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on september 6, the hangzhou-wenzhou high-speed railway was officially opened for operation. its main line is 267 kilometers long, with a designed speed of 350 kilometers per hour and 9 stations. taking this most convenient passenger transport channel, it takes only 1 hour and 27 minutes to travel from hangzhou west to wenzhou north.

on september 6, the reporter learned from zhejiang transportation group that the high-speed railway is the country's first "double demonstration" project of national mixed-ownership reform pilot and national development and reform commission's social capital investment demonstration.

according to reports, the hangzhou-wenzhou high-speed railway will be built in two phases. the first phase is the yiwu to wenzhou section, which will be supervised and managed by the zhejiang provincial development and planning institute as the implementing agency, with zhejiang transportation group and representatives of local government investors along the line as government investment guides, and private enterprise parkson united group as the social capital party to hold controlling stakes in investment and construction. it is a national mixed-ownership reform pilot and a social capital investment demonstration high-speed railway project of the national development and reform commission; the second phase is the hangzhou to yiwu section, which will be held controlling stakes in investment and construction by zhejiang transportation group. it is the first high-speed railway project in zhejiang that is wholly funded by the provincial government.

as the first "double demonstration" high-speed rail project in china, what explorations has the hangzhou-wenzhou high-speed ​​railway made in mixed-ownership reform and social capital investment in the construction of large-scale infrastructure projects, and what reform inspirations will it bring?

private enterprise holds controlling stake in construction of yiwu-wenzhou section of hangzhou-wenzhou high-speed railway

in 2015, the national development and reform commission, the ministry of finance, the ministry of land and resources, the china banking regulatory commission, and the national railway administration jointly issued the "implementation opinions on further encouraging and expanding social capital investment in railway construction", which mentioned in promoting the diversification of investment and financing methods that social capital is supported to build and operate railways in various investment methods such as sole proprietorship and joint ventures, and the ownership and operating rights of railways are opened to social capital; the government and social capital cooperation (ppp) model is promoted, and franchise, equity cooperation and other methods are used to obtain reasonable returns through transportation income, related development income and other methods.

the following year, the national development and reform commission announced the first batch of eight social capital investment railway demonstration projects, and zhejiang had two projects on the list, namely the hangzhou-shaoxing-taizhou intercity railway and the hangzhou-wenzhou railway. the hangzhou-shaoxing-taizhou intercity railway is my country's first privately-owned high-speed railway. it was opened in january 2022 and is operated by hangzhou-shaoxing-taizhou railway co., ltd. the company's controlling shareholder is the zhejiang merchants private consortium led by fosun group, which holds a 51% stake; the national railway group holds a 15% stake, the zhejiang provincial government holds a 13.6% stake, and the governments of shaoxing and taizhou hold a combined 20.4%.

according to the news released by yongjia, the first phase of the hangzhou-wenzhou high-speed railway will build a new section from yiwu to wenzhou, with a line length of about 201 kilometers, and mixed ownership reform and ppp project investment. in june 2018, the zhejiang provincial government and parkson united group signed a cooperation agreement on the hangzhou-wenzhou railway national mixed ownership reform pilot and ppp demonstration project in hangzhou. parkson united group will invest 51% to control the construction of the hangzhou-wenzhou railway yiwu to wenzhou section. the cooperation period is 34 years, including a construction period of 4 years and an operation period of 30 years. the remaining shares are invested by china railway corporation, zhejiang transportation group, and local governments along the line. during the operation period, each investor will share the project revenue in accordance with the agreement. after the operation period expires, the project assets will be transferred to the government free of charge.

parkson united group is a group enterprise in longwan district, wenzhou, focusing on large-scale civil engineering investment and construction, design and construction, management and operation and maintenance. the group’s president, sheng xingle, is from hesheng town, yongjia county.

explore a series of reform measures in the high-speed rail investment and financing system and railway construction

wenzhou has long been connected to high-speed trains, but due to detours or low line standards, it takes more than two hours to get to hangzhou. the hangzhou-wenzhou high-speed railway line is 267 kilometers long with a designed speed of 350 kilometers per hour. there are 9 stations along the line, including tonglu east, pujiang, yiwu, hengdian, pan'an, xianju, nanxijiang, wenzhou north, and wenzhou south. it has ended the history of pujiang, dongyang, pan'an, and xianju without high-speed rail, and the travel time from wenzhou to hangzhou has been shortened to about 1 hour.

