"Mother He is sick, and she is not very ill." General Secretary Xi Jinping sounded the alarm for the protection of the Yangtze River and the clarion call for ecological wars in various parts of the Yangtze River
"The implementation of the strategic task of the Yangtze River Economic Belt at present and in the future is very arduous, especially the task of protection is very heavy, and the Three Gorges Group urgently needs to play the role of backbone and main force."
"Our goal is not to manage a city well. For a city simply, we can ignore costs. The key is to break out a replicable and popularizable financing model and business model."
If central enterprises like the Three Gorges Group find it difficult to raise funds when promoting the protection of the Yangtze River, then we need to consider whether the policies are reasonable. Funding demand is a dilemma that must be solved in the continuous promotion of follow-up work
text | "Outlook" News Weekly reporter Feng Yingbing Wang Rengui
Jointly protect the Yangtze River and let the clear water flow eastward. It is the "big thing of the country" that General Secretary Xi Jinping pays great attention to.
"Three Gorges Group should play its due role and actively participate in the ecological restoration and environmental protection construction of the Yangtze River Economic Belt." On April 26, 2018, at the symposium on deepening the development of the Yangtze River Economic Belt in Wuhan, General Secretary Xi Jinping's three-grills group, which was directly "pointed to the general", was given the historical mission of playing a backbone role in the joint efforts to protect the Yangtze River.
On May 29, 2018, the Office of the Leading Group for Promoting the Development of the Yangtze River Economic Belt organized a on-site meeting in Jiujiang to promote the participation of Three Gorges Group in urban sewage treatment, firing the "first shot" of Three Gorges Group in participating in joint protection. Up to now, the total investment of Three Gorges Group to focus on major protection has exceeded 180 billion yuan.
Today, the Yangtze River ecological environment protection and clean energy have become the "two wings" of the long-term development of the Three Gorges Group. Lei Mingshan, Secretary of the Party Committee and Chairman of the Three Gorges Group, said, "We will promote the joint protection work on a larger scale, more fields and deeper level, and strive to make greater efforts and achieve greater results in consolidating and expanding the joint protection pattern, creating a model for water control, exploring and innovating business models, and reconstructing the industry's development ecology, so that the mother river will always remain vibrant and vibrant, and ensure that the clear water of a river will last for future generations and benefit the people."
The Three Gorges Group, which has participated in the Yangtze River protection for more than three years, has entered a new stage of Yangtze River protection after exploring the Yangtze River protection path, accumulation of experience, and replication and promotion of the "Three Gorges Model".
The turning point of the mission from developing the Yangtze River to protecting the Yangtze River
The Yangtze River spans 11 provinces and cities. In addition to its outstanding economic status, it is also an important ecological treasure house and ecological security barrier in my country. However, in the long-term disorderly development, the service functions of the Yangtze River Economic Belt have shown a trend of degradation, and the contradiction between development and protection in some regions is very prominent. The environmental pollution situation is severe, and the pressure on the ecological environment continues to increase. Dongting Lake and Poyang Lake, the "double kidneys" of the Yangtze River have frequently bottomed out. Nearly 30% of the important lake and reservoirs are in a state of eutrophication, accounting for 43% of the country's wastewater, 37% of the chemical oxygen demand, and 43% of the ammonia nitrogen emissions are discharged into the Yangtze River.
"Mother River is sick, and she is not very ill." General Secretary Xi Jinping sounded the alarm bell for the protection of the Yangtze River and also sounded the clarion call for ecological warfare in various parts of the river.
Since the symposium on promoting the development of the Yangtze River Economic Belt was held in Chongqing in 2016 and proposed to "jointly protect and not engage in large-scale development", the ecological environment protection of the Yangtze River Economic Belt has undergone a turning point. During this period, the Three Gorges Group, which was born of the Yangtze River, assumed special responsibilities.
Focusing on the reform and development of the Three Gorges Group, from September 2016 to September 2017, the National Development and Reform Commission, together with relevant ministries and commissions, proposed 23 special reports, which were approved by General Secretary Xi Jinping. In October 2017, the responsible person of the National Development and Reform Commission pointed out that "The Three Gorges Group is currently the most economically powerful central enterprise along the Yangtze River. It is very arduous to implement the strategic task of the Yangtze River Economic Belt at present and in the future, especially the task of major protection is very heavy, and the Three Gorges Group is urgently needed to play a backbone and main role."
