중국, 경기 침체 회복 위해 철도 등 인프라건설에 129조원 투입 China spends 405b yuan on railways in the first eight months

 

 

 

 

China Railway Corp says it is progressing at full speed on expanding the rail network.

Photo: EPA

kcontents

 

중국이 침체된 경기를 살리기 위해 약 2500억위안(약 43조원) 규모의 인프라 투자를 결정한 데 이어 추가로 연말까지 철도 건설에 5000억위안(약 86조원)을 투자키로 하는 등 안간힘을 쓰고 있다. 27일 중국 국무원과 철도공사에 따르면 중국은 올해 총 8000억위안(약 137조원)을 투자해 7000㎞의 노선을 신설할 예정인데 1~8월까지 투자된 금액은 3132억9000만위안이다.   이에 따라 남은 4개월(9~12월)간 약 5000억위안을 투자해 철도를 건설키로 했다. 앞서 중국은 2500억위안 규모의 대형 건설 프로젝트를 승인한 바 있어 9월 이후 약 7500억위안(약 129조원)이 인프라 건설에 투자될 예정이다. 앞서 중국 국가발전개혁위원회(발개위)는 이달 셋째주에 968억7800만위안 규모의 3개 철도 건설을 허가한 데 이어 지난 22일 1500억600만위안 규모의 8개 대형 인프라 건설 프로젝트를 승인한 바 있다.   전날 중국의 3.4분기 성장률이 5년6개월 만에 가장 낮은 7.3%를 기록했다는 공식 발표가 나온 직후다. 3.4분기 성장률 하락으로 올해 성장률 목표(7.5%) 달성이 어려울 것이란 전망이 나오는 상황에서 잇따라 대규모 인프라 투자 계획이 발표되면서 사실상 경기 부양책이라는 분석이 나오고 있다. 아울러 부동산 경기 침체를 타개하기 위해 주택구매제한 완화 조치에 이어 생애 첫 주택대출 규제도 풀었다. 국무원 발전연구중심 거시경제연구부 장리췬 연구원은 "인프라 관련 투자의 영향은 4·4분기가 돼서야 나타날 것"이라며 "부동산 대출 정책 완화도 4·4분기에 효과를 발휘할 것"이라고 말했다. 파이낸셜뉴스 베이징 김홍재 특파원 hjkim@fnnews.com

 

China spends 405b yuan on railways in

the first eight months

Investment to grow network rises to 405b yuan but losses at China Railway place

doubts on its ability to raise funds for future projects

 

 

Chim Sau-wai sauwai.chim@scmp.com   China Railway Corp says it is progressing at full speed on expanding the rail network. Photo: EPAChina's railway investment accelerated in July and August as government spending on the rail network rose 20 per cent in the first eight months of the year on the year before to 405 billion yuan (HK$510 billion).   However, huge losses in the first half at national rail operator, China Railway Corp, and high gearing have raised doubts about its ability to find funds for railway construction.   "The progress of railway construction is in full speed," the national rail operator said in a statement posted on its website.   "China Railway Corp fully understands the importance of accelerating railway construction in stabilising and restructuring the economy."   It said there is enough funding for railway construction, and all the capital needed for this year has been put in place.   Entering the second half, railway investment in July and August already amounted to as much as 200 billion yuan, which matched the total invested in the first six months.   The total amount of investment stands at slightly more than 400 billion yuan, which is 50 per cent of the full-year investment target for the rail network.   This means that to reach its target the mainland would still have to invest another 400 billion yuan in the last four months of the year.   However, China Railway is plagued by persistent high gearing. It is expected that the default risk of its debt is not high but the high gearing could impact its ability to raise funds in future.   "Although China Railway Corp has the full support of the central government, the high gearing might still affect banks' lending terms," said Gary Wong, an analyst at Guotai Junan Securities. The Chinese government has been exploring other ways of funding the massive railway construction projects other than just relying on traditional methods such as issuing bonds or borrowing from banks.   Beijing said in April it would create a railway construction fund worth 200 billion to 300 billion yuan each year, soliciting investment support from the private sector. The fund is also part of policy measures to stimulate the slowing economy.   But apart from some general rules laid out by the National Development and Reform Commission in July, which said about 70 per cent of the fund would be invested in railway projects and the rest in property and other projects, the implementation date and details were still missing.   "If this fund was put into effect, the gearing ratio of China Railway Corp should stop rising," said Wong. But it remained questionable whether the low return of railway investment could attract private capital, he added.   China Railway's debt-to-asset ratio increased to 64.4 per cent at end of June from 63.9 per cent by the end of last year. It reported a loss of 53.56 billion yuan in the first half of this year.   Its total liabilities increased 6 per cent to 3.4 trillion yuan, and long-term debts rose 8 per cent from the end of last year to 2.8 trillion yuan.   The national rail operator said it could meet the full-year investment and construction targets. By the end of August, 46 of 64 planned new projects were approved by the government and preliminary work on the remaining 18 projects was progressing well and were expected to start within this year.   China had failed to meet the railway construction targets set in 2011, when investment shrank to less than 600 billion yuan following the Wenzhou high speed train crash and the removal of former rail minister Liu Zhijun from his post that year.   China Railway had lifted annual railway investment set at the start of the year to a near record high of 800 billion yuan from 630 billion yuan. http://www.scmp.com/business/economy/article/1589743/china-spends-405b-yuan-railways-first-eight-months scmp

 

 

Construction News
CONPAPER