In order to thoroughly implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, implement the decisions and deployments of the CPC Central Committee and the State Council, fully tap the market value of the city's existing assets, broaden social investment channels, effectively activate existing assets, and reasonably expand effective investment, according to the "Opinions of the General Office of the State Council on Further Revitalizing Existing Effective Investment in Existing Inventory Assets" (Guobanfa [2022] No. 19), in combination with the actual situation of this city, the following measures are formulated.
focuses on key directions for revitalizing existing assets
(I) Key areas. First, it is to sort out the existing assets that can be revitalized in the fields of transportation, water conservancy, clean energy, affordable rental housing, water, electricity, gas and heat, etc., such as municipal facilities, ecological and environmental protection, industrial parks, warehousing and logistics, tourism, new infrastructure, etc. focuses on revitalizing infrastructure projects with large scale, good current returns or greater growth potential. The second is to focus on the fields of comprehensive transportation hub transformation, industrial enterprises entering parks, etc., and coordinates the revitalization of existing and renovation projects that organically combine inventory and renovation and expansion, such as the upper and lower construction of rail transit, the original factory area of relocated enterprises, the renovation of old communities, the sinking of sewage treatment plants, and the comprehensive development of above-ground and underground space of transportation hubs. The third is to screen old factories, cultural and sports venues and idle land, etc., especially various idle land and real estate in state-owned enterprises and administrative institutions, and orderly revitalize project assets that have been idle for a long time but have great development and utilization value.
(II) Key areas. First, focus on implementing the major national strategy of coordinated development of Beijing, Tianjin and Hebei and promoting the construction of China (Tianjin) Free Trade Pilot Zone, support Binhai New Area and its development zones to take the lead in increasing the vitality of existing assets and give full play to the demonstration and leading role. The second is to promote areas such as Wuqing District, Xiqing District, , and Hexi District , Hexi District , and Hexi District , and . Actively revitalize existing assets, raise construction funds, support the construction of new projects, and firmly maintain the bottom line of risk. The third is to promote areas with high local government debt ratios and high pressure on fiscal revenue and expenditure, accelerate the revitalization of existing assets, safely resolve local government debt risks, improve fiscal sustainable development capabilities, and reasonably support the construction of new projects.
(III) Key enterprises . All types of market entities participating in the activation of existing assets will be treated equally. State-owned enterprises should adhere to demonstration and drive, and focus on revitalizing land and real estate with large idle areas and strong representativeness. actively guides and supports state-owned enterprises with a large number of infrastructure assets and heavy construction tasks, and revitalize existing assets by participating in urban renewal , renovation of old communities, introducing industrial projects, cultivating health care projects, etc., reducing existing debts, raising construction funds, optimizing asset structure, and promoting the preservation and appreciation of state-owned assets. supports central and private enterprises to participate in the revitalization of the city's state-owned assets. Private enterprises are encouraged to actively revitalize their existing assets, use the recovered funds for reinvestment, and promote sustainable and healthy development.