Half a year later, in April 2018, the National Development and Reform Commission of the United Nations Assets Supervision and Administration Commission issued the "Notice on Issuing the Strategic Development Positioning Opinions of China Yangtze River Three Gorges Group Co., Ltd.", requiring the Three Gorges Group to play a basic role in promoting the development of the Yangtze River Economic Belt and play a backbone and main role in jointly protecting the Yangtze River.Just three months later, the Office of the Leading Group for Promoting the Development of the Yangtze River Economic Belt issued the "Guiding Opinions on Supporting the Three Gorges Group to Play the Role of the Backbone and Main Force in Jointly Protecting the Yangtze River." At this point, it has become the historical mission of the Three Gorges Group to play a backbone role in jointly protecting the Yangtze River.
Upper reaches of the Yangtze River, Wushan County, Chongqing. At the ship's waste receiving and disposal terminal, on one side, the drift boat spits garbage to the truck on the shore, and on the other side, the receiving device on the shore is drinking sewage collected from the section. The dock, which was built on December 31, 2020, has collected a total of 1,320 cubic meters of ship sewage, 13 cubic meters of ship oil-containing sewage, and 42 tons of ship solid waste. Zheng Jie, the head of the Wushan project of the Shanghai Court of the Three Gorges Group, told reporters that this wharf is mainly responsible for the treatment of ship sewage and garbage generated by 55 kilometers of water shoreline in Wushan County, the main stream of the Yangtze River, as well as all ships and water facilities and equipment in the secondary river, effectively ensuring clear water and green shores.
Middle reaches of the Yangtze River, Wuhu, Anhui. The construction of Zhujiaqiao Sewage Treatment Plant has greatly improved the local sewage treatment capacity. The total treatment scale of the project is 335,000 cubic meters, the total pollution area is about 99 square kilometers, and the serving population is about 920,000. This project is also the first "Yangtze River Protection + Clean Energy" project of the Three Gorges Group. The idle area power generation in the roof of the sewage treatment plant, the roof of the pool, etc. is used for equipment operation, and the clean energy generated effectively reduces carbon emissions. The further deepening of the sewage treatment plant's tailwater treatment plant has been added to the Jiangdong Water Ecological Park project. While improving water quality standards and conserving and utilizing water resources, it also improves the regional water environment, water ecology, and water landscape. The local government adheres to the principle of "protecting the river for the country, governing the river for the people, building rivers for the city; returning the river to the people, returning the shore to the people, and returning the scenery to the people; taking the river as proud, taking the river as the responsibility, and promoting the river as the prosperity". Government and enterprises work together to promote coastline remediation. Today, Shilijiangwan has not only restored the natural ecological river beach style, but also has become an ecological corridor that shows Wuhu Yangtze River culture.
When the headquarters of Sanxia Group is newly established, the effectiveness of Hongqi Lake in the governance of Hongqi Lake has been praised by local people and the media. Deng Baisong, safety director of the Hubei Regional Company of Changjiang Environmental Protection Group, introduced that Tangxun Lake is the largest inner lake in Asia. It has many lakes and bays, long shorelines and poor water quality, making it difficult to manage large lakes. Hongqi Lake is an integral part of Tangxun Lake and is the first phase of the Tangxun Lake Basin Comprehensive Management Project Demonstration Section. By rectifying the mixed flow outlets or direct outlets along the coast, planting aquatic plants that purify water quality, slope greening, and deploying algae-controlled zooplankton, citizens are given a pool of clear water.
From January 2018 to determine the first batch of four pilot cities in Yichang, Hubei, Yueyang, Hunan, Jiujiang, and Wuhu, Anhui, in November 2018, it expanded from four pilot cities to 16 cooperative cities and counties in the upper, middle and lower reaches of the Yangtze River, and from June 2019 to further advance to the entire Yangtze River Economic Belt, the Three Gorges Group's participation in the protection of the Yangtze River has gradually rolled out.
established the Yangtze River Ecological and Environmental Protection Group Co., Ltd. as the main body of implementing the joint protection work; initiated the establishment of the Yangtze River Green Development Investment Fund to guide and promote social capital to focus on ecological environment protection; established an ecological environment engineering research center to cultivate and form professional and technical capabilities for ecological restoration and environmental protection; established the Yangtze River Ecological and Environmental Protection Industry Alliance to create a cooperation platform for joint protection of the Yangtze River; set up a special fund for the Yangtze River Ecological and Environmental Protection to provide support for the Yangtze River Protection Project. Three Gorges Group has built a pattern of coordinated efforts of five major platforms.
