Chinese subway crazy expansion（四）
Promulgator
：LX Time：2019-04-30
At the same time, the funds needed for subway construction have become a huge burden on local finance. The chart below will compare the investment amount of some metro projects planned by the end of 2016 with the government revenue of the year. Among them, Chengdu and Urumqi's subway investment amount is close to twice the local government's general public budget revenue.
Therefore, a new round of supervision on the subway project has also come.
At the end of 2017, Baotou Metro, which invested about 30 billion yuan in the previous period, and the subway project of Line 3 and Line 4 in Hohhot were called to stop. The Lianhe Zaobao reported that the six subway lines originally planned to be built in Xianyang City, Shaanxi Province, have not yet been approved by the National Development and Reform Commission. The new round of planning for Xi'an Metro has not been approved by the National Development and Reform Commission. The Economic Observer Network cited local government officials from the capital cities of the central and western provinces, and the subway plan reported by the city where it was reported has not yet been approved.
The Economic Observer Network reported in March this year that the National Development and Reform Commission further tightened the requirements and standards for subway construction. In addition to the original 10 billion general budget revenues raised to 30 billion, the government's debt ratio for the construction of the planned construction in the past three years should not exceed 120%, and the direct engineering investment per kilometer of the subway system does not exceed 600 million yuan.
At the moment, high local government debt has become a big hidden danger in China's economic development. Local governments have invested in infrastructure to drive local economic development models, and the risks have begun to increase. This is the reason why this round of countries has strengthened supervision over rail transit construction.
