The Policy Interpretation of PPP

Secondly, the Draft clarifies the application of certain terms. For example, a “private party” refers to a legally-established enterprise with investment, construction, and operating capabilities. This means that financial institutions—which do not have construction and operating capabilities—may not independently serve as the bid-winning private party. Also, transferring equity of the project company is prohibited during the construction period of a PPP project, but it is permitted during the operating period with government approval. A private party may also undertake construction and production or provide specific services itself if it is recognized during the bidding process to be capable of doing so.

(2) Regulation of PPP project database — Cai Ban Jin [2017] No.92

With a view to thoroughly implementing the spirit of the National Financial Work Conference, further regulating the operation of PPP projects, preventing PPP from mutating into a new financing platform and resolutely putting a stop to increasing hidden debt risks, the Ministry of Finance issued the Circular on Regulating the Administration of the Comprehensive Public-private Partnership Information Platform Database (Cai Ban Jin [2017] No.92) (Document No.92) on November 10, 2017, defining compliant PPP projects by establishing three criteria for the inclusion of new PPP projects in the database and specifying seven circumstances under which a project already in the database shall be removed.

Document No.92 specifies that where an application has been made to include a project in the PPP project database and such project has been implemented using the PPP model, and where such model is inappropriate for the project, the preparatory work for a project has not been duly completed or a performance-based fee payment mechanism has not been established, the inclusion of such a project in the PPP database is prohibited. Where a project has already been included in the database but such project has been implemented applying the PPP model, where such model is inappropriate for the project, the preparatory work for which the project has not been duly completed, the “two verifications” were not conducted in accordance with provisions, continued implementation of the PPP model for the project is not appropriate, it does not satisfy compliant operation requirements, raising of debt/provision of security in a manner that violates laws or regulations is constituted or the disclosure of information has not been carried out in accordance with provisions, the financial authority at the level in question will arrange for and complete the concentrated PPP projects removal work by March 31, 2018.

The requirement against “using debt proceeds to serve as capital” among the criteria for the removal of projects from the database will have a relatively major impact on the “minimal equity, large debt” model that commonly exists in PPP project practice. In PPP project practice, particularly in projects requiring relatively large investments, project capital will usually be divided into a registered capital portion and a portion that is the gap between the registered capital and the project capital, with the private party paying in the registered capital by way of a paid-in capital contribution for equity, and the capital contribution for the gap is paid by way of a shareholder loan. As the funds for the gap portion under such a method are a “shareholder loan” made to the project by the private party, it is difficult for the project to avoid the restriction against “using debt proceeds to serve as capital” even if, in financial treatment, such proceeds appear to be compliantly listed as “capital reserve”. However, with respect to the private party itself carrying out financing and not generating debt funds for the project, the same can still be treated as project capital.

Furthermore, based on the compliance guidance of PPP projects by Document No.92, the problem of “emphasizing construction, disregarding operation” commonly existing in practice to date will be effectively resolved. In practice, certain enterprises whose main business is project construction, when participating in PPP projects, have not only shown an unwillingness to bear operating risks but have also lacked the operating capabilities, resulting in the PPP projects failing to become an effective tool for achieving the objective of sustainable development of public goods and services and running counter to the core objective of a PPP project of enhancing the efficiency and quality of public products and services. With the issuance of Document No.92, the inclusion in the database of projects the project construction costs of which are not included in the performance assessment, ones in which the connection with performance assessment results is less than 30% or ones that establish the public party's expenditure responsibility is prohibited, thus thoroughly resolving the trend of “disregarding operation” from the origin.

(3) New regulations on asset management

On November 17, 2017, the central bank issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Draft for Comments) (the Asset Management Opinions), greatly impacting investment/financing structures in the PPP industry. As most of the financing sources for the capital of PPP projects are asset management products from financial institutions, the Asset Management Opinions will, in respect of such issues as non-compliant development, multi-layer  nesting, mandatory payment, circumvention of financial oversight and macro control, etc. that exist in the asset management business, unify the regulatory standards for similar types of asset management products, prevent and control financial risks, and guide the flow of private funds into the real economy. Although the document is still at the comment stage, it provides a look into the thinking of the regulators with respect to the regulation of asset management products.