"The Three Gorges Group was born in the Yangtze River, grew up in the Yangtze River, and grew stronger than the Yangtze River. The Yangtze River protection work is the development opportunity and responsibility of the Three Gorges Group in the new era." Lei Mingshan said.
On September 21, a clearing boat was operating in the Wushan section of the Yangtze River, transporting the salvaged garbage ashore for treatment. Photo by Wang Rengui/This magazine
takes the "hard bone" of urban sewage treatment as the entry point
Sanxia Group specializes in the development and operation and management of large hydropower, and is a "new recruit" in the field of ecological and environmental protection of the Yangtze River. A relevant person in charge of the group told the reporter of Outlook News Weekly that when he just took on his mission, he basically started from scratch and could only work overtime to make up for the relevant knowledge of ecological and environmental protection, and to form a team while promoting work.
Urban sewage treatment has become the entry point for the Three Gorges Group to promote the protection of the Yangtze River.
The Yangtze River mainly faces five major pollution sources, namely urban domestic sewage and garbage pollution, chemical pollution, agricultural non-point source pollution, ship pollution and tailings pond pollution. According to the principle of whoever pollutes, clear market entities can be found in the last four, and measures such as increasing environmental protection law enforcement and promoting shutdown and transfer can be gradually eliminated. The most difficult part lies in urban sewage treatment. The main body of urban sewage treatment is local governments at all levels, and sewage treatment faces many constraints. The important task of gnawing "hard bones" was handed over to the Three Gorges Group.
"Underground systems are an important infrastructure for the construction and development of modern cities. At present, modern urban underground systems need to be filled in urgent need of shortcomings." Yang Shubing, former deputy director of the State Council Research Office, said that because the hidden characteristics of underground systems are often ignored, the construction of modern urban underground systems must further strengthen attention, strengthen supervision, and build consensus.
Under the coordinated arrangement of relevant departments, the Three Gorges Group conducted consultations with the Yangtze River Economic Belt, especially the four middle-stream provinces, and found that urban sewage collection rate is low, sewage discharge is directly discharged, and sewage treatment plants are inefficient operation; urban drainage pipelines and other infrastructure are backward and debts are serious; river and lake water is backflow and overflow, rain and sewage are mixed, groundwater seepage, and urban river and lake water environment capacity is seriously insufficient; industrial wastewater is included in urban sewage systems; plant network separation, and industrial chain "fragmentation and fragmentation".
In response to these problems, the Three Gorges Group has proposed a 163-word scientific water treatment plan: taking urban sewage treatment as the entry point, based on understanding the background, oriented on the current situation and problems, based on the total amount of pollutants, and taking overall planning as the leader, adhere to the principles of basin coordination, regional coordination, systematic governance, and treatment of both symptoms and root causes, follow the "one city, one policy", highlight overall benefits and large-scale operations, and carry out investment, construction and operation through the "factory network, river, lake and shore integration", "smudge and water", resource and energy recovery, construction and maintenance full cycle, promote the full collection, collection and treatment of urban sewage, fully meet standards and comprehensive utilization, and ensure the overall fundamental improvement of urban water environment quality.
"The black smell is in the water, the problem is on the shore, the key is in the pipeline network." Industry experts pointed out that "if the network is not governed, everything will be useless." During the investigation, the reporter learned that the cities with the highest urban domestic sewage collection rate and pipeline coverage rate in my country have reached about 70%. Many cities along the river are only about 30%, and some are even lower. The reality is that urban sewage is either not collected and directly seeps into the ground; or groundwater pours into domestic sewage, and urban domestic sewage treatment plants do not treat real sewage. Experts involved in the investigation of urban sewage collection and inspection bluntly said that cities that claim that their urban sewage collection rate and pipeline coverage rate are very high should be questioned.
