Railway system into the most critical time window

MOR rising debt levels, mainly in the past relied on bank loans and financing model was unsustainable in the face of "crying out" a large number of projects, management system reform of railway left to their own time and space are getting smaller and smaller, railway reform at the most critical time window.　　Downtime cost of downtime is not without cost. "Resume work stoppage costs are very high."　　Lan-Yu railway 14 section of seventh project in charge of the Department told the China Securities newspaper reporter, "stoppage when many large machinery and equipment are retired, and wants equipment installation costs are extremely high. for example, devices such as tower cranes, concrete pumps, a large device and reinstall the need to pay for transport tens of thousands of dollars or even a hundred thousand of Yuan transportation fees and installation fees." What new workers need to pay workers and repatriation transportation, for the enterprise concerned is a no small expense. CRC middle management explains,
A $ 2 billion to 3 billion project in General, requires at least thousands of workers, the round-trip fare is a no small expense. If you slow down the duration also increases the portion of the cost. "　　Large equipment leasing for the enterprise. General slowed down after the duration, does not dare to repatriate workers of construction enterprises, large equipment were also placed on the site. This means that it is necessary to pay workers, has to pay for large equipment rental costs. as regards the cost of utilities, almost tense construction there is not much difference. "　　One expert pointed out that Beijing Jiaotong University Transportation Institute, from the perspective of input-output, during a projects progress slowed, may lead to the opening of line delay cannot be rapidly emerging revenue. Furthermore, the railway only continuous network to enable line of maximum efficiency into play, a project slow duration may also affect other circuits income. "However, the economics theory of optimal stopping, that is, if a project is wrong,
Its investment more cost-effectiveness of worse. under the current cash-strapped situation, put money into more important projects, and more useful. "　　These expert pointed out that "there are indeed some hasty project, funds will now adjust, maintain pressure, would be a right choice."　　Behind the reform into the sensitive period in high costs, how to balance the construction time and financial constraints of the problem, to Mor a choice question.　　On one hand, with the expansion of railway construction scale, funds required for the railway mounting, on the other hand, the Ministry of railways have to be paid the costs of financing is getting higher and higher, orders already cited financial constraints as a crushing of Ministry of railways. According to a statistic of Beijing Jiaotong University, this year the Ministry of railways to debt-servicing at least 180 billion yuan, more than in 2009 than twice times, while in 2009, 2010 to build high-speed rail beginning in 2012 will begin
To pay interest.　　According to the CICC's research reports assume that expiring in the next five years the Ministry of railways of bank loans and issuing bonds is through debt restructuring delayed to "Twelve-Five", and has sufficient credit to support the Ministry's loan from a Bank, by calculation, under the existing financing channels, the Ministry can only complete up to 1.7 trillion investment in infrastructure.　　Traditional of rely on Yu Bank loan of financing mode is difficult to continues to support railway of investment demand, railway reform entered sensitive time points. but China Securities reported reporter understanding to, despite from times national senior on railway development of important stand view, "national support railway development" of general direction and no changed, but on railway future investment financing way more of mentioned of is "Bank to increased on railway of support efforts", still is difficult to clear see national on railway cast financing system of reform determined to. CICC pointed out that if the Ministry wants to get more investment, you must find
Looking for support of other financing options, such as the central financial support, local governments a stake or a listing of railway assets.　　Railway investment and financing system reform path for next year and the market has some guesses. majority believes that next year the Ministry of railways, or increase the proportion of equity financing, and attempted to set up industrial investment funds and other financing innovation model. as a matter of fact, the market is more expected next year, the Ministry of Railways railway reform programmes can generate a clearer. "Railway reform programmes set out to do long ago, research studies, since 2003, increased focus on development of railway despise reform, railways slowed down the pace of reform."　　Academy of rail-related experts told the China Securities newspaper reporter, "there is a good time for reforms." A railway expert pointed out that Beijing Jiaotong University, railway investment and financing reform is just one aspect of the railway reform is very small, if the whole system is not changed, simply doesn't make any sense on investment and financing system reform,
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