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Brief：In recent years， comprehensive transportation has played an extremely important role in realizing the strategic positioning of Guizhou Province in the national economic system and promoting the rapid development of Central Guizhou City Group. But the high local government debt has led to difficulties in the financing of transport projects and requires innovative financial measures and financing model to be fixed.
Keywords： Comprehensive Transportation；Government debt；Financing Modes
1.Transportation Development and main shortcoming in Guizhou Province
The Guizhou transportation industry， as a booster of economic activities， has also undergone enormous changes in recent years. It has established high standards in many aspects and achieved remarkable results. In the first two years of the 13th Five-Year Plan， Guizhou railway mileage has reached 3，550 kilometers， including 1，214 kilometers of high-speed railway （ranking 15th in the country and 3rd in the western region）.
At the end of 2017， the highway mileage of the entire province was 5830 kilometers， ranking eighth in the country. Guizhou is also the first province in the country to put forward the goal of building a “group to group” road network in rural area.
In 2017， the airport's passenger throughput reached 24，577，000 person-times， an increase of 31.1% year-on-year， and 18.5 and 20.8 percentage points higher than the national and Southwest average.
Besides these shining numbers， comprehensive transportation development is still facing a big problem — the extreme high debt ratio of Guizhou local governments.
The debt problem of the Guizhou provincial government has already emerged. By the end of 2016， the balance of local government debt in Guizhou Province was 872.11 billion yuan. The overall scale was only smaller than some developed provinces such as Jiangsu， Zhejiang， Shandong and Guangdong. The debt ratio was close to 180%， ranking first in the country. ， The load rate is 74.3%， exceeding the alert line by 14.3%. There is surely a high debt risk. The excessive debt rates of Guizhou local governments have affected the attitude of financial institutions towards Guizhou government projects. Financing has become more difficult， or higher premiums have been required. By 2018， the financial cost of Guizhou government credit trust projects usually exceeds 10%. The difficulty to find suitable financial support for such kind of projects， and the increase in financing cost will inevitably affect the prospects for the construction of major comprehensive transportation projects. 2.Analysis on the Financing Mode of Comprehensive Transportation Development in Guizhou
2.1 Syndicated loan model
The syndicated loan business is a loan agreement led by one or several banks， and a bank group formed by several banks and non-banking financial institutions adopting the same loan agreement and providing financing to the same borrower according to the agreed terms and conditions. As an important financing method for financial markets， syndicated loans have the advantages of information sharing， win-win cooperation， long loan term， risk diversification and the number of participated banks.
2.2 Government and Social Capital Cooperation （PPP） Model
The “Public-Private-Partnership” model refers to the partnership between the government and private organizations in order to provide certain kinds of public goods and services. The PPP model creates opportunities for the idle social capital to participate in the construction of the national public infrastructure， and is conducive to exerting its own unique advantages of the private sector and the government public service sector.
2.3 Bond financing model
Corporate bonds in the broad sense are a form of direct financing， which is a type of marketable securities issued by companies in accordance with legal procedures and agreed to pay back principal and interest for a certain period of time. Generally， they refer generally to bonds issued by non-financial companies， including short-term financing bills， medium-term loan bills， corporate bonds， etc.
2.4 Transportation Industry Development Fund Model
ointly set up by the government and various banks. It should leaded by the government funds and diversify the fund resources by introduce more social capitals to invest in the construction of comprehensive transportation infrastructure.
A brief introduction to the author：
Peng Yalin，Guizhou Branch of China Development Bank。
Keywords： Comprehensive Transportation；Government debt；Financing Modes
1.Transportation Development and main shortcoming in Guizhou Province
The Guizhou transportation industry， as a booster of economic activities， has also undergone enormous changes in recent years. It has established high standards in many aspects and achieved remarkable results. In the first two years of the 13th Five-Year Plan， Guizhou railway mileage has reached 3，550 kilometers， including 1，214 kilometers of high-speed railway （ranking 15th in the country and 3rd in the western region）.
At the end of 2017， the highway mileage of the entire province was 5830 kilometers， ranking eighth in the country. Guizhou is also the first province in the country to put forward the goal of building a “group to group” road network in rural area.
In 2017， the airport's passenger throughput reached 24，577，000 person-times， an increase of 31.1% year-on-year， and 18.5 and 20.8 percentage points higher than the national and Southwest average.
Besides these shining numbers， comprehensive transportation development is still facing a big problem — the extreme high debt ratio of Guizhou local governments.
The debt problem of the Guizhou provincial government has already emerged. By the end of 2016， the balance of local government debt in Guizhou Province was 872.11 billion yuan. The overall scale was only smaller than some developed provinces such as Jiangsu， Zhejiang， Shandong and Guangdong. The debt ratio was close to 180%， ranking first in the country. ， The load rate is 74.3%， exceeding the alert line by 14.3%. There is surely a high debt risk. The excessive debt rates of Guizhou local governments have affected the attitude of financial institutions towards Guizhou government projects. Financing has become more difficult， or higher premiums have been required. By 2018， the financial cost of Guizhou government credit trust projects usually exceeds 10%. The difficulty to find suitable financial support for such kind of projects， and the increase in financing cost will inevitably affect the prospects for the construction of major comprehensive transportation projects. 2.Analysis on the Financing Mode of Comprehensive Transportation Development in Guizhou
2.1 Syndicated loan model
The syndicated loan business is a loan agreement led by one or several banks， and a bank group formed by several banks and non-banking financial institutions adopting the same loan agreement and providing financing to the same borrower according to the agreed terms and conditions. As an important financing method for financial markets， syndicated loans have the advantages of information sharing， win-win cooperation， long loan term， risk diversification and the number of participated banks.
2.2 Government and Social Capital Cooperation （PPP） Model
The “Public-Private-Partnership” model refers to the partnership between the government and private organizations in order to provide certain kinds of public goods and services. The PPP model creates opportunities for the idle social capital to participate in the construction of the national public infrastructure， and is conducive to exerting its own unique advantages of the private sector and the government public service sector.
2.3 Bond financing model
Corporate bonds in the broad sense are a form of direct financing， which is a type of marketable securities issued by companies in accordance with legal procedures and agreed to pay back principal and interest for a certain period of time. Generally， they refer generally to bonds issued by non-financial companies， including short-term financing bills， medium-term loan bills， corporate bonds， etc.
2.4 Transportation Industry Development Fund Model
ointly set up by the government and various banks. It should leaded by the government funds and diversify the fund resources by introduce more social capitals to invest in the construction of comprehensive transportation infrastructure.
A brief introduction to the author：
Peng Yalin，Guizhou Branch of China Development Bank。