Yesterday, the Ministry of Communications issued the "2014 National Toll Road Statistical Bulletin". The communique showed that by the end of 2014, the national toll road mileage was 162,600 kilometers and the debt balance was 3.85 trillion yuan. Last year, the national toll road revenue and expenditure losses reached 157.11 billion yuan, an increase of 91 billion yuan over the previous year. Wang Tai, deputy director of the Highway and Transportation Bureau of the Ministry of Transport, said that the high debt was mainly due to the large-scale repair of high-speed in recent years and the high dependence on bank loans. The continuous widening of the gap is related to China’s peak in debt repayment.
â–¡ The balance of revenue and expenditure was expanded to 157.1 billion last year. According to reports, up to now, except for Tibet and Hainan, there are no toll roads, and 29 other provinces, autonomous regions and municipalities have successively published the 2014 annual toll road statistics bulletin. Wang Tai, deputy director of the Highway Bureau of the Ministry of Transport, said that as of the end of 2014, the total mileage of toll roads nationwide was 162,600 kilometers, an increase of 0.61 million kilometers from 2013. It accounts for 3.6% of the total road mileage of 4.463 million kilometers.
As of the end of 2014, the national toll road debt balance was 3,845.14 billion yuan, accounting for 62.6% of the total construction investment. That is to say, from the current point of view, more than 60% of the toll roads built nationwide are funded by borrowing.
Last year, the national toll road toll revenue was 391.60 billion yuan, the total expenditure was 548.71 billion yuan, and the annual income and expenditure gap was 157.11 billion yuan. According to the reporter, the gap between 2011 and 2013 was 32.3 billion yuan, 56.6 billion yuan and 66.1 billion yuan respectively. Compared with the previous year, the gap between revenue and expenditure was further expanded and the loss increased by 91 billion yuan.
Wang Tai said that although China's toll roads have high debts, the debt risk is still in an overall controllable state. First, the debt on the toll road as a whole continues to be effectively repaid. Last year, the debt balance decreased from 4.27 trillion at the beginning of the year to 3.85 trillion, and repaid 9.85%. In addition, last year's toll revenue was 391.6 billion yuan. After deducting the necessary maintenance, operation, taxes, and other expenses, the remaining funds available for debt repayment were 263.66 billion yuan, which was greater than the demand for 210.11 billion yuan in the year. This is 53.55 billion yuan, indicating that the toll road has sufficient repayment ability as a whole.
The toll collection is not enough. The principal and interest payment bulletin shows that the national toll road revenue last year was 391.6 billion yuan, and the total expenditure was 548.71 billion yuan. Among them, the debt service interest was 420.77 billion yuan. The reporter learned that in 2013, the national toll road repayments accounted for 86.2% of the vehicle toll revenue of the year, while last year, toll revenue was 29.17 billion less than the cost of repayment of interest.
The reporter noted that compared with 2013, the total amount of national toll road expenditure increased by 117.43 billion yuan, of which the net increase of debt service expenses was 106.02 billion yuan, accounting for 90% of the increase. In addition, last year's maintenance expenditure was 46.92 billion yuan, a net increase of 7.88 billion yuan over 2013, an increase of 20.2%; operating management expenditure was 53.40 billion yuan, a net increase of 7.67 billion yuan, an increase of 16.8%.
However, other expenses last year were 2.67 billion yuan, a net decrease of 7.44 billion yuan from 2013, a decrease of 74.4%. Wang Tai explained that the statistical process in 2014 was more detailed than in 2013. The part of other expenses related to maintenance engineering and operation management was included in the maintenance and operating expenses. As a result, this has also resulted in an increase in maintenance and operating costs per 10,000 km compared to last year.
In 2013, China's toll road mileage was 165,500 kilometers, compared with 162,600 kilometers last year. Based on this, in 2013, the maintenance and operating expenses per 10,000 kilometers were 2.5 billion yuan and 2.94 billion yuan, while the maintenance and operating expenses per 10,000 kilometers last year were 2.88 billion yuan and 3.28 billion yuan.
In 2014, the national toll roads reduced vehicle tolls by 47.37 billion yuan. Among them, the transportation of fresh agricultural products transport vehicles was reduced by 24.84 billion yuan, the military police and rescue vehicles were reduced by 4.95 billion yuan, and the free passage of small passenger cars on major holidays was 17.58 billion yuan, accounting for 37% of the total reduction.
â–¡ Question 1 Why did the debt gap soar last year?
High-speed access to the peak period of interest and payment. Wang Tai, deputy director of the Highway and Transportation Bureau of the Ministry of Transport, said that the widening gap in revenue and expenditure is mainly due to the substantial increase in debt service. First, the continuous increase in the size of debt has led to an increase in debt service payments. Last year, the debt balance was 3.85 trillion yuan, and the annual interest repayment amounted to 231 billion yuan. Together with the principal to be repaid, the burden was even heavier.
In addition, China's toll roads have entered the peak period of debt repayment. Toll roads are generally characterized by low and high after the traffic volume is low. Banks generally give the toll road project a “limited period of construction period of +1 yearâ€, and only pay interest during the grace period, and will not repay the loan. When traffic is first opened, the traffic volume and toll income are generally low. It is commonly known as the “vehicle traffic incubation periodâ€, which is about 3 to 5 years. At this stage, the lower repayment amount is generally agreed with the bank. After the incubation period, it will enter the normal debt repayment period, and there will be a large increase in the principal and interest payments.