the reporter learned from zhejiang transportation group that on december 28, 2015, the national development and reform commission listed the hangzhou-wenzhou high-speed railway as one of the eight social capital investment railway demonstration projects. it is one of the two most representative pilot projects in zhejiang province to attract private capital to invest in major infrastructure. since then, the hangzhou-wenzhou high-speed railway has opened up the exploration of private capital entering the field of high-speed railway infrastructure. on may 3, 2016, the state development and reform commission's institutional reform department held a symposium in beijing to listen to and study the listing of the hangzhou-wenzhou high-speed railway as the first batch of national mixed-ownership pilot projects. it is the only railway project among the first batch of 7 pilot projects. subsequently, the hangzhou-wenzhou high-speed railway project was officially listed as a pilot project for mixed-ownership reform by the state council.

as a national pilot project for mixed-ownership reform and a demonstration project for social capital investment in railways, the budget review of the hangzhou-wenzhou high-speed railway project was very difficult during the early project approval process, especially for the policy processing fees for land acquisition and demolition, which were borne by the local government. according to xia zhan, former deputy director of the wenzhou railway management center, at the end of 2017, in half a month, they thoroughly read more than 40 policy documents from the national to the local level, and worked with the design unit to go through them one by one, repeatedly traveling to wenzhou, hangzhou, and beijing, and through their efforts, they basically met the demands of the local governments on budget review and other issues.

"with the joint efforts of the government, the railway and private capital, the hangzhou-wenzhou high-speed railway has taken a series of bold measures in opening up the railway market, reforming investment and financing, and optimizing the construction model." li jiuyou, deputy general manager of parkson united hangzhou-wenzhou railway co., ltd., introduced that the first phase of the hangzhou-wenzhou high-speed railway project is the first mixed-ownership railway construction management model in china that combines "social investment + general contracting of the main project by private enterprises + commissioning the national railway to build on behalf of the project". with this model, private investors in the hangzhou-wenzhou project have a path to deeply participate in the railway construction process. in the first phase, the highest award in the domestic construction industry, the luban award, was created throughout the entire line, and a series of reform measures were explored, such as the joint management of the high-speed railway construction process by private capital and the national railway and the participation of private capital in cost management. this pioneering new model of high-speed railway construction with private capital holdings has given new connotations to the next step of guiding private capital to participate in the construction of major national projects and promoting mixed-ownership reform of infrastructure investment such as railways.

according to the relevant person in charge of zhejiang transportation group, the reform of hangzhou-wenzhou high-speed railway is not only about the investment and financing system of high-speed railway. as more and more state-owned enterprises and private enterprises in zhejiang participate in the construction of hangzhou-wenzhou high-speed railway, there are also reforms and innovations in railway construction. mei jiansong, deputy commander-in-chief of the railway construction headquarters of the group, said that they applied satellite remote sensing detection technology to the external environment improvement of the hangzhou-wenzhou high-speed railway, realizing the first use of (100+216+100)m steel-concrete rigid frame continuous beams on single-line railways at home and abroad. in addition, new technologies for high-speed railway construction such as 3d laser scanning and arch anti-slippage have also been widely used in the project.

the reporter learned from china state railway group co., ltd. that the hangzhou-wenzhou high-speed railway is connected to hangzhou west station through the hefei-hangzhou high-speed railway at tonglu east station, realizing interconnection with the hangzhou hub, and is connected to the hangzhou-shenzhen railway at wenzhou north station. it is an important part of the intercity railway network in the yangtze river delta. as a "double demonstration" project, the successful completion of this high-speed railway has important demonstration significance for encouraging and expanding social capital to participate in railway construction investment and broadening railway investment and financing channels. after the hangzhou-wenzhou high-speed railway is opened for operation, it will further improve the layout of the regional railway network, facilitate the travel of people along the line, drive the development of tourism resources, and effectively serve the integrated high-quality development of the yangtze river delta.