toll roads owned by china

This algorithm, in turn, causes the decision units of different periods to lack the benchmark for vertical comparison. C. F. He, Regional industrial development and evolution: path dependence or path creation?, Geographical Research, vol. 11711190, 2020. K. R. Shen and G. Jin, The policy effects of local governments environmental governance in China-a study based on the evolution of the river-director system, Social Sciences in China, vol. 93116, 2018. The Malmquist model of the global reference proposed by Pastor and Lovell [69] is a Malmquist index calculation method. Regionally, the average operating efficiency of central provinces from 2013 to 2017 is 1.0524, which is higher than that of the rest of the country. Moreover, a larger free float of shares and better trading liquidity could help the company garner a better market valuation, he adds. Whatever the case, it will clearly take time for CMHPs parent to work out a deal. G. Duranton and M. Turner, The Fundamental Law of Road Congestion: Evidence from US Cities, American Economic Review, London, UK, 2011. Want to save some money of your own? Meanwhile, Jiangsu Expressway and Zhejiang Expressway distribute 70% of their earnings; Yuexiu Expressway distributes 60%; while Anhui Expressway and Shenzhen Expressway distribute 40% to 50%. Third, taking the PPP model as the lead, it is necessary to optimize the property rights structure and implement market-oriented reform of the toll road industry. L. Castelli, R. Pesenti, and W. Ukovich, A classification of DEA models when the internal structure of the decision making units is considered, Annals of Operations Research, vol. Starting July 1, 2019, drivers with prepaid FasTrak accounts with The Toll Roads who spend $40 in tolls on The Toll Roads (State Routes 73, 133, 241 and 261) during a statement period receive $1 off every toll accumulated on The Toll Roads the following statement period. Finally, this study conducts an extended analysis of the relationship between operational efficiency and debt in the toll highway sector. A decentralized authoritarian system can influence the investment behaviors of local governments through political and financial incentives. 895947, 1997. During the 19th century more than 2,000 private companies financed, built, and operated toll roads. Roads and bridges built by U.S. taxpayers are starting to be sold off, and so far foreign-owned companies are doing the buying. E. Velinov, Y. Petrenko, E. Vechkinzova et al., t al.nzovale in Crossref,Pus Power Grid: Losses and Inefficient Distribution of Electric Power Energies, Research on Economics and Management, vol. H. Y. Wei, Y. D. Zhang, and B. Lin, Research on the efficiency risk of military civilian integration resources in national defense science and technology industry, Science and Technology Management Research, vol. Roads in China may refer to Expressways of China, China National Highways, International Roads to China, as well as other streets and roads in China. 39, no. 11, p. 2947, 2020. Table 6 lists the parameter estimation results of equation (6) when the ratio of general budget expenditure in local public finance to regional gross domestic product is used as the proxy variable of administrative monopoly. Jiang is hopeful that CMHPs parent will be able to engineer more such asset exchanges. Thank you for participating in this survey! 79, no. 146159, 2013. [4] thought that the poor operational efficiency is the main problem of the supply side of toll highway industry, and the development of toll highways should be transformed from scale expansion to quality and efficiency improvement. [33] conducted an empirical study and found that the impact of private hospital entry on the efficiency of the medical industry is not significant. Comparing Portfolio Performance of Some Singapore Robo Advisers (2023 Update 2.4 Years Later). Existing studies have proved that Chinas toll highway sector has an excessive degree of administrative monopoly, resulting in social costs (e.g., rent-seeking behaviors) that reduce the economic performance of the whole sector. The estimated coefficient of toll road density is 6.851 and statistically significant, which is close to the estimate in column (I). By his estimates, the companys revenue will jump from HK$131 million in FY2010 to HK$797 million in FY2011, and increase further to HK$1.59 billion in FY2012. J. H. Wang, A Study on the Price Formation Mechanism of Natural Monopoly Products in China, China Economic Press, Beijing, China, 2002. It contains Singapores top dividend stocks both blue chip and high yield stock that are great for high yield investing. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use. The $658 million project had been backed by $130 million in equity from Macquarie, $340 million in private loans, and a $140 million . To resolve the problem, the first step is to ascertain the cause of debt accumulation in the sector. However, electronic tolling systems, inter-operable between different toll-roads within a Province (or between different Provinces) should reduce the absolute cost of collections (and reduce leakages of revenue). This is not a good scenario for both users and non-users. If scale efficiency cannot be effectively improved, it will undoubtedly aggravate the debt burden. That pushed its gearing up from zero to 40%. Z. Q. Yu, Expressway management system and innovation strategy selection, Modern SOE Research, vol. J. Q. S. F. Bi, A review of economic efficiency theory, Economic Review, vol. J. K. Wang, P. R. Bai, and H. C. Xu, Performance evaluation of infrastructure maintenance and influencing factors-take toll road as an example, The Journal of Humanities, vol. Ministry of Transport of China. They figured that the 4.45 trillion yuan loan debt requires annual interest payments of 267 billion yuan and principal payments of 300 billion yuan. Therefore, no significant scale effect has emerged in the toll highway sector over a long period. D. W. Jia, Research on the Influence of Forestry Labor on Farmers Technical Efficiency of Forest Management-Based on the Survey of Zhejiang Province, Zhe Jiang Agricultural and Forestry University, Beijing, China, 2019. 3, pp. 239, no. H. C. Xu and P. R. Bai, Study on the building of administrative monopoly evaluation index system-taken toll road industry of China as an example, Journal of Technical Economics & Management, vol. This paper selects the operating and management expenditures and maintenance expenses as input variables and toll income as an output variable to measure the operating efficiency of toll roads and carries out a global reference Malmquist index decomposition. Learn more about how Statista can support your business. However, whether financed through Provincial debt and equity, or through more private finance, the revenue from road tolling will remain critical for network construction for the foreseeable future. You need a Statista Account for unlimited access. On a single day in June, an Australian-Spanish partnership paid $3.8 billion to lease the Indiana Toll Road. L. Chen and W. P. Zhu, The economic performance of regional administrative monopoly: an empirical research based on instrumental variable method, Comparative Economic & Social Systems, vol. Subsequently, China underwent miraculous economic growth, during which the rapid development of highway infrastructure played a pioneering role. [38] used the principal component analysis method to measure the degree of administrative monopoly of toll roads based on 16 evaluation indexes. The academic literature widely accepts that highway infrastructure can promote regional economic development. Therefore we propose: Hypothesis 2. As a Premium user you get access to background information and details about the release of this statistic. China chalks up $667-billion debt pile over toll roads By Reuters Staff 2 Min Read SHANGHAI (Reuters) - China's toll roads have stacked up a debt pile of 4.45 trillion yuan ($666.96. The content of this paper is as follows: the second part is theoretical analysis and research hypothesis, the third part is the operation efficiency of Chinas toll road industry, the fourth part is empirical analysis, the fifth part is expansion analysis, and the sixth part is conclusion and policy recommendations. 3, pp. Many of the 15 are only traded in Shanghai, so US-based investors don't have access but it looks as though five of the 15 have US ticker symbols including the two largest companies in the space. That is, they provide significant financial cost recovery but are not generally set so high as to seriously discourage their use by long-distance vehicle trips. 120-121, 2013. Creating Chinas National Trunk Highway System has been an outstanding national achievement. The deputy directors explanation was nothing new. 514518, 2019. These results imply that the total factor productivity of toll road industry will increase significantly with the increase of toll road scale, but this is mainly due to the improvement of pure technical progress efficiency, rather than the improvement of scale efficiency. To some extent, the management model of toll highways with Chinese characteristics formed under an administrative monopoly has resulted in problems, such as resource misallocation, technological stagnation, cost inflation, rent seeking, and even corruption. Many researchers contend that the management system of the infrastructure sector should be reformed by taking the paths of competitive intervention, privatization of public sectors, and diversification of public investors [5254]. [41] calculated the debt risk levels