Coordinate the use of existing assets to revitalize
(IV) Accelerate the pilot work of real estate investment trust fund (REITs) in the field of infrastructure. Relevant departments of the city strengthen communication and connection with national regulatory departments stationed in Tianjin, jointly seek national support, and improve project recommendation and review efficiency. Strengthen coordination services and promote the implementation of issuance conditions for related projects. Integrate qualified infrastructure projects in the fields of ecological and environmental protection, warehousing and logistics, transportation, industrial parks, affordable rental housing, etc. into the reserve database in a timely manner, and actively cultivate projects in the fields of energy, municipal, new infrastructure, natural cultural heritage , etc. to form a rolling continuous project reserve mechanism. If the issuance of infrastructure REITs by state-owned enterprises involves the transfer of state-owned property rights non-public agreement, it shall be submitted to the state-owned assets supervision and administration agency at the same level for approval in accordance with regulations. (The Municipal Development and Reform Commission, Municipal Finance Bureau, Tianjin Securities Regulatory Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Finance Bureau, and the people's governments of each district are responsible according to their division of responsibilities)
(V) Standardize and orderly promote government-social capital cooperation (PPP). promotes the accelerated implementation of Zhangguizhuang Sewage Treatment Plant PPP project, Jingu Sewage Treatment Plant Phase III project and Water Repair Project PPP project. strengthens dynamic monitoring of fiscal affordability, encourages districts with conditions to make rational use of the fiscal affordability space, and attract social capital investment through PPP. Reserve a batch of projects with certain returns and clear investment return mechanisms in urban water supply, sewage and garbage disposal, underground comprehensive pipeline corridors, rail transit and other fields, do a solid job in the preliminary work of the project, and improve project implementation efficiency. (The Municipal Water Affairs Bureau, Municipal Urban Management Committee, Municipal Housing and Urban-Rural Development Committee, Municipal Transportation Committee, Municipal Finance Bureau, Municipal Finance Bureau, Municipal Development and Reform Commission, and District People's Governments, etc. are responsible according to their division of responsibilities)
(VI) Actively promote standardized property rights transactions. learn from advanced experience, encourage Tianjin Property Rights Trading Center to give full play to the functions of value discovery and investor discovery, and innovate trading products and trading methods. Carry out refined services throughout the process, revitalize existing assets through property rights transactions, , mergers and acquisitions and restructuring, acquisition and disposal of non-performing assets, mixed ownership reform, market-oriented debt-to-equity conversion, online transactions of small-scale assets, etc., promote the optimization and integration of various types of existing assets, and achieve the preservation and appreciation of state-owned assets. (The Municipal State-owned Assets Supervision and Administration Commission, the People's Bank of China Tianjin Branch, the people's governments of each district are responsible according to their division of responsibilities)
(VII) Give full play to the functions of state-owned capital investment and operation companies. encourages state-owned enterprises to rely on state-owned capital investment and operation companies to integrate non-main business assets, accelerate the establishment of health care groups, coordinate the revitalization of land and real estate resources, and accelerate the overall lease and transfer of properties. Strengthen communication and coordination with securities regulatory agency , exchanges, interbank market dealers associations and other units, support qualified state-owned capital investment and operation companies to issue bonds, and provide medium- and long-term financial support for the revitalization of existing assets. (The Municipal State-owned Assets Supervision and Administration Commission, the People's Bank of China Tianjin Branch, the Municipal Financial Bureau, the Tianjin Securities Regulatory Bureau, the Municipal Finance Bureau, and the People's Governments of each district are responsible according to their division of responsibilities)
(VIII) Explore and promote the organic combination of revitalizing the existing stock and renovating and expanding the building. encourages state-owned enterprises to make good use of urban renewal support policies, and Urban Investment Group and TEDA Holdings actively connect with the responsible parties for urban renewal to plan and implement projects to attract social capital to participate in development. focuses on promoting projects such as the south side of Jinzhonghe Street and Jinyao Plaza to revitalize idle resources such as sorted land, old factories, and commercial complexes, and accelerate the introduction of industrial resources. encourages state-owned enterprises to work together with their districts or related enterprises to develop a batch of "TOD+" projects, and focuses on promoting TOD pilot projects such as the Shuanglin Depot of Rail Transit and Liyuantou Depot. (The Municipal State-owned Assets Supervision and Administration Commission, Municipal Housing and Urban-Rural Development Commission, Municipal Water Affairs Bureau, Municipal Transportation Commission, Municipal Planning and Resources Bureau, and District People's Governments, etc. are responsible according to their division of responsibilities)
