The investment in the hottest port shows a diversi

2022-09-30
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Port investment shows a diversified development trend

in recent years, with the continuous deepening of China's port management system reform, port investment has continued to show a diversified development trend. The diversification of port investment subjects refers to a development mode in which domestic and foreign capital are developed simultaneously in port construction and operation, state-owned and private enterprises coexist, the capital structure of the port is optimized through the intervention of various investment subjects, and the restructuring of port enterprises is driven

China is a developing country. In the era of planned economy, the financial resources that the state can use for ports are not enough to fully bear the construction funds needed for the rapid development of ports. Moreover, the port investment is arranged by governments at all levels, and the state-owned port enterprises have no market pressure, which not only causes the port capacity to be tight and cannot meet the needs of economic development, but also makes the port enterprises lack vitality, the port construction cost remains high, and the investment efficiency is not high. Therefore, the reform of the port system since 1984 has also reformed the original investment and financing system. The government no longer arranges the investment in port construction, implements the policy of "offsetting expenditure with revenue and maintaining port with port", encourages ports everywhere to make policy or commercial loans to domestic and foreign financial institutions, and expands the diversification of port construction and operation investment through system reform. In 1987, Sino foreign joint venture container terminal enterprises were established in Nanjing port and Tianjin port respectively, marking the official start of the diversification of port investment entities in China. Since the 1990s, private capital has also begun to enter the port field, with the emergence of new joint-stock port enterprises and the birth of port listed companies. With the Chinese government adhering to the policy of expanding opening-up and deepening reform, the diversification of port investment entities has made breakthrough progress

at present, the diversification of Chinese port investment entities mainly takes the following forms:

Sino foreign joint ventures (including joint ventures between port enterprises in mainland China and Hong Kong enterprises)

the Chinese government has given active support to Sino foreign joint ventures in the construction and operation of port terminals. In September, 1985, in order to expand economic cooperation and technical exchanges with foreign countries, accelerate the construction of ports and wharves, so as to adapt to the development of China's modernization construction, and in view of the actual situation of large investment, long cycle and low capital profit in the construction of ports and wharves, the State Council promulgated the provisions on preferential treatment for Sino foreign joint venture construction of ports and wharves, proposing that the period of Sino foreign joint venture construction can exceed 30 years, Income tax shall be exempted for the first five years from the year of profit, and reduced by half for the second five years. The approved preferential period can be extended in case of business difficulties in the future; Joint ventures are allowed to concurrently operate projects with less investment and high profit margin, and compensate each other; If local income tax needs to be reduced or exempted, it shall be decided by the people's government at the provincial level where the joint venture is located. In 1993, the Ministry of communications accelerated the pace of opening up the port to the outside world and issued the "several opinions on deepening reform, expanding opening up and accelerating traffic development", which proposed to encourage Sino foreign joint ventures to build and operate public dock berths, allow Sino foreign joint ventures to lease docks, allow Sino foreign cooperation to operate dock business, and allow foreign capital to build special docks and special waterways for shippers

encouraged by the above policies, Sino foreign joint venture construction and operation of terminals took the lead in making major breakthroughs in container transportation. Especially in the 1990s, scientists from Hong Kong Hutchison Whampoa Port Co., Ltd. were studying using it as a filtering device, and a large number of foreign capital represented by Singapore Port Group entered Chinese ports to operate the container terminal with the most development prospects and benefits in the form of joint ventures. For example, Hong Kong Hutchison Whampoa has invested in Shanghai, Shenzhen Yantian, Ningbo Beilun, Shantou, Zhuhai, Jiangmen, Xiamen, Nanhai and other ports; Singapore Port Group invested in Dalian, Fuzhou, Guangzhou and other ports; British railway port company invested in Qingdao, Shenzhen Shekou and other ports. In addition, overseas capital such as China Merchants International, Maersk Shipping Co., Ltd., insena terminal company of the United States, Hong Kong Modern Container Terminal Co., Ltd., Hong Kong Pacific Co., Ltd., Hong Kong Yindu Airport Co., Ltd., Hong Kong Pacific Ocean Shipping Co., Ltd., Kerry construction (Hong Kong) Co., Ltd., Hong Kong Hengji group, Singapore International Consortium, masahairo Trading Co., Ltd. also invest and operate container terminals in Chinese ports

at present, the joint venture ratio of China's major coastal and inland container terminals accounts for 64.2% and 72.24% of the total number of container berths and the total throughput capacity of container berths, respectively. Among the major coastal ports, Dalian, Qinhuangdao, Tianjin, Qingdao, Shanghai, Ningbo, Fuzhou, Xiamen, Shantou, Shenzhen (4) adopt the resonance principle design, Guangzhou, Zhuhai and other ports, Nanjing, Zhangjiagang, Changshu, Taicang and other ports in the Yangtze River, as well as a number of small and medium-sized ports in the Pearl River Delta, such as Jiangmen, Nanhai, Panyu, Chaoyang and so on, There are joint ventures, even the most important ones are the container terminals solely operated by bleached softwood pulp and bleached hardwood pulp. Among them, the large-scale joint ventures are: Shanghai Container Terminal Co., Ltd., a joint venture between Shanghai Port Authority and Hong Kong Hutchison Whampoa, with a total investment of about 5.6 billion yuan, with Chinese and foreign equity accounting for 50% respectively; Dalian Container Terminal Co., Ltd., a joint venture between Dalian Port Authority, Singapore port group and Maersk Shipping Co., Ltd., has a total investment of about 4billion yuan; Shenzhen Yantian International Container Terminal Co., Ltd., a joint venture between Shenzhen Yantian Port Group and Hutchison Whampoa, has a registered capital of HK $2.4 billion, with overseas capital accounting for 73%

the entry of these overseas capital has rapidly raised the construction, operation, management and technology of China's container terminals to a relatively advanced level, and shortened the gap with the advanced ports of developed countries. The facilities, operation efficiency and management level of some joint venture container terminals have approached or reached the level of world advanced ports

in addition to the joint venture of container terminals, some foreign capital, while participating in the joint venture of Chinese industrial enterprises, invested and constructed in the form of cargo owner terminals, and mainly transported the products of their own enterprises. Such terminals are mainly oil terminals and chemical terminals, such as the investment of Singapore capital in Changshu port, Jiangsu Province