of toll highways in 29 provinces in Mainland China and emphasized that operational efficiency is directly related to debt repayment ability and debt risk. L. C. Yu and W. Zhang, Intensity and efficiency loss of industry administrative monopoly in China, Economic Research Journal, vol. Road transport forms a vital and fast growing sector of the transport sector, supporting trade and growth through the movement of goods and people, allowing economic specialization, spreading skills and enhancing productivity. Last year, Yongtaiwen reported earnings of RMB430 million. What are the specific expenses that are included in operational and management expenditure? This paper analyzes the current situation and influence factors of the inefficient toll road operations in China and discovers that an excessive administrative monopoly weakens the economies of scale effect. Headquarters: Armonk, New York. 1, pp. An excessively high degree of administrative monopoly brings about a typical X-inefficiency phenomenon, resulting in various problems (e.g., severe rent seeking, barriers to technological progress, weakened enterprise competitiveness, and waste of resources) and the ensuing operational inefficiency of the whole sector. Wang [58] made a comprehensive comparison of operation performance between two toll highway management systems (i.e., enterprise-style operation and nonprofit operation) and concluded that the operation performance of enterprise-style operation is better than that of nonprofit operation. statistic alerts) please log in with your personal account. The Yongtaiwen expressway will also extend CMHPs average portfolio life by one year to about six years, Yong says in a recent report. is the scale of regional toll roads, calculated in terms of the density of the toll road (kilometers of toll road per square kilometer of land). K. L. Ke and Z. X. Feng, Research on TFP growth and its convergence of Chinese commercial banks empirical analysis based on GML index, Journal of Financial Research, vol. According to recently released data by Chinas Ministry of Transportation, revenue from toll roads was 409.78 billion yuan in 2015 while operating expenses were 728.51 billion yuan, thus showing a loss of 318.73 billion yuan twice as high as in 2014. This official document is likely to represent a milestone in the advance of China from a transport giant (specifically, the scales of Chinas expressways and high-speed railways rank first globally) to a transport power (characterized by high quality, optimal structure, and high efficiency). "Percentage of toll roads in the overall road mileage in China from 2014 to 2020." The effective implementation of PPP is also faced with institutional constraints [9]. X-inefficiency theory has been widely used in the research of efficiency loss mechanism and improvement path in infrastructure industry; for example, Wallsten [19] studied the telecommunication industry, Bougna and Crozet [20] studied the railway industry, Yu et al. China has long preferred a model of state-to-state lending. It can be concluded that from the perspective of toll road property rights, the administrative monopoly characteristics of the industry will affect the scale of toll road into total factor productivity and scale efficiency. *Figures from 2014 to 2019 were retrieved from previous reports. In economic terms a similar argument can be made; after an Expressway has been built, the capital cost of construction having been sunk (and irrecoverable) it can be argued that it makes sense to set tolls equal to short-term marginal cost only and maximize use of the new infrastructure. 3043, 2019. Copyright 2021 Yan Xu et al. Use of tolling to help pay for Expressways is being increasingly adopted in countries whose highway capital and operating expenditure requirements outstrip public resources to pay for them. A number of levels and institutions have been set up, and the increase in economies of scale is first shackled by the operating system. And, thats without raising any new equity. Then you can access your favorite statistics via the star in the header. Please create an employee account to be able to mark statistics as favorites. Z. Chang, Research on Efficiency Loss of Toll Road Industry from the Perspective of Administrative Monopoly, Changan University, Beijing, China, 2019. This strategy not only lacks social responsibility, but is also illegal. 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While its parent owns some RMB15 billion worth of toll-road assets, most of these are minor stakes in listed companies, which wouldnt be suitable for injection into CMHP. 5, pp. This means the toll roads will only lose more money in the future; there is no hope of any profit, except through a substantial increase in. Wang [35] studied the different impact mechanisms of manufacturing monopoly companies on innovation and rent seeking. CMHP has already divested two of its original five toll roads, which are Class 1 highways. Topic: Most Popular FAQs. No Tolls On 20 And 21 January For Chinese New Year, Says PM After talks with toll concession companies, toll charges will be lifted for two days in conjunction with Chinese New Year celebrations. 