The National Development and Reform Commission approved the total of 300 billion bonds of China Railway

The National Development and Reform Commission recently approved the application of the China Railway Corporation for the issuance of Chinese railway construction bonds. According to industry insiders, this year's railway construction bonds have some new features. First, the National Development and Reform Commission approved this year that China Railway Corporation's bond issuance has doubled compared with last year, which is the largest in history. Second, it allows the China Railway Corporation to use railway construction bonds for the first time. Repayment of debts, with the issuance of railway construction bonds, the fourth quarter will set off a climax of railway construction.
Judging from the reply, the National Development and Reform Commission agreed that China Railway Corporation issued 300 billion yuan of China Railway Construction Bonds in phases, with 200 billion yuan of funds for railway construction projects and equipment purchases, and 100 billion yuan for debt restructuring. The bonds are issued in a cross-annual manner within one year after the approval of the documents. Among them, in 2016, 170 billion yuan was issued, and 55 billion yuan was used for 31 railway construction projects including the Changsha-Kunming Railway Passenger Dedicated Line. 50 billion yuan was used for equipment purchase and 65 billion yuan was used for debt restructuring.
According to sources, in fact, the National Development and Reform Commission officially approved the application for the issuance of China Railway Construction Bonds by China Railway Corporation on September 7. The China Railway Corporation issued a total of 20 billion yuan on September 13th. The first phase of China Railway Construction Bonds, in which the tender for the 10-year variety is 15 billion yuan, and the tender for the 20-year variety is 5 billion yuan.
China Railway Corporation's audit report for the first half of 2016 shows that as of June 30, 2016, China Railway Corporation's total assets were 6.5 trillion yuan, total liabilities were 4.2 trillion yuan, debt ratio was 64%, and after-tax profit was -7.2 billion yuan. Compared with the -8.8 billion yuan in the same period last year, the loss has decreased. Among them, railway infrastructure investment completed 264.6 billion yuan, completing 43% of the annual investment target, compared with 280.7 billion yuan in the same period last year, down 5%.
The 2016 railway construction plan is to build a capital investment plan of 610 billion yuan, a fixed asset investment of 800 billion yuan, and plans to put into operation a new line of 3,200 kilometers (including 1300 kilometers of production), 3,800 kilometers of double lines, 5,300 kilometers of electrified railways, and new construction projects. 45. The slow progress of railway construction is related to the availability of funds on the one hand and the progress of project approval on the other.
In recent years, the scale of issuance of railway construction bonds has continued to expand. In 2006, the issuance scale of railway construction bonds was 40 billion yuan. In 2009, the issuance scale was 100 billion yuan. In 2014 and 2015, the scale of the railway construction bonds was 300 billion yuan.
"In September this year, the National Development and Reform Commission approved the application for bond issuance by China Railway Corporation. The first phase of this year's railway construction bond was issued last week. In the past years, the bond issuance is coming to an end. In the next two months, the total number of China Railways The company will enter the intensive bond issuance period. It is worth noting that the previously issued railway construction bonds are all aspects of railway construction projects and vehicle procurement. Of the 300 billion yuan bonds approved by the National Development and Reform Commission, 100 billion yuan is used for debt restructuring. The debt of China Railway Corporation has reached an unbearable level," said the source.
Hu Zucai, deputy director of the National Development and Reform Commission, said recently that relevant departments will further increase financial support for railway construction. The special construction fund continued to lean toward the central and western railway projects, making good use of the railway development fund, bonds and comprehensive land development policies. Financial institutions accelerated the loan review and ensured that the construction funds were in place in full and on time.
In addition, the National Development and Reform Commission has accelerated the approval of railway projects. Recently, the National Development and Reform Commission approved the construction of the new Sanmenxia-Chuzhou railway project, the new Xingguo-Quanzhou railway Xingguo-Ninghua section, and the feasibility study report for the new Lianyungang-Xuzhou railway. Among them, the Lianyungang-Xuzhou Railway is a major project identified in the National 13th Five-Year Plan, and is an important component of the horizontal “land-bridge channel” of the main channel of the “eight vertical and eight horizontal” high-speed railways in the National Medium- and Long-Term Railway Network Plan. In part, it is also a horizontal backbone line in the “three vertical and four horizontal” rapid passenger transport network of the “13th Five-Year Plan” of Jiangsu Railway.

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