It is understood that from 2011 to 2014, the four-year increase in express high-speed mileage accounted for 31.1% of the total mileage of all toll highways, investment accounted for 45.5% of the total construction investment, and debt balance accounted for 45.6% of the total debt balance. That is to say, these four years are indeed a construction peak. After the large-scale construction period in the previous years, it is now at the peak of debt repayment.
In addition, Wang Tai also mentioned that although the tolls increased, the fees were basically maintained at a level of more than a decade ago, and the toll income could not fully meet the expenditure, which is also the reason for the continuous expansion of the debt.
2 Will the debt-ridden status continue?
According to Wang Tai, at present, the expressway in the eastern region is relatively perfect, and the western region and the extended mountain area need large-scale construction.
There are more plains in the eastern region, and the roads are relatively well repaired. As the construction extends to the western regions and large mountainous areas, the bridge-to-duct ratio continues to increase, and the cost of land acquisition and demolition, raw materials and labor costs rise rapidly, and the cost of highway construction continues to rise.
According to estimates, the average cost of the four-lane expressway approved in 2014 was about 77 million yuan/km, and the average cost in 2000 was about 32 million yuan/km. The average cost in 2004 was about 42 million yuan/km, 2.4 times that of 2000. At 1.83 times of the year, the average cost increased by 10 million yuan every three to four years.
At present, the total mileage of toll roads nationwide is 162,600 kilometers, and the accumulated construction investment is 6.15 trillion yuan, of which 4.27 trillion yuan is bank-based debt funds, accounting for 70% of the total investment. In other words, the situation of high debts in the future will continue.
However, Wang Tai also mentioned that the scale of road debt is related to the current stage. In the long run, after the peak of large-scale construction, the road network is stable and perfect, and the annual increase in debt will also decrease, and the toll income will increase with the increase of traffic volume. At that time, the debt scale will gradually decline, and the revenue and expenditure will gradually decrease. Strive to balance until the entire debt is repaid.
3 Why are the operating roads also unified?
The high debt ratio is an important reason. At present, many provinces and municipal toll roads have reached the charging period, but they continue to charge. Last year, the Shandong Transportation Department announced that 15 (segment) expressways due at the end of 2014 will continue to be charged. And explain that there is a law to follow. According to Article 11 of the Regulations on the Management of Toll Roads, the government can repay the roads and repay the loans. That is to say, there is a high-speed charging period that is not full, and other high speeds can continue. Received.
Some experts have questioned that although the "Regulations" mentioned that the government can repay the roads and repay the loans, it does not mention that the operating roads can do the same. At present, many provinces and cities will implement the unified roads for operating roads.
Chen Yanyan, a professor at Beijing University of Technology, believes that China is currently in a large-scale construction period of highways, which requires a large amount of construction funds. The reason why provinces and cities dare to extend the charging period blatantly is not unrelated to their respective debt ratios. Of course, it is also related to the "acquiescence" of the central department. At present, the Ministry of Transport is revising the Regulations on the Management of Toll Roads, but it should be implemented in accordance with the old regulations before the introduction of the new Regulations.
Earlier, Li Yanwu, director of the Highways Bureau of the Ministry of Transport, said in an interview with the media that the unified lending system also conforms to the characteristics of network infrastructure and is not unique to toll highways. Such as the power grid, railway network, communication network, etc. are essentially a model of unified lending and repayment, implementing unified revenue and expenditure management and cost accounting.
4 Is it true that the monthly salary of the toll collector is over 10,000?
Before the toll collectors got two or three thousand yuan a month, some media reported that the high-speed toll collectors had a monthly salary of tens of thousands, and the toll road became a "printing machine." In this regard, Yan Mingyuan, director of the Highway Traffic Development Research Center of the Highway Science Research Institute of the Ministry of Transport, said that toll roads belong to labor-intensive industries. Each manual toll lane is required to implement three shifts, and the toll station with large traffic volume has one lane per shift. Two to three toll collectors need to be arranged at the same time, so there are more people.
"It should be said that the income of the toll collector is too high. This is actually a rumor." Yan Mingyuan said that there were indeed media reports that the monthly salary of the expressway exceeded 8,000 yuan, but it was confirmed to be fake news. Later, the front page of the media was corrected. Last year, the Ministry of Communications went to the eastern provinces to do research. In general, the income of the toll collectors in different regions is different, but the wages should be about three or four thousand yuan per month, and the actual amount is two or three thousand yuan. At present, the proportion of personnel expenditure in operating expenses is still relatively high. In the future, after ETC networking and large-scale promotion and application, some artificial lanes will be transformed into ETC lanes, and personnel costs will gradually decrease.
However, according to the Beijing Times reporter, the Audit Commission had previously conducted special audits on high-speed tolls in 18 provinces. It was found that highway management companies in some places did have high benefits and were over-compiled. Among them, one company has 27 people, and the actual number is 156. Some companies even use funds to build buildings, invest in wealth management.
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