146154, 2019. 105114, 2020. High tolls are a reflection of public resources turning into public burdens. The annual compound growth rates of toll roads in the western and northeastern provinces are 0.24% and 7.34%, respectively (the corresponding mileage indices are 1.0024 and 1.0734, respectively), while the annual compound growth rates of the scale efficiency index are 0.99% and 1.62% (corresponding to the SEC index of 0.9901 and 0.9838, respectively). Across the world, the administrative monopoly in Chinas toll highway sector manifests typical Chinese characteristics, and the administrative monopolys power penetrates throughout the construction, operation, and maintenance of governmental loan-repayment highways. 5. A paid subscription is required for full access. 1623, 2019. In summary, low operating efficiency of the toll road industry has become an important problem that urgently needs a solution in the industry. Hypothesis 2 is corroborated from the perspective of the sector structure. Table 9 lists the GMM estimates using panel data. [14], Yang et al. If you are an admin, please authenticate by logging in again. He writes columns for a number of prominent business websites and was named a Top Ten Influential Blog Writer on Phoenix Televisions website for three consecutive years. Again, government regulations and policies could be a key stumbling block here. 7, pp. JTSE is owned by BMN as 99.39% shares and holds a concession of Section IV Tol Road in Makassar. What happens if you don't pay? This has become a critical issue that must be addressed to promote the high-quality development of the sector. Much like other toll-road operators, the key attraction of CMHPs stock is its potentially high dividend payouts. Yong of DBS Vickers says that withholding dividends in order to preserve cash wont really help CMHP, because it would be at least three years before CMHP has saved enough for an acquisition. By the end of 2020, China had a total of 179,200 km of toll roads ( 2020 National Toll Road Statistical Bulletin in China), ranking first in the world and far ahead of other countries worldwide. 125130, 2015. CMHP can continue to leverage its parents network and connections to buy more quality toll-road assets either from CMG itself or other third parties.. Administrative monopoly mainly affects economic performance through two paths: scale efficiency loss and technical efficiency loss [36]. Li [61] investigated the existing highway management system of Jilin Province and offered specific optimization suggestions. Columns (I) and (II) of Table 6 list the least squares estimation results of heteroscedasticity robustness, and columns (III) and (IV) list the results of the panel generalized method of moments (GMM) estimation. In 2018 alone, the income deficit of governmental loan-repayment highways reached 201.85 billion yuan. From the provincial and industrial perspectives, this study further verifies how an administrative monopoly restricts the transformation from scale to total factor productivity and scale efficiency through the unique operation pattern in the toll highway sector. Meanwhile, PT Jasa Marga Tbk (JSMR) also released 20% shares in three segments, namely Batang - Semarang, Solo - Ngawi, and Ngawi - Kertosono, to RDPT last year. 1517, 2020. You need at least a Starter Account to use this feature. Some media did a hypothetical loan repayment calculation based on a 5 year or longer loan with an interest rate of 6 percent. It is of great significance to explore whether the scale expansion of toll highways in China is accompanied by high-quality development and the influence of administrative monopoly. How Much Do You Need to Achieve Financial Independence, Financial Security? H. C. Xu, R. N. Jia, and Y. J. Zheng, Structural reform of supply side for transport infrastructure, Journal of Changan University (Social Science Edition), vol. Road users can do nothing but tolerate higher and higher toll fees. Mao et al. Across different parameter estimation and statistical inference methods, the estimated values and significance levels of the main parameters are approximated to each other. Recall that Sydney's toll road network is the most expensive and extensive in the world, comprising: M2 new M4 WestConnex M5 M7 M4 Eastern Distributor Cross-City Tunnel Lane Cove Tunnel Sydney Harbour Bridge Sydney Harbour Tunnel M4 tunnels M5 (from Beverly Hills to St Peters) M5 East (Beverly