"Recently, PPP policies issued by the Ministry of Finance, SASAC and other ministries will have a certain cooling effect from both the local government side that initiates projects and the enterprise side that participates in investment. It is a high-probability event that the overall market scale of PPP will slow next year." Yesterday, Chen Min, a PPP expert of the Ministry of Finance and general manager of Beijing Rongbang Ruiming Investment Management Co., Ltd., said in an interview with a reporter from Securities Daily that this slowdown will be accompanied by structural optimization and adjustment in the industry sector.

　　Recently, multiple ministries have intensively issued a series of heavyweight policies to regulate PPP development. The Ministry of Finance issued the Notice on Regulating the Management of the Project Library of the Comprehensive Information Platform for Government and Social Capital Cooperation (PPP) (Document No. 92); SASAC issued the Notice on Strengthening Risk Control of PPP Business of Central Enterprises (Document No. 192); the National Development and Reform Commission issued the Guiding Opinions on Encouraging Private Capital to Participate in Government and Social Capital Cooperation (PPP) Projects; and the Ministry of Transport issued the Operational Guidelines for Government and Social Capital Cooperation in Toll Roads, etc.

　　In this regard, Chen Min pointed out that the goal of the Ministry of Finance's Document No. 92 is to prevent local governments from disguised financing, further standardize the PPP model, and prevent alienation and abuse of the PPP model in some projects. In terms of specific measures, it improves the implementation and management level of PPP projects through classified management of the project library, unified standards for new projects entering the library, and inspection and cleanup of projects already in the library. SASAC's Document No. 192 focuses on regulating the behavior of central enterprises participating in PPP project investment, preventing central enterprises from excessive use of leverage when participating in PPP projects, and puts forward requirements for risk management of central enterprises' PPP project investment. The NDRC's document focuses more on encouraging private capital to better participate in investment in the infrastructure field. The Ministry of Transport's document, from the perspective of industry management, clarifies the operational requirements for implementing the PPP model in such projects.

　　"The policies successively introduced by multiple ministries have formed a certain resonance effect, continuing the consistent goal of controlling risks and reducing leverage from the perspective of local government debt management." Chen Min said that from the perspective of the social capital side participating in PPP project investment, it is necessary to curb the excessive growth of central enterprises' market share and encourage more private capital participation; from the perspective of the type structure of PPP projects, further optimization and adjustment are needed to further increase the proportion of user-pay projects and reduce the proportion of government-pay projects; from the perspective of investment and financing system reform, future industry authorities need to further speak out so that PPP model promotion is more organically combined with industry management and investment and financing system reform.

　　Chen Min revealed that as more and more PPP projects enter a stable operation period in the future, the market demand for asset securitization of PPP projects will further increase, and the probability of further technical policies on PPP asset securitization being issued will be relatively high. At the same time, as the proportion of user-pay PPP projects gradually increases, completing financing work based on better project conditions is increasingly valued by all participating entities, and the possibility of guiding policies for project financing being issued in the future is also relatively high.

　　A report released by CICC stated that from a policy perspective, there are signs of stricter supervision on PPP project screening and financing recently. The market has begun to worry about whether infrastructure investment will "hard land" next year, but CICC's forecast is more optimistic than market expectations and does not believe that the growth rate of infrastructure investment under construction will drop significantly next year.