Xiamen bankrolls PPP projects
Xiamen city in Fujian province has issued a policy on subsidizing public-private partnership (PPP) projects, reported fjsen.com on Thursday.
PPP is a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies.
The mode takes advantage of sufficient social capital and makes investment in public sectors including transportation, water conservancy, communication, environmental protection, affordable housing, medical treatment and senior healthcare.
Based on the new policy ,the Xiamen financial department will award an approved PPP project prize money equivalent to five percent of the social capital it has absorbed, with a cap of 50 million yuan.
If the PPP project is included by the Ministry of Finance or the National Development and Reform Commission, Xiamen will raise the prize money by 20 percent.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.