大条件：投资单个信托计划最低金额不少于100万元，或是个人或家庭金融资产总计在其认购时超过100万元人民币，或是个人收入在最近三年内每年收入超过20万元人民币或者夫妻双方合计收入在最近三年内每年收入超过30万元人民币。

Trust the need to recapitalise relative higher threshold.The CBRC introduction of[Trust the trust plans of assembled funds management method]clear,Qualified investors want to accord with three conditions:A single investment trust plan minimum amount not less than 1 million yuan,Or personal or family total financial assets in its subscription when more than 1 million yuan RMB,Or personal income in recent three years annual income of more than 200000 yuan or both sides of husband and wife total income in recent three years annual income of more than 300000 yuan.

　　潘集工会的角色则是另一个疑问。 Pan set trade unions role is another question.

　　北京市盈科律师事务所王琮玮律师在接受本报记者采访时称，工会不是金融机构，不具备从事金融业务的职能。

We WangCongWei Beijing law firm lawyers in accepting our newspaper reporter to interview said,Trade union is not financial institutions,Do not have engaged in financial business functions.

　　对于财政兜底的说法也存在法理争议。《中华人民共和国担保法》第八条规定：国家机关不得为保证人，但经国务院批准为使用外国政府或者国际经济组织贷款进行转贷的除外。担保法禁止政府给商人和企业提供担保，正是为了防止在招商引资的驱动下，地方政府竞相攀比所引发的财政危机和金融危机。

For financial reveal all the details that are also legal dispute.[The guarantee law of the People's Republic of China]The provisions of article 8:State organs may not act as a surety,But with the approval of the state council for the use of foreign government or international economic organizations of the loan onlend except the.Security law forbids governments to businessmen and enterprises to provide security,It is in order to prevent the attract/bid for/invite investments drive,The local government to "keep up with the joneses" caused by the financial crisis and the financial crisis.

　　今年1月，四川省总工会曾经下发《关于严禁工会组织参与非法集资活动的紧急通知》，要求各级工会不得组织、参与任何非法集资活动，不得为非法集资活动提供工会银行账户、工会公章和经济担保。

In January,Sichuan federation of trade unions have issued[About it is strictly prohibited to trade union organizations involved in illegal financing activities of the emergency notice],Trade unions at all levels shall not organize requirements/Participate in any illegal financing activities,Not for illegal financing activities provide union bank account/Trade union official seal and economic security.

　　资金饥渴 Capital hunger and thirst

　　从传统的银行贷款，到城投债，再到信托产品，地方政府不断寻找融资路径。为了避免偿债风险积聚，近年来监管部门一直致力于清理整顿平台贷款，通过“降旧控新”措施，避免发生系统性风险。

From the traditional bank loans,To city for debt,To trust products,The local government constantly looking for financing path.In order to avoid credit risk accumulation,In recent years the supervision department has been committed to rectify platform loans,Through the"Drop old control new"measures,Avoid systemic risk.

　　在平台贷款进入紧缩通道之后，再加上扩大投资拉动经济增长的客观需求，资金饥渴之下的一些地方政府不得不四处寻找贷款之外的融资渠道。

In the platform loan into deflation after channel,Plus expand investment stimulate economic growth of the objective requirements,Funds under the hunger and thirst of some local governments have to searching for the loan of outside financing channels.

　　受益于债券市场准入政策的定向宽松，城投债很快成为新的重要资金来源。然而，城投债发行人主要局限于省级、副省级和地级市主体，仅有少部分区县级主体可以发债。其结果是，一些区县政府在被银行贷款拒之门外之后，同样无缘债券融资。

Benefit from the bond market access policy orientation loose,City for debt soon become a new important source of fund.however,City for debt issuers mainly confined to the provincial/Deputy provincial and city subject,Only a few main body can FaZhai requirements.The result is,Some area county government in bank loans after rejected,For the same bond financing.

　　在中国当前的金融体系下，拿不了贷款，发不了债券，地方政府只好找信托。2012年以来，作为今年信托市场的黑马，政信合作业务再度躁动。

In China's current financial system,Can't take loans,Hair not bond,The local government had to find trust.Since 2012,This year as the trust market dark horse,Political cooperation business letter restless again.

　　安徽国元信托是这场政信合作大潮的代表。本报记者查询安徽国元信托网站发现，仅从今年6月起，该公司就成立了至少22个信托产品，涉及当地多个市县城投、国有资产投资等公司，包括多个债权投资集合信托计划。这些信托产品中，募资金额最低4000余万元，最高超过2.98亿元。

Anhui countries yuan trust is the political cooperation letter representative of the spring.Our reporter inquires the anhui countries yuan trust website found,Only from this year June,The company has set up at least 22 trust products,Involves more than local city for the county/State-owned assets investment company,Including more debt investments set trust plan.These trust products,Offering capital amount minimum of 4000 yuan,The highest more than 298 million yuan.

　　事实上，据本报记者粗略统计，2012年以来至今，国元信托累计发行了50款集合信托计划，大多为政信合作类产品，合作方包括多地平台公司。今年9月，马鞍山市政府网站转载一篇媒体报道称，从安徽国元信托了解到，今年以来，在经济增速放缓和土地财政减少情况下，借助信托途径融资成为安徽省很多县域的现实选择。

In fact,According to our correspondent rough statistics,To date since 2012,Countries yuan trust accumulated issued 50 of the trust plan set,Most believe in cooperation products,Partner including more platform company.September this year,Ma on shan city government websites a media reports say,From anhui countries yuan trust to know,Since this year,In the economic growth is slowing and land financial reduce cases,With the aid of the trust financing way to become the county of anhui province many realistic choice.

　　报道称，县政府或县财政局是债务人，“举债”的目的在于县城基础设施建设。但属于高收益品种的基建信托的风险也不容忽视。

Reports say,The county government and county finance bureau is the debtor,"debt"Aimed at the county infrastructure construction.But belongs to the high yield varieties of capital trust risk also nots allow to ignore.

　　对于大上投资项目的潘集来说，其对资金的渴求不难理解。

For large investment projects on the pan for collection,It is not difficult to understand the thirst for funds.

　　作为一个GDP总量超过百亿级的地方经济体，潘集统计局分析显示，当地上半年投资规模逐月放大，其中大项目明显增多。上半年，全区在建项目70个，新开工项目33个，其中5000万元以上项目29个，同比增长38.1%；亿元以上项目16个，同比增长14.3%。同期，全区固定资产投资39.8亿元，同比增长27.2%，其中基础设施建设投资1.34亿元。

As a total of over yuan GDP level local economies,Pan set bureau of statistics analysis showed that,In the first half of the local investment scale month by month amplification,The big project increased obviously.In the first half of,The construction project 70,New projects 33,Among them 50 million yuan project 29,Year-on-year growth of 38.1%;One hundred million yuan of above project 16,Year-on-year growth of 14.3%.Over the same period,The investment in the fixed assets 3.98 billion yuan,Year-on-year growth of 27.2%,The infrastructure construction investment of 134 million yuan.

　　但是，当地财政收入增长乏力。上半年地方财政收入完成21030万元，增长11.9%，增速同比回落28.1个百分点，比全市平均增速低20.2个百分点。

but,The local fiscal revenue growth lack of power.In the first half of the local fiscal revenue finished 210.3 million yuan,Growth of 11.9%,A drop of 28.1% year-on-year growth,The average 20.2% lower than the growth.