On January 2, the China national railway corporation limited (cnr.cn), which completed the corporate system reform, State railway group ”) The first annual working meeting was held to clarify the work target of this year. In addition to the beijing-shanghai line, several other railway companies will be listed.

Lu dongfu, chairman of the state railway group and secretary of the party leadership group, said the company will accelerate its shareholding reform in 2020 and comprehensively improve the quality and efficiency of its capital management. We will continue to promote the reform of listing quality assets and the refinancing of listed companies. We will ensure that the reform and listing of the beijing-shanghai high-speed railway, China railway special cargo, golden eagle heavy industry co., ltd. and railway science and technology co., ltd. will achieve substantial results.

In 2019, China's fixed asset investment in railways will total 802.9 billion yuan, including 751.1 billion yuan for national railways, according to the meeting. A total of 8,489 kilometers of new lines were put into operation, including 5,474 kilometers of high-speed rail. By the end of 2019, China will have more than 139,000 kilometers of railways in operation, including 35,000 kilometers of high-speed rail.

As for the railway investment target in 2020, lu said that efforts will be made to expand direct financing, fully fulfill the railway investment task assigned by the state, and ensure the production of more than 4,000 kilometers of new lines, including 2,000 kilometers of high-speed rail. The ministry of transport had previously stated that railway investment would reach 800 billion yuan by 2020.

Guo xiaobei, a researcher at China minsheng bank research institute, told China business news that China's railways still have a lot of room to build, and it is expected that China's annual railway investment of 800 billion yuan will last for some time. Compared with the us, which has more than 400,000 kilometers at its peak, China still has a lot of room to build railways. At the same time, as a new name card made in China, high-speed railway is the most competitive in the world. China should vigorously develop railways and give full play to the supporting role of high-speed railway construction in China's economic development.

Indeed, from the perspective of spatial layout, China's railway construction in the next few years still have a large space. The medium - and long-term railway network plan released by the state in July 2016 shows that Four vertical and four horizontal ” Build on the foundation of “ Eight vertical and eight horizontal ” Achieve 1-4-hour traffic circle between adjacent large and medium-sized cities and 0.5-2-hour traffic circle within city clusters.

In terms of the development status of high-speed railway network, due to the late development of high-speed railway construction in the central and western regions, the central and western regions will continue to be the focus of reinforcing railway weaknesses. In addition, with the development of urbanization entering the second half, the high-speed railway, inter-city railway, municipal railway and other rail transit within the metropolitan area and urban agglomeration are a major focus of the current construction.

efforts to expand direct financing

According to a national conference on transport held by the ministry of transport, 800 billion yuan will be invested in railways, 1.8 trillion yuan in highways and waterways and 90 billion yuan in civil aviation by 2020.

Railway investment has been high in recent years. Guo xiaobei analyzes to the reporter of first finance and economics, railroad investment is infrastructure steady growth, drive domestic demand important force point, play an important role in national strategy and regional economic development.

Guo xiaobei said that in addition to financial funds, many railways are open to social capital and enjoy the same policy in the comprehensive development of land. Although there are not many social capital investment in railway construction at present, private capital and foreign investment will participate in railway construction in the future.

In the past year 2019, the state railway group continued to deepen the reform of the railway investment and financing system, and projects such as the xiongan high-speed railway and haoji railway attracted 11.7 billion yuan of public investment. A number of comprehensive land development projects have been implemented, generating more than 20 billion yuan in revenue from land and above-ground asset disposal. Using the surplus capacity to support the development of urban transportation, the government purchase services or financial subsidies gradually formed a mechanism.

Facing 2020, China railway group will open up a new growth point of railway operation and development. We promoted the implementation of a number of comprehensive land development projects. Strengthen the cooperation between the industry and research of advantageous railway projects, promote the industrialization of scientific and technological achievements and achieve operational benefits. We will make good use of the platform of China railway finance and leasing corporation and deepen the reform of investment and financing for railway equipment. We will improve the service platform of China railway jixun corporation and expand the industry chain of railway passenger service. Give full play to the professional advantages of the railway bureau group company to expand the local railway and non-holding joint venture railway operation and maintenance market. Integrate big data resources of the whole railway industry chain and fully tap the market value of railway big data resources.