(9) Identify the value of idle and inefficient assets. Explore state-owned enterprise resources to build affordable rental housing, select suitable land real estate, centralize reconstruction or new affordable rental housing, and support the accelerated development and construction of the Aimis plot in Hexi District. The improvement of the housing security system will be organically combined with the revitalization of idle affordable housing , and the idle public rental housing, affordable housing, and price-limited commercial housing in each district will be transformed into affordable rental housing, shared-ownership housing, and commercial housing in accordance with the law and regulations in accordance with the principle of "one category and one policy". Reform the management system and operation mechanism of training and care institutions, accelerate the transformation of the supply methods of training and care services, and support the transformation to healthy elderly care service facilities that meet the conditions. Encourage and support the accelerated rental and transfer of existing resources such as idle factories, warehouses, and commercial facilities, and transform and develop to achieve innovative R&D, health, elderly care and childcare, sports and fitness, leisure and tourism, community services and other new functions. Accelerate the revitalization of idle assets of administrative and public institutions, improve the utilization efficiency of idle real estate, and effectively increase fiscal revenue . supports financial asset management company , financial asset investment companies, and state-owned capital investment and operation companies to revitalize idle and inefficient assets through acquisition and disposal of non-performing assets, substantial restructuring, market-oriented debt-to-equity conversion, etc. (The Municipal State-owned Assets Supervision and Administration Commission, Municipal Housing and Urban-Rural Development Commission, Municipal Planning and Resources Bureau, Municipal Development and Reform Commission, Municipal Finance Bureau, Municipal Science and Technology Bureau, Municipal Health and Health Commission, Municipal Civil Affairs Bureau, Municipal Sports Bureau, Municipal Education Commission, Municipal Culture and Tourism Bureau, People's Bank of China Tianjin Branch, Municipal Finance Bureau, and District People's Governments are responsible according to their division of responsibilities)
(10) Support other ways of revitalization. encourages enterprises to fully tap the value of cash flow holding existing assets for queried assets through asset securitization (ABS) and other methods, and actively graft financial means to achieve securitization. On the premise of complying with anti-monopoly and other laws and regulations, industry-leading enterprises are encouraged to strengthen the optimization and integration of existing assets through mergers and reorganizations, property rights transfers, etc., and improve asset quality and scale efficiency. Through mixed ownership reform, strategic investors and professional operation management institutions are introduced to improve the operation and management capabilities of existing asset projects. (Tianjin Securities Regulatory Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Development and Reform Commission, District People's Governments, etc. are responsible according to their division of responsibilities)
Strengthen the policy guarantee for revitalizing existing assets
(11) Actively implement the conditions for revitalizing project revitalization. Scientifically analyze the specific situation of the city's existing asset projects, and implement various revitalization conditions in a classified manner. For projects with unclear property rights, the property rights unit shall sort out and analyze the reasons, straighten out the property rights relationship in accordance with the law and regulations, and those who can handle property rights registration will be able to "do everything you should do". For projects with incomplete preliminary work procedures, the industry competent department shall organize the re-processing procedures and requirements, and the relevant approval departments shall complete the relevant procedures in accordance with relevant regulations or issue support opinions required to revitalize project assets. Accelerate the implementation of procedures such as completion acceptance and fee standard verification. (The Municipal Planning and Resources Bureau, Municipal Housing and Urban-Rural Development Commission, Municipal State-owned Assets Supervision and Administration Commission, Municipal Ecological Environment Bureau, and the People's Governments of each district are responsible according to their division of responsibilities)
(12) Effectively improve the level of project profit. improves the dynamic adjustment mechanism for the prices of public services and public products, and based on cost supervision and audit, adjusts the sewage treatment fee standards, non-resident household waste treatment fee standards, and water prices for water conservancy projects in a timely and reasonable manner in accordance with laws and regulations in accordance with procedures. For existing asset projects with low overall income levels, improve the market-oriented operation mechanism, improve the project income level, support asset restructuring, and create conditions for revitalizing existing assets. Research on packaging quasi-public welfare and business projects through reasonable asset combinations and other methods to enhance the attractiveness of assets. (The Municipal Development and Reform Commission, Municipal Urban Management Committee, Municipal Water Affairs Bureau, Municipal Transportation Commission, Municipal State-owned Assets Supervision and Administration Commission, and District People's Governments, etc. are responsible according to their division of responsibilities)