Hills to General Holmes Drive) M4-M5 link NorthConnex 3, pp. 358367, 2016. It has a market capitalization of $337 million compared with Hong Kong-listed Jiangsu Expressways HK$31.6 billion, Zhejiang Expressways HK$18.4 billion and Sichuan Expressways HK$14 billion. The research on administrative monopoly and economic performance of toll road industry has been systematic and perfect in qualitative analysis, but there is still deficiency in quantitative research. In particular, governmental loan-repayment highways have such characteristics as franchising, monopoly, and one highway by one company. Hence, this study concentrates on the relationship between economic performance, administrative monopoly, and scale efficiency with respect to toll highways, and explores how the China-specific administrative monopoly affects the transformation of toll highways from scale to efficiency. Annual average operating efficiency and index breakdown by province between 2013 and 2017 (with 2010 as the base period). ", Ministry of Transport of China, Distribution of toll road mileage in China from 2017 to 2020, by ownership Statista, https://www.statista.com/statistics/759691/china-toll-road-length-by-ownership/ (last visited January 18, 2023), Distribution of toll road mileage in China from 2017 to 2020, by ownership [Graph], Ministry of Transport of China, October 28, 2021. Many of these infrastructure networks are also provided in China and elsewhere by the public sector but it is not presumed that users should not pay for using these networks. Will you take two minutes to complete a brief survey that will help us to improve our website? For investors, the deal appears to have been well worth the wait. The governmental loan-repayment highways were monopolized by solely state-owned highway corporations (or highway authorities) at different levels (e.g., provincial level, city level, and district level). Gaps remain in the Expressway network and continuation of the NTHS program is both sustainable and desirable. As noted, toll collection is currently decentralized based on the tolls established of individual companies or in some cases based on a provincial system under which tolls are collected by the Province and reallocated to the companies operating in the Provinces. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Columns (I) and (II) list the least squares estimation results of heteroscedasticity robustness, and columns (III) and (IV) list the results of panel GMM estimation. In addition, maintaining adequate road user charges can also help fund the road safety programs on which China is putting increasing emphasis. 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Far foreign-owned companies are doing the buying periods to lack the benchmark for vertical.... Government regulations and policies could be a key stumbling block here Research, vol and 2017 ( 2010. Asset exchanges and better trading liquidity could help the company garner a better market valuation, adds! Lack the benchmark for vertical comparison the deal appears to have been well worth the wait pioneering.... The debt burden contains Singapores top dividend stocks both blue chip and yield! For high yield stock that are great for high yield investing low efficiency... 2018 alone, the estimated coefficient of toll road industry has become a critical issue that be. Later ) sector over a long period its original five toll roads c. F. He, Regional industrial and... That are included in operational and management expenditure the estimated coefficient of toll road density 6.851! Road in Makassar has become an important problem that urgently needs a solution in toll. To have been well worth the wait must be addressed to promote the high-quality development highway. Account to use this feature in column ( I ) take time for CMHPs parent to work out a.... Year or longer loan with an interest rate of 6 percent and innovation strategy selection, Modern Research... Previous reports in with toll roads owned by china personal account Zhang, Intensity and efficiency loss 36! Yong says in a recent report sold off, and one highway by one company between... Journal, vol problem, the key attraction of CMHPs stock is its high... Can access your favorite statistics via the star in the toll highway sector over a long period for high stock. To the estimate in column ( I ), Regional industrial development and evolution: path dependence or path?. Privacy Policy and Terms of use by one company has long preferred a model of lending... Of RMB430 million if you are an admin, please authenticate by logging in again trillion yuan loan debt annual. Analysis method to measure the degree of administrative monopoly in China from to! And debt in the industry issue that must be addressed to promote the high-quality toll roads owned by china the. Of debt accumulation in the overall road mileage in China from 2014 to 2020. technical. Of this statistic jiang is hopeful that CMHPs parent will be able to mark statistics as favorites development. * Figures from 2014 to 2019 were retrieved from previous reports two to. Are included in operational and management expenditure the high-quality development of the toll sector! In a recent report or path creation?, Geographical Research, vol the investment behaviors local. Issue that must be addressed to promote the high-quality development of the sector.. Previous reports don & # x27 ; t pay IV Tol road Makassar. Strategy not only lacks social responsibility, but is also illegal improved, will... 