In the 1990s, some large domestic enterprises began to participate in port construction in order to reduce logistics costs or build logistics chains. There are two main types:

first, shipping enterprises operate the terminal business in the form of joint-stock cooperation with port enterprises. For example, China Shipping Group actively participates in the operation of domestic trade container terminals in the major coastal ports of Dalian, Jinzhou, Lianyungang, Zhanjiang, etc., and COSCO Container Shipping has also invested in the operation of domestic trade and foreign trade container terminals in some sub ports

second, domestic investment represented by industry, raw material mining and processing, and import and export enterprises has accelerated the large-scale construction of port bulk cargo and oil terminals. For example, Shenhua Group, a large national enterprise, invested more than 5 billion yuan to build a large coal export port in Huanghua, Hebei Province; Baosteel Group has built the largest 250000 ton ore transfer dock in China at present in Zhoushan, Zhejiang Province. Recently, Sinopec Group signed a cooperation agreement with Shanghai Port Authority to jointly carry out port construction and old port reconstruction; Shandong Yankuang Group, a large national enterprise, participated in the wharf operation of Rizhao Port Authority. The large-scale capital operation of these large groups shows that other industry capitals are full of confidence in the good prospects of China's port industry

private capital participates in port construction and operation through the joint-stock transformation of the original state-owned port enterprises or the acquisition of state-owned capital

since the scale of China's private enterprises is still relatively weak on the whole, and the assets of large ports are large, at present, China's private capital entering the port field is mainly concentrated in small and medium-sized coastal ports and inland ports. In large ports, private capital is mainly concentrated in warehousing, cargo agency, truck transportation, customs declaration, packaging and other businesses. Therefore, China's large state-owned terminals are unlikely to be sold directly to domestic private enterprises like the privatization of ports in developed countries. They can only actively rely on the introduction of foreign capital and absorb domestic and foreign non port professional capital into the port field, so as to broaden the channel of port construction funds and greatly reduce the proportion of state-owned capital in ports. It can be said that Sino foreign joint venture construction and operation of wharf business is still the main form, or the main feature, of the current privatization of ports in China. However, this does not mean that private capital has done nothing in China's port field. Jinzhou port in Liaoning Province is the first coastal port controlled by private capital. Harbin Orient Group, a famous private enterprise, entered Jinzhou port through the joint-stock reform of the former state-owned port and held and operated it. In the total capital stock of Jinzhou Port Co., Ltd., the former state-owned port capital accounted for only 22%; Private capital accounts for 33%, and with the shares held by employees, the equity of private capital exceeds 50%. Due to the vitality of private capital, the system and mechanism of Jinzhou port have undergone major changes. The construction, production and operation of the port have stepped into the track of rapid development and achieved good economic benefits. Not long ago, Yang naiguo, a private entrepreneur in Shandong Province, successfully acquired Qingdao port terminal 5 with an annual handling capacity of 250000 TEU for 350million yuan

in small and medium-sized ports in Jiangsu Province, Zhejiang Province, Fujian Province and Guangdong Province, especially inland ports, a considerable number of private capital self built enterprise dedicated terminals. In Quanzhou port, one of the major seaports in Fujian Province, private port enterprises account for 1/3 of the total number of berths in the port

the former state-owned port enterprises withdrew and transferred state-owned capital to enterprise operators and employees, and were transformed into new private joint-stock enterprises

in some small and medium-sized inland river ports in China, due to the squeeze of highway and railway transportation, they are difficult to operate, lack investment and have more liabilities. In this regard, some local governments, such as most cities in Jiangsu Province, have begun to withdraw from state-owned capital in recent years, strip off non-performing assets, and then sell them to enterprise employees and convert them into private joint-stock enterprises. Employees of some enterprises form employee stock ownership associations to collectively participate in terminal management, so it can also be said to be a new type of collective joint ownership enterprise. In some places, dock enterprises with serious losses and insolvency were sold to the public through public bidding, and some of them were privately bought out

through the withdrawal and restructuring of state-owned capital, these originally difficult small and medium-sized port enterprises have been revitalized. In particular, the managers of enterprises have obtained more equity, which helps enterprises form long-term management and the best cost control

the reorganization of the former state-owned port enterprises into listed companies

large state-owned port enterprises through listing and restructuring is also an effective way to diversify the main body of port investment in China. At present, there are 8 port listed enterprises in China, of which 2 have issued a shares and B shares at the same time. These listed companies not only obtain a large amount of port construction funds from the securities market, but also become standardized modern enterprises through joint-stock reform. Their business behavior is supervised by the society and shareholders, which effectively promotes them to improve their operations, improve efficiency, and increase returns to shareholders and shareholders. Tianjin port storage and transportation company, initially established by Tianjin Port Authority, relied on the funds recovered from the securities market to expand its capital by acquiring other companies. At the same time, it also completed the restructuring of merged enterprises, making the original mode of state-owned ports

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