(13) Improve the planning and land and sea use policies. guides the existing projects to be revitalized in accordance with the law and regulations to improve the planning, land use and sea use, property rights registration, land division and other procedures, actively assists in properly solving problems related to land and sea areas, and actively support those who involve handling procedures or issue certificates. In accordance with the "Notice of the General Office of the Tianjin Municipal People's Government on Issuing the Regulations on the Management of the High-Quality Planning and Utilization of Industrial Land in Tianjin" (Tianjin Government Regulations [2022] No. 12), we will improve the support policies for the division and transfer of surplus land, new industrial land and other related revitalization of existing stocks, and explore increasing the supply of mixed industrial land. Accelerate the construction of historical problems left over from land reclamation, coordinate the use of sea areas, planning adjustment, land supply and other stages, and implement a collaborative working mechanism for parallel processing, coordinated promotion, and sharing of requirements. We will adhere to planning first and then construction. For those who really need to adjust the relevant plans or land and sea areas in the process of revitalizing existing assets, we will fully carry out planning implementation assessments, and implement relevant procedures in accordance with the law and regulations to ensure that the use of land and sea areas complies with relevant laws and regulations and the use control requirements of land space. (The Municipal Planning and Resources Bureau and the People's Governments of each district are responsible according to their division of responsibilities)
(14) Implement fiscal, taxation and financial policies. If the social capital party effectively revitalizes existing assets and reduces government subsidies by innovating operation models, introducing advanced technologies, improving operational efficiency, etc., the people's governments at all levels in the city may take appropriate measures to reward them through existing funding channels.Implement and implement relevant tax policies for infrastructure REITs, and provide services for key projects that meet the conditions for revitalizing existing assets and have large tax payments, tax authorities at all levels will guide enterprises to pay taxes in accordance with laws and regulations, and help revitalize existing assets under the framework of the current tax policy. Support banks, trusts, insurance, financial asset management, equity investment funds and other institutions, give full play to their respective advantages, and actively participate in the activation of existing assets in accordance with market-oriented principles. Eligible financial asset management companies and financial asset investment companies are encouraged to issue bond financing to solve problems such as mismatch between liability duration and asset duration. Actively support qualified enterprises and financial institutions to carry out direct financing in the interbank bond market, broaden financing channels, and optimize financing structure; continue to deepen issuance guidance, improve enterprises' understanding of bond financing policies and their ability to use bond products; guide financial institutions with bond underwriting qualifications to increase their efforts in underwriting and serve corporate bond issuance. (The Municipal Finance Bureau, Municipal Taxation Bureau, People's Bank of China Tianjin Branch, Municipal Finance Bureau, Tianjin Banking and Insurance Regulatory Bureau, Tianjin Securities Regulatory Bureau, Municipal Development and Reform Commission, and the People's Governments of each district are responsible according to their division of responsibilities)
Make good use of recycling funds to increase effective investment
(15) Guide the use of recycling funds. coordinated management arrangements to revitalize existing asset recovery funds. In addition to being used for the project's employee resettlement, tax payment, debt repayment and other expenditures as required, guide and encourage the injection of capital and other methods to ensure that it is mainly used for project construction. For areas with high debt ratios and high pressure to balance fiscal revenue and expenditure, the funds for revitalizing existing public assets can be appropriately used for the "three guarantees" expenditures and debt repayment. Taking into account the current financial operation status of the city, and for those who revitalize assets belong to the corresponding assets of government debt and hidden debt, ensure that the recovery funds give priority to the full repayment of the corresponding debt principal and interest, improve the efficiency of resource assets use, and increase government financial resources. The use of recovered funds should comply with relevant policy requirements such as budget management, state-owned assets supervision and management. (The Municipal Development and Reform Commission, the Municipal State-owned Assets Supervision and Administration Commission, the Municipal Finance Bureau, the People's Governments of each district are responsible according to their division of responsibilities)