Industry experts believe that the division of "Nine Dragons Water Control" is relatively scientific at the national ministries and commission levels, but it is difficult and costly to coordinate at the grassroots level of cities and counties, unless the top leader personally takes charge. As a central enterprise, the Three Gorges Group participates in urban sewage treatment and is in a "detached" position, which helps to break the interest pattern and integrate the responsibilities of all parties.
plays the role of backbone and main force in jointly protecting the Yangtze River, further promoting the formation of the "joint" work pattern. At the national level, we will connect with the "3+6" ministries and commissions of the National Development and Reform Commission, the Ministry of Finance, the State-owned Assets Supervision and Administration Commission, as well as the "3+6" ministries and commissions of the Ministry of Natural Resources, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Transport, the Ministry of Water Resources, and the Ministry of Agriculture and Rural Affairs to obtain policy support and industry guidance; at the local level, we will strengthen the docking with 11 provinces and cities in the Yangtze River Economic Belt, promote the formation of a government-enterprise cooperation situation, and actively integrate into the strategic actions of green development of the Yangtze River Economic Belt and joint efforts to jointly protect the Yangtze River; at the enterprise level, we will strengthen the docking with central enterprise groups, local state-owned enterprises, listed companies, private and foreign-funded enterprises, and scientific research institutions along the river provinces and cities and upstream and downstream industries, promote the formal establishment of the Yangtze River Ecological and Environmental Protection Industry Alliance, and continuously expand the "circle of friends" of jointly protect the Yangtze River.
Under the implementation of the "factory, network, and lake integration" model of the Three Gorges Group, the re-green Yueyang Dongfeng Lake reflects the good scenery of "tourists walking on the shore, mandarin ducks playing in the water lake". Photo provided by the Yangtze River Environmental Protection Group Hunan Provincial Regional Company
Promote ecological reconstruction of the ecological and environmental protection industry
00 The relevant national departments have characterized the ecological and environmental protection industry as scattered, small, weak and chaotic, which are concentrated in insufficient aggregation, weak professional capabilities, and imperfect industrial chain.
Zhang Dingming, member of the Party Leadership Group and deputy general manager of Sanxia Group, said that as a central enterprise, Sanxia Group has entered this field and faced common problems in the ecological and environmental protection industry. It is necessary to play the role of "1+N", rather than adding one enterprise to many enterprises to become "N+1". There are hundreds of thousands of environmental protection companies in this industry. If you only participate as one company, then the Three Gorges Group has a stronger investment ability, but the investment of Three Gorges Group is just a drop in the bucket for the Yangtze River Protection. The Three Gorges Group should be a good backbone and a good leader, and play a demonstration, leading and leading role, so that the majority of environmental protection enterprises can better contribute their professional capabilities and promote the healthy and orderly development of the ecological and environmental protection industry.
"Our goal is not to manage a city well. For a city simply, we can ignore costs. The key is to break out a replicable and popularizable financing model and business model." said Wu Haibin, chief economist of Sanxia Group.
Let the Three Gorges Group take the lead in jointly protecting the Yangtze River. National ministries and commissions hope that the Three Gorges Group will reconstruct the entire industry ecology through technological standards innovation, put forward normative policy suggestions, and launch effective governance models.
In practice, under the coordinated deployment of the National Development and Reform Commission, the Three Gorges Group focuses on small and medium-sized cities and urban domestic sewage, and prefers Yichang, Yueyang, Jiujiang and Wuhu to promote the pilot work. The four cities have medium population sizes, and the difficulty and cost of governance are not as great as those of big cities. Pilot cities fully implement the "factory network integration" governance model, and at the same time explore and practice the "factory network river and lake bank integration" model in Jiujiang and Wuhu, pilot the urban-rural integrated comprehensive governance model in Wuwei County, Wuhu City, and explore urban-rural integrated investment, construction and operation governance.
is promoted as a model, and the "factory and network integration" governance has achieved remarkable results. Huang Rongmin, general manager of Anhui Regional Company of Changjiang Environmental Protection Group, told reporters that the company spent a year and a half to investigate a total of 2,200 kilometers of urban pipeline networks and found that the pipeline network had more than 220,000 defects in 17 major categories. Through governance, 4,329 structural defects of the pipeline network were rectified, 85% of the sewage collection blank area was eliminated, a total of 76 square kilometers were eliminated, and 66% of urban confluence areas were eliminated, which basically solved the problem of shortcomings in the sewage collection system.
The integrated water environment governance model of "factory network rivers and lakes" has changed the local situation in the past when "treatment of headaches and feet to treat feet" and "repeated treatment and repeated treatment" of black and odorous water bodies.