Guo xiaobei said that railway construction needs a large amount of funds, and the planning period is relatively long, the arrangement of funds need to be fully considered, the current state railway group is also attracting social investment, actively promote the securitization of railway assets. The transtition group said it would open up a new growth point of railway business development has a positive meaning, especially in the realization of railway high quality development, especially the high-speed rail network expansion, iterative upgrade of technical equipment, railway under the background of a sharp rise in the productivity, the move is conducive to play railway group co., LTD. Professional advantages, integrating the whole industry chain big data resources, promote land comprehensive development project of a batch of be born, to encourage more social capital investment in railway.

continue to promote the listing of the high-quality assets share reform

On June 18, 2019, China national railway group co., LTD., which was restructured and established by China railway corporation, was officially inaugurated. With the completion of the corporate system reform, China's railway has taken a key step towards marketization.

In this year, the reform of China railway group included promoting the stock market reform of high-quality railway assets, the IPO of beijing-shanghai high-speed railway company passed the examination and approval committee and obtained the approval for issuance, the formal application for listing on science and technology innovation board of China railway track company, and the listing of China railway special cargo company and golden eagle heavy industry company were actively promoted. Insist on & other; One enterprise one policy ” , studied and formulated the operation plan to improve the joint venture company, and the operating and holding joint venture company realized the operating revenue of 378.5 billion yuan, up 15.2% year on year.

The development of new business forms in the industrial chain has been accelerated. China railway jisun corporation and China railway sf express international express co., ltd. and other hybrid enterprises have continued to make good progress. Double 11 & throughout; E-commerce golden week railway express delivered 30,000 tons of goods, up 38.6% year on year; 3.7 million orders were ordered online, up 92% year on year; The high-speed rail + Shared car business covered 24 cities, completing 40,000 orders in the whole year, up 8.8 percent year on year.

Xing-guo liu, a researcher at the Chinese enterprise federation of research of the first finance and economics, said both mixed change, or IPO, the common sense is that one is by introducing strategic investors and other mixed change or IPO new shareholders, with equity in funds, an increase in money supply, enhance development of power at the same time, effectively reduce the asset-liability ratio; Second, on the basis of introducing new shareholders through mixed reform or IPO, major changes in shareholder structure will force enterprises to improve corporate governance and accelerate the construction of modern state-owned enterprise governance system, so as to improve management efficiency and achieve benefit growth.

The strong profitability of the beijing-shanghai high-speed railway also means that the listing of the beijing-shanghai high-speed railway is not only to raise funds to solve the shortage of funds in the operation process, but to promote the reform of the system and mechanism of the whole railway industry. For the industry, the listing of beijing-shanghai high-speed railway will drive railway enterprises to establish a market-oriented operation mechanism, realize the maintenance and appreciation of state-owned assets, and form an industry demonstration effect. This also means that the listing of the beijing-shanghai high-speed railway is just the beginning, and more high-quality railway assets will be listed in the future.

& other; We will continue to promote the reform of listing quality assets and the refinancing of listed companies. We will ensure that substantial achievements are made in the reform and listing of the beijing-shanghai high-speed railway, China railway special cargo, golden eagle heavy industry co., ltd. and tieke railway co., LTD., and study and explore the reform and listing of key enterprises such as regional railway companies and design group companies. We should make full use of the existing listed companies, promote the acquisition and reorganization of assets, and revitalize the existing assets. Throughout the &; Lu dongfu said.

In addition, we will steadily promote market-oriented debt-to-equity swaps and the reform of mixed ownership. We will improve the market-based debt-for-equity swap program for high-quality assets of state-owned railway enterprises, strengthen communication and coordination with banking institutions, and promote its smooth and orderly implementation. We will adjust the industrial structure and optimize the distribution of their enterprises, and promote the reform of mixed ownership.

Liu xingguo said that in the direction of the next step of the market-oriented railway reform, from the perspective of supervision, the state council and the ministry of finance should further authorize the delegation of power, so as to make the state railway group a market-oriented entity with independent management, responsibility for its own profits and losses, its own risks, self-restraint and self-development. From the perspective of enterprises, we should speed up internal reform and build a flexible and efficient market-oriented operation mechanism.

railway short board space is still large

In the future, China's railway construction still has great potential and space.

Meng wei, spokesman for the national development and reform commission (NDRC), said on December 17 that the planning and construction of the sichuan-tibet railway will be promoted in 2020. Eight vertical and eight horizontal ” We will actively support the development of key high-speed railway corridors and railways in the central and western regions, such as the beijing-tianjin-hebei region, the Yangtze river delta, and the guangdong-hong kong-macao greater bay area, as well as the planning and construction of intercity railways in metropolitan areas and urban (suburban) railways. The last kilometer. Project construction.