(16) Accurately and effectively support the construction of new projects. encourages funds for revitalizing existing assets to be recycled to be given priority to comprehensive transportation and logistics hubs, environmental infrastructure, "one old and one young" and projects included in the 102 major projects of the national "14th Five-Year Plan", and priority will be given to projects under construction or projects that meet relevant plans and ecological and environmental protection requirements and have mature preliminary work. Support inclusion in the city’s key projects list, strengthen service promotion, optimize approval processes, improve supporting policy support, and accelerate the preliminary work procedures such as approval and preparation of relevant project approval, site selection, land and sea use, environmental impact assessment, and construction permits. (The Municipal Development and Reform Commission, Municipal Transportation Commission, Municipal Ecological Environment Bureau, Municipal Water Affairs Bureau, Municipal Civil Affairs Bureau, Municipal Education Commission, Municipal Planning and Resources Bureau, Municipal Housing and Urban-Rural Development Commission, and District People's Governments, etc. are responsible according to their division of responsibilities)
(17) Strengthen supporting funding support. For new projects that revitalize existing assets and recover funds, under the same conditions, priority will be given to the declaration and demonstration project for the central budget investment of existing assets, and encourage social capital to participate in the revitalization of existing assets through various means. Give full play to the role of local governments in special bond funds to support the application work and quota arrangements for new projects invested in recycling funds. Give full play to the role of a long-term mechanism for financing docking for major projects, take the revitalization of existing assets as the key content of investment and financing cooperation docking, and actively promote related projects. Focusing on policy-oriented and development-oriented financial institutions in the fields of transportation, energy, urban infrastructure construction, etc., we actively carry out financing docking. (The Municipal Development and Reform Commission, Municipal Finance Bureau, People's Bank of China Tianjin Branch, Municipal Finance Bureau, Tianjin Banking and Insurance Regulatory Bureau, the State Development Bank Tianjin Branch, and the People's Governments of each district are responsible according to their division of responsibilities)
Strictly implement various risk prevention and control measures
(18) Promote the revitalization of existing assets in a safe and orderly manner in accordance with the law and regulations. During the process of revitalizing existing assets, we must strictly implement the requirements for preventing and resolving hidden debt risks of local governments, and strictly prohibit the addition of hidden debts of local governments. Adhere to the principle of market-oriented and legalization, strictly implement the supervision and management regulations of state-owned assets, and do a good job in financial auditing, asset appraisal, decision-making approval, etc. Except in the circumstances stipulated by relevant policies, transaction prices should be reasonably determined through open and transparent channels such as public resource trading platforms, stock exchanges, property rights exchanges, etc., and strictly prevent the loss of state-owned assets. Fully protect the legitimate rights and interests of creditors and avoid the suspension of creditor rights during the transfer of existing assets. Firmly adhere to the bottom line of stability, take multiple measures to ensure employee resettlement, and create good conditions and atmosphere for revitalizing existing assets. Strictly review and control the projects that intend to issue infrastructure REITs to ensure compliance with relevant requirements such as major national strategies, development plans, industrial policies, investment management regulations, etc., ensure project quality, and prevent market risks. (The Municipal Finance Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Planning and Resources Bureau, Municipal Government Service Office, Municipal Finance Bureau, Tianjin Securities Regulatory Bureau, Municipal Development and Reform Commission, Municipal Human Resources and Social Security Bureau, and the people's governments of each district are responsible according to their division of responsibilities)
(19) Give full play to the role of professional institutions in compliance with their duties. strictly implements the self-discipline rules, practice standards and business specifications of intermediary institutions such as law, finance, assessment, and engineering consulting, and promotes intermediary institutions to perform their duties and responsibilities, and provides professional services such as due diligence, project evaluation, financial and legal consultation for the revitalization of existing assets in accordance with the law. Actively cultivate professional institutions that serve existing assets and improve the level of professional services. Intermediary institutions that violate relevant laws and regulations will be held accountable in accordance with the law. (The Municipal Justice Bureau, Municipal Finance Bureau, Municipal Housing and Urban-Rural Development Commission, Municipal State-owned Assets Supervision and Administration Commission, Municipal Finance Bureau, Tianjin Securities Regulatory Bureau, Municipal Development and Reform Commission, and the people's governments of each district are responsible according to their division of responsibilities)
(Twenty) Ensure the stable operation of infrastructure. For infrastructure projects with strong public attributes such as rail transit and sewage treatment, when revitalizing existing assets, the relationship between the public welfare and operating nature of the project should be handled well, ensuring that investors introduce or form infrastructure operation management agencies with strong capabilities and rich experience after taking over, maintain stable infrastructure operation, effectively protect public interests, and prevent and resolve potential risks. Promote the improvement of the operation mechanism of infrastructure REITs fund managers and operation management agencies, better play the professional role of original stakeholders in project operation and management, and ensure the continuous and stable operation of the project during the fund's existence. (The Municipal Development and Reform Commission, Municipal Transportation Commission, Municipal Urban Management Commission, Municipal Water Affairs Bureau, People's Bank of China Tianjin Branch, Municipal Financial Bureau, Tianjin Securities Regulatory Bureau, and the people's governments of each district are responsible according to their division of responsibilities)