In practice, the financing for PPP projects commonly takes the form of the multi-layer nesting model. On the one hand, the multi-layer nesting structure permits the classification of risks at different levels based on the risk appetites of different investors; and, on the other hand, this structure also has the effect of providing an isolating cushion for project risks. However, after their issue, the requirements of the Asset Management Opinions, such as prohibiting financial institutions from providing roundabout services for the asset management products of other financial institutions to circumvent regulatory restrictions, such as those on scope of investment and leveraging; permitting asset management products to invest only in double layers' asset management products, and prohibiting the latter from investing in other asset management products; and prohibiting financial institutions from guaranteeing principal and/or returns in the course of their asset management business will present greater challenges for PPP project financing.

(4) Regulation of the investment in PPP projects by enterprises under the central government — Guo Zi Fa Cai Guan [2017] No.192

On November 17, 2017, the State-owned Assets Supervision and Administration Commission of the State Council issued the Circular on Strengthening Risk Control in the PPP Business of Enterprises Under the Central Government (Guo Zi Fa Cai Guan [2017] No.192), placing constraints on the overheated investment and non-compliant investment by enterprises under the central government in the current PPP waves. Its specific measures include: (1) strengthening group control, requiring centralized approval of all PPP projects by the head office of a group; (2) making entry conditions stricter, stringently controlling investment in PPP projects outside the enterprise's main business and prohibiting participation in projects which lack a guaranteed fee payment source; (3) strict control of scale so as to prevent increases in debt risk; (4) requiring improvement of partnership arrangements, realization of sharing of risks and strict observance of capital regulations, and prohibiting the bringing in of “nominally equity, actually debt” type equity funds; (5) regulating accounting, requiring comprehensive determination of whether to consolidate based on the principle of “substance over form”; and (6) strict pursuit of liability and guarding against operation and investment that run counter to regulations.

The one point of Document No.192 that has a relatively major impact on PPP projects is the call to enterprises under the central government to halt capital financing of the “nominally equity, actually debt” type. That is because, previously, most enterprises under the central government participated in PPP projects by establishing non-consolidated funds and taking on for such funds credit enhancement measures such as buyback, making up of any shortfalls or otherwise, in other words, providing financing to PPP projects by way of “nominally equity, actually debt”. Document No.92 places restrictions on enterprises under the central government doing so by emphasizing that they are required to duly make the arrangements for their own funds for the PPP projects that they propose to carry out, they are prohibited from bringing in “nominally equity, actually debt” type equity funds and that they are prohibited from providing security for the equity capital contributions of other parties or guaranteeing returns.

(5) Regulation of government financing

Even after the implementation of the PRC Budget Law (revised in 2014) and document Guo Fa [2014] No.43, a number of local governments have continued to raise financing through debt in violation of laws or regulations, financial institutions have continued to require local governments to provide security undertakings when funding state-owned enterprises such as financing platform companies. To put a stop to these workarounds, the MOF and five other ministries issued the Circular on Further Regulating the Raising of Financing by Local Governments Through Debt (Cai Yu [2017] No.50) on April 26, 2017; jointly with the Ministry of Land and Resources, issued the Circular on the Issuance of the Measures for the Administration of Dedicated Local Government Land Reserve Bonds (Trial Implementation) (Cai Yu [2017] No.62) on May 16, 2017; issued the Circular on Resolutely Suppressing Illegal Financing Raising in the Guise of Purchasing Services by Local Governments (Cai Yu [2017] No.87) and issued Document No.92 on November 10 2017. The four documents seek to comprehensively regulate these issues by targeting financing platforms, land reserve financing, government purchase of services and administration of project database, respectively.

In Cai Yu [2017] No.50, the six regulators specify the policy boundaries for appropriate fundraising through debt. The document calls for compliance by local governments when financing and providing security, strengthening the administration of financing platform companies, regulating the cooperation between public and private parties, enhancing debt financing compliance among local governments, establishing mechanisms for cross-departmental monitoring and control, and promoting information disclosure. Additionally, Cai Yu [2017] No.62 expressly prohibits local governments at all levels from raising government debt for non-land reserve authorities in the name of a land reserve, raising land reserve debt in any manner other than local government bonds, or from using reserve land as security for the debt of any entity or individual in any form.