In this process, due to the late development of high-speed railway construction in the central and western regions, the central and western regions will continue to be the focus of railway short comings.

Meng wei said the central and western railway, 16. Double hundred & throughout; The last project, the xining to chengdu railway, will soon be subject to approval. Of the 42 new railway projects planned for this year, 33 are in the central and western regions and northeast China. At the same time, we will increase financial support. In 2019, we will allocate 43.6 billion yuan from the central government budget to support railway construction in the central and western regions, an increase of 14 billion yuan over 2018.

Wang xiaodong, governor of hubei province, said recently that the railway construction in hubei province is not big enough, the network structure is not good enough, the hub function is not strong enough and other shortcomings. Seize the golden opportunity period of railway construction and set off a new upsurge of railway investment. In sichuan, according to the plan, in the next five years, the whole province will build or build more than 2,300 kilometers of high-speed rail.

Recently, the national development and reform commission approved the feasibility report of three high-speed railway projects, namely, the new jining to datong to yuanping railway, the new baotou to yinchuan high-speed railway baotou to huinong section, the new yinchuan to bayanhot branch, and the new shenyang to baihe high-speed railway. The three high-speed rail projects are located in the central and western regions and the northeast, with a total investment of 16.085 billion yuan.

Gou yiyong, a researcher at the guizhou academy of social sciences, analyzed CBN that there is still a lot of room for infrastructure investment in China, especially in many western provinces, which are still in the early and middle stages of industrialization, and the level of urbanization is still very low. Therefore, in the process of accelerating industrialization and urbanization in the future, there will be a great demand for railways. Speeding up the construction of railways in western China will be conducive to the development of agriculture, tourism and industry in these areas, and will help them get rid of poverty faster.

The national development and reform commission (NDRC) said recently that relevant departments have earnestly implemented the work requirements of supporting poverty alleviation in old revolutionary base areas, and accelerated the planning and construction of railways in the old revolutionary base areas, focusing on the central and western regions.

In addition, the railway line is also a major focus of the next railway construction. In October 2019, yuan da, spokesperson of the national development and reform commission, said in response to media questions that the NDRC has put forward a number of special railway line projects to be implemented in 2019 and 2020, with a total investment of about 120 billion yuan. The project construction funds are mainly invested by enterprises.

The railway of urban agglomeration and metropolitan area is also the focus of current construction.

The outline of the plan for regional integrated development of the Yangtze river delta, released in December 2019, calls for building a Yangtze river delta on the track. We will speed up the development of a modern rail transport system that integrates high-speed railways, universal speed railways, inter-city railways, urban (suburban) railways and urban rail transit, and build a high-quality rapid rail transit network.

Hu gang, President of the south China urban research association and professor of jinan university, analyzed yicai. With China's development entering a new stage of transformation and upgrading, factors such as population and technology are gathering in central cities and metropolitan areas. Central cities, metropolitan areas and urban agglomerations are important platforms for China to participate in international competition. The construction of high-speed rail, intercity rail and other rail transit can promote regional economic development and accelerate the development of metropolitan areas and city clusters. In the future, China's rail transit still has a great space for development.

Feng kui, a researcher with the urban center of the national development and reform commission, believes that China's urbanization has entered the second half, and the purpose of building development space with central cities and city clusters as new power sources is to provide space support for realizing modern and high-quality development. It is an important measure to increase effective investment in urban agglomeration and promote counter-cyclical adjustment.

Therefore, the high-speed railway, inter-city railway and municipal railway within the metropolitan area and urban agglomeration are a major focus of current construction. However, intercity railways and municipal railways are mainly implemented locally. In the opinion of Lin jiang, deputy director of the comprehensive research institute of free trade zone of sun yat-sen university, the return on investment of railway projects is relatively low, and many railway passenger transport is not profitable, so how to solve the source of funds is very critical.

In order to speed up railway construction in the region, shandong, jiangsu, gansu, guangdong and chongqing have established or reorganized railway investment platforms since last year. At the same time, the track + land development model, has been widely used. 'through rail construction and land development, rail transit has been built, the land value has increased, the revenue can feed back, support the rail construction and operation,' Mr. Hu said. 'this mode will exist for quite a long time in the future.'