中国政府与社会资本合作风险点探析

Abstract:Since 2014，PPP has become the main providing way for infrastructure and public services.However，with the rapid expansion of the PPP and the arrival of financial supervision era，PPP may bring fiscal risks and financial risks.This paper starts with the process and structure of China's PPP development，analyzes PPP and risk points，the logic of the fiscal risk caused by the PPP，and the relationship between PPP and central enterprises' leverage ratio.The result shows that the local government bond size cannot meet the demand of local government's strong investment demand，which brings about the PPP risk point.In addition，central enterprises make a design of limited partnership fund as the main shareholder of the PPP project to avoid the increase of leverage.However，the regulatory rules such as article 192 of SASAC and new regulations on asset management，have blocked the way of central enterprises and have a significant impact on the participation of central enterprises in PPP.

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