Establish a work log to strengthen organizational guarantee
(21) Implement ledger management. All municipal competent departments and district people's governments organize the establishment of a ledger for the planned revitalization of existing assets in this field and region, clarify the revitalization and reinvestment plans one by one, and implement the responsible units and responsible persons. The municipal level will summarize and establish a ledger for revitalizing existing assets in the city and implement dynamic management. Based on the basic situation of the project, strengthen guidance and coordination, carry out regular scheduling, sort out and grasp the progress of the project, and promptly resolve existing problems. (The Municipal Development and Reform Commission, Municipal State-owned Assets Supervision and Administration Commission, Municipal Finance Bureau, Municipal Housing and Urban-Rural Development Commission, Municipal Transportation Commission, Municipal Water Affairs Bureau, Municipal Planning and Resources Bureau, Municipal Sports Bureau, Municipal Commerce Bureau, Municipal Science and Technology Bureau, Municipal Education Commission, Municipal Culture and Tourism Bureau, Municipal Urban Management Commission, Municipal Agriculture and Rural Committee, Tianjin Branch of the People's Bank of China, Municipal Finance Bureau, Tianjin Securities Regulatory Bureau, and people's governments of each district are responsible according to their division of responsibilities)
(22) Improve the long-term promotion mechanism. Relying on the Tianjin Idle Asset Remediation Special Action Leading Group for Strengthening Organization and Promotion of Revitalizing Existing Assets, give full play to the functions and roles of relevant departments, clarify the division of responsibilities, strengthen information communication and policy connection, closely cooperate and cooperate, improve long-term mechanisms, provide guidance and supervision, coordinate and resolve common problems, form a working synergy, and report major matters to the municipal party committee and municipal government in a timely manner.All districts will establish relevant coordination mechanisms to effectively revitalize existing assets and recover funds for new projects. (The Municipal Development and Reform Commission, Municipal State-owned Assets Supervision and Administration Commission, Municipal Finance Bureau, Municipal Planning and Resources Bureau, Municipal Housing and Urban-Rural Development Commission, People's Bank of China Tianjin Branch, Municipal Taxation Bureau, Tianjin Banking and Insurance Regulatory Bureau, Tianjin Securities Regulatory Bureau, Municipal Finance Bureau, Municipal Transportation Commission, Municipal Water Affairs Bureau, Municipal Urban Management Committee, Municipal Ecological Environment Bureau, and People's Governments of each district are responsible according to their division of responsibilities)
(23) Strengthen guidance and supervision and incentives. actively provides incentives to districts or units that have achieved outstanding results in revitalizing existing assets and expanding effective investment; for those who have been idle for a long time and have not been able to revitalize assets, they will adopt interviews, accountability and other methods to list and supervise the war, and increase supervision efforts. For districts with high local government debt ratios, we will focus on urging them to reduce their debt ratio and improve their reinvestment capabilities by revitalizing existing assets. The revitalization of state-owned enterprises will be included in the comprehensive management assessment of the state-owned assets system, and the revitalization results will be directly linked to the year-end performance. The relevant situation of revitalizing state-owned assets in that year will be included in the annual state-owned assets report of governments at all levels. Strengthen business training and continuously improve the ability of all aspects to revitalize existing assets. (The Municipal Development and Reform Commission, the Municipal State-owned Assets Supervision and Administration Commission, the Municipal Finance Bureau, the People's Governments of each district are responsible according to their division of responsibilities)
(24) Actively carry out pilot exploration. According to actual work needs, select key projects with mature and highly representative work in the early stage, apply for national pilot demonstrations, and form replicable and popularizable experiences and practices. For existing projects that have been successfully revitalized, typical experiences will be summarized and promoted, and all districts and departments will be guided to actively learn from and learn from, and promote the revitalization of existing assets and expand effective investment according to local conditions. (The Municipal Development and Reform Commission, the Municipal State-owned Assets Supervision and Administration Commission, and the people's governments of each district are responsible according to their division of responsibilities)
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Editor Wang Yahan
Drawing Cao Lei
Source: Tianjin Municipal People's Government Website
Source: Tianjin Municipal People's Government Website