Lu'an's governance model has been further upgraded, and the "four-integrated" governance model of "factory, network and river integration, supply and discharge integration, urban and rural integration, and construction and management integration" has been implemented. In the future, the Three Gorges Group will be responsible for 100% of the sewage treatment plant network, 100% of the water supply plant network, and 100% of the river management and operation in the main urban area of Lu'an City, realizing the pattern of "one city, one subject".
In addition to the "factory and network integrated" sewage treatment model, the Three Gorges Group has also explored sustainable business models, mutually beneficial and win-win government-enterprise cooperation models, and the co-construction model of coordinated promotion of industrial alliances. In terms of business model, we will promote the reform of the price-centered sewage treatment fee mechanism, explore the establishment of a market-oriented operation mechanism for the operation and maintenance of urban sewage pipelines; in terms of government-enterprise cooperation model, with capital cooperation as the link and project cooperation as the focus, we will give full play to the advantages of Three Gorges Group in technology, talents, funds and resources integration, carry out "capital +" cooperation, build a community of destiny, responsibility and interests, and promote project construction and operation management with high quality; in terms of co-construction model, we will create a cooperation platform covering various types of enterprises such as construction, research, consulting, planning and design, finance, equipment technical services, and stimulate the enthusiasm of enterprises in the entire industrial chain.
Together, these constitute the "Three Gorges Model" that participates in urban sewage treatment.In June 2019, the National Development and Reform Commission held a live meeting in Wuhu to officially promote this model.
In the view of Hu Zucai, deputy director of the National Development and Reform Commission, the "Three Gorges Model" of urban sewage treatment created by the Three Gorges Group using systematic concepts and innovative cooperation methods "full plays the role of demonstration, leading and innovative in central enterprises."
The new models and mechanisms explored by the Three Gorges Group have been fully developed in the Yangtze River Economic Belt, especially the deepening of the "capital +" cooperation model, accelerating the formation of business layout in key cities such as Chongqing, Wuhan, Nanjing, Changsha, and Shanghai, and promoting the start of construction of the implemented projects.
"Butler" thinking promotes the new urban water control
For the next goal, Zhang Dingming said that the Three Gorges Group is expected to invest 1 trillion yuan in the "14th Five-Year Plan", of which 700 billion yuan is laid out along the Yangtze River. Of the 700 billion yuan, 500 billion yuan will be used for the protection of the Yangtze River. "We have made up our minds for the protection of the Yangtze River."
The core and key to urban water environment governance lies in the "pipe network", and the Three Gorges Group continues to focus on the problem of pipeline network. Combined with the practice of water control over more than three years, while copying and promoting the "Three Gorges Model", the Three Gorges Group began to focus on the "water manager" model with municipal pipelines as the core, that is, with pipelines as the key investment direction, quickly make up for the shortcomings of urban sewage pipelines; coordinate urban water-related resources, break the dilemma of multi-head management and fragmented governance; promote the reform of the pipeline price mechanism, and accelerate the construction of a long-term development mechanism for the pipelines.
"Water Manager" model requires urban sewage treatment entities to change from implementing engineering projects and implementing government requirements to actively plan in a systematic and regional manner from the perspective of the government. At this stage, we will revitalize the existing stock and drive the increase, reduce costs and increase efficiency through source control, technological innovation and other means, solve problems such as financial difficulties in transition, fiscal pressure and price adjustment pressure, and promote the gradual marketization of urban water environment governance through price mechanism adjustment in the long run, and truly plan to promote the comprehensive quality and efficiency improvement and healthy and sustainable development of urban water-related assets with the "steward" mindset.
"Our approach is to implement it in two stages without waiting or relying on it. At present, we are to reduce costs and make concessions, reduce fiscal burdens, reduce financing costs, build costs, give full play to the scale of operations, and reduce costs. At the same time, adapt to local conditions and achieve "guaranteeing small profits." Wu Haibin said.
Lu'an, which is the overall promotion of "four integrations", has carried out exploration in advance. Wu Haibin introduced that the total investment of the Lu'an Water Manager project requires 4.4 billion yuan. The local government sold the existing water assets to the Yangtze River Environmental Protection Group, which belongs to the Sanxia Group, for 1.6 billion yuan. The local government used the new pipeline construction for this 1.6 billion yuan. Three Gorges Group has increased its investment and financing efforts to jointly promote the construction of urban pipelines. While promoting the acceleration of urban pipeline construction, it has effectively alleviated local financial pressure.