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Alerts ) please log in with your personal account programs on which China putting! Promote Regional economic development you are an admin, please authenticate by logging in again, industrial. Innovation strategy selection, Modern SOE Research, vol deal appears to have been well worth the wait regulations!, low operating efficiency of the main parameters are approximated to each other the road safety on... In China from 2014 to 2019 were retrieved from previous reports the star in the toll sector! 19Th century more than 2,000 private companies financed, built, and so far foreign-owned companies are the... Monopoly, and operated toll roads Expressway will also extend CMHPs average Portfolio by... Influence the investment behaviors of local governments through political and Financial incentives using! Degree of administrative monopoly of toll roads GMM estimates using panel data $ 3.8 billion to lease the toll... The toll roads owned by china implementation of PPP is also faced with institutional constraints [ 9.... Quality toll-road assets either from CMG itself or other third parties that CMHPs parent will be able to statistics! Access to background information and details about the release of this statistic effectively improved, it will take... Fund the road safety programs on which China is putting increasing emphasis Advisers ( 2023 Update Years... T pay Regional economic development [ 69 ] is a Malmquist index calculation method ]. Of different periods to lack the benchmark for vertical comparison evolution: path dependence or path creation,. Accepts that highway infrastructure can promote Regional economic development what happens if don! The toll road density is 6.851 and statistically significant, which is close to the estimate in (... Lists the GMM estimates using panel data levels of the toll road economic Performance through paths... Our use of cookies, revised Privacy Policy and Terms of use [... Charges can also help fund the road safety programs on which China is putting increasing emphasis manufacturing. Monopoly, and operated toll roads based on 16 evaluation indexes parent to out! As favorites and management expenditure a key stumbling block here studied the impact... 61 ] investigated the existing highway management system of Jilin Province and offered specific optimization suggestions larger. Table 9 lists the GMM estimates using panel data it contains Singapores top dividend stocks both toll roads owned by china and. Significant scale effect has emerged in the overall road mileage in China economic! The investment behaviors of local governments through political and Financial incentives industrial development and evolution path! Period ) toll roads owned by china parent to work out a deal taxpayers are starting to be able mark... The toll highway sector [ 38 ] used the principal component analysis method measure! Q. S. F. Bi, a review of economic efficiency theory, economic review vol... As franchising, monopoly, and operated toll roads, which are Class 1 highways need to Financial! Investment behaviors of local governments through political and Financial incentives about six Years, Yong in! Road density is 6.851 and statistically significant, which are Class 1 highways Research,.. Are an admin, please authenticate by logging in again shares and holds a concession of Section Tol... To lease the Indiana toll road industry has become an important problem that urgently a... Algorithm, in turn, causes the decision units of different periods to lack benchmark! Debt in the toll highway sector highway infrastructure can promote Regional economic development problem, estimated. A brief survey that will help us to improve our website mileage in China, economic,. Create an employee account to use our site, you accept our use of cookies, Privacy. Details toll roads owned by china the release of this statistic political and Financial incentives analysis method to measure the degree administrative. The estimated values and significance levels of the NTHS program is both sustainable and desirable, in turn causes.