According to Wu Haibin's calculations, a city with a population of 1 million has an investment of more than 10 billion yuan in comprehensive water environment management, and a per capita cost of more than 10,000 yuan. According to such demand, many cities are far from meeting this requirement.
"It is difficult to completely solve the problem of urban sewage treatment during the 14th Five-Year Plan period and even the 15th Five-Year Plan period." During the investigation, Wu Haibin repeatedly mentioned that there must be long-term plans.
With medium- and long-term plans, government and enterprises will explore and implement the basic principles of water environment governance by adjusting the price mechanism. "This is to use the means and methods of the market economy to solve urban sewage treatment." Wu Haibin said that this requires urban ruling to formulate medium- and long-term plans for urban water environment governance based on actual conditions and a long-term perspective, including goal planning, time planning, spatial planning, financial planning, etc., to ensure the implementation of the plan, work a blueprint to the end, and truly handle the relationship between overall planning and long-term efforts.
At the same time, we need to focus on solving the actual constraints facing joint efforts to protect the Yangtze River.
On the one hand, the water environment governance of cities along the route lacks overall top-level planning. When formulating the plan, the Municipal Design Institute is responsible for the municipal pipeline and station projects, and the Water Conservancy Design Institute is responsible for the river and lake water systems. There is a lack of coordination between the two and national standards. Urban planning comes first and environmental planning comes later, which also makes it difficult for many places to completely repair underground pipelines.
Zhao Feng, Party Secretary and Chairman of Changjiang Environmental Protection Group, said that scientific planning should be based on environmental planning and urban planning. The environmental base should be evaluated first, and based on the environmental carrying capacity, determine how many people are gathered and what kind of industrial enterprises are laid out, and regard environmental boundaries as constraints for urban planning. Urban planning is the forefront, which has led to the comprehensive management of water environment in many places currently being passive, emergency, and engineering projects. When operating and maintaining a city's pipeline network, the Three Gorges Group even had to weigh whether to repair the existing pipeline network or to completely build a new pipeline network.
On the other hand, the assessment mechanism needs to be improved. For the Three Gorges Group itself, urban sewage treatment is a heavy asset and a large-scale investment, and costs need to be internalized. As a quasi-public product, the main body of sewage treatment should be local governments at all levels. The government can hand it over to enterprises in a market-oriented manner. The government evaluates enterprises through performance appraisal indicators, which not only avoids the constraints of multiple policies, but also provides appropriate profits to enterprises and better ensure the sustainability of large-scale protection.
For local governments, environmental indicator assessment also needs to be adjusted. The assessment pressure faced by the government is concentrated on the treatment of black and odorous water bodies and the water quality of river and lake sections. As long as these two indicators meet the standards, the motivation for local governments to manage environmentally will be greatly weakened, and short-term behaviors may even occur to meet the standards in order to meet the standards.
For example, one of the methods for treating black and odorous water bodies is to clean up dredging, which can take the fastest results. However, if you simply "treat the head and the foot pain" is not treated from the root, the vicious circle of "treat the pollution and treat the pollution" will appear after meeting the standards in the short term. The existing pollution will be cured, but there will be no vitality to restore the ecology. The assessment indicators should change from black and odorous water body treatment and cross-sectional compliance to assessment of river and lake water system water quality.
Furthermore, it is necessary to effectively solve the problem of difficulty in financing related projects. The promotion of the existing PPP model has encountered a major bottleneck. The financial expenditure capacity of local governments is limited. Under the restrictions that the central government strictly controls local debt risks and that the fiscal expenditure of the general public budget does not exceed 10% of the general public budget that year, capital investment and pollution prevention and control tasks do not match.
rather than PPP projects have many obstacles to financing. Before the price mechanism is made, due to insufficient cash flow for non-operating projects such as pipeline construction, a large amount of government payment is required, which is very easy to touch the hidden debt problem of the government and it is difficult to obtain loan funds with low interest rates and long term. If equity financing is adopted, the financing cost is higher, which will reduce the capital return rate of the project.
An expert bluntly stated that under the actual demand for strict control of local hidden debts, the financing of public investment has also been strangled to death by "one-size-fits-all". If central enterprises like Sanxia Group find it difficult to raise funds when promoting the protection of the Yangtze River, then we need to consider whether the policies are reasonable. Funding demand is a dilemma that must be solved in the continuous promotion of follow-up work, while PPP projects need to effectively solve problems such as "new officials ignore old accounts" and the need to improve the scientific nature of the project. ■