Furthermore, when purchasing services from the private sector, a number of local governments have expanded the scope of government-purchased services, treated the procurement of projects as that of services, raising debt in a disguised manner by such convoluted means as using project construction agency services and purchasing infrastructure services. Thus, the MOF's Cai Yu [2017] No.87 strictly limits the scope of services purchased by governments, tightens the management of government budgets on service procurement, and clamps down on illegal financing by utilizing or fabricating contracts for government service procurement.

2. What new approaches have regulations issued in the past 12 months provided to parties seeking financing for PPP projects?

(1) Asset-backed Securitization of PPP projects

On December 26, 2016, the National Development and Reform Commission (NDRC) together with the China Securities Regulatory Commission (CSRC) issued the Circular on the Tasks Relevant to Promoting the Asset-backed Securitization of Public-private Partnership (PPP) Projects in the Traditional Infrastructure Sector (Fa Gai Tou Zi [2016] No.2698), which opened up financing for PPP projects in the infrastructure sector by way of asset-backed securitization. Asset-backed securitization is significant for revitalizing existing PPP project assets and accelerating the recovery of, as well as attracting more, private capital in PPP construction.

On June 13, 2017, the Ministry of Finance (MOF), the People's Bank of China and the CSRC jointly issued version “2.0” of the PPP project asset-backed securitization policy: the Circular on Matters Relevant to Compliantly Carrying out the Securitization of Public-private Partnership Project Assets (Cai Jin [2017] No.55). As compared with document Fa Gai Tou Zi [2016] No.2698, document Cai Jin [2017] No.55 widens the channel for asset-backed securitization and sets forth more detailed requirements, such as expressly stating that in terms of project types, promoting entities, and scope of infrastructure, asset-backed securitization can specify more clearly and stringently the criteria for selecting PPP asset-backed securitization projects, and further clarify and strengthen the procedure for, and the methods of regulating, PPP asset-backed securitization.

(2) Dedicated PPP project bonds

Since 2015, the NDRC has issued successive sets of guidelines for the offering of dedicated bonds, including for the construction of urban parking lots, the construction of urban underground utility tunnels, strategic emerging industries, the senior care industry, entrepreneurship and innovation incubators, construction and improvement of power distribution grids, green bonds, dedicated debt-to-equity bonds, as well as dedicated PPP project bonds that have been rolled out through the issuance of the Guidelines for the Offering of Dedicated Public-private Partnership (PPP) Project Bonds (Fa Gai Ban Cai Jin [2017] No.730), to guide private investment in PPP construction projects.

Dedicated PPP bonds are offered by the project company or the private party in the form of ordinary enterprise bonds or project revenue bonds to raise funds and are mainly used in PPP projects operated as concessions, such as those established for the purpose of government-purchased services. The current focus lies in traditional infrastructure projects and projects in the public service sector, including those for energy, transport, water resources, environmental protection, agriculture, forestry, science and technology, low-income housing projects, medicine, sanitation, senior care, education, culture, etc.

(3) Investment of insurance capital in PPP projects

On May 4, 2017, the China Insurance Regulatory Commission successively issued the Circular on Matters Relevant to the Investment of Insurance Capital in Public-private Partnership Projects (Bao Jian Fa [2017] No.41) and the Opinions on Guiding the Insurance Industry in Supporting the Development of the Real Economy (Bao Jian Fa [2017] No.42), which specify the method for insurance capital investments in PPP projects. A professional management firm (such as an insurance asset management company), as the entrusted party, promotes the establishment of an infrastructure investment plan, offers beneficiary certificates to qualified investors such as insurance institutions to raise funds, which is used to finance a project company that has executed a PPP contract with the public party to invest in such projects.

Document Bao Jian Fa [2017] No.41 specifies the conditions to be satisfied by a PPP project involving insurance capital, such as being a key state-level or provincial-level project, and having been incorporated into the NDRC's or MOF's PPP project database; holding a minimum corporate credit rating of AA+ and having publicly offered bonds on the domestic market within the past two years; incorporating the fiscal outlay responsibility specified in the PPP project contract into the annual fiscal budget and medium-term fiscal plan; and ensuring a reasonable return mechanism capable of generating a sustainable and stable cash flow. Additionally, document Bao Jian Fa [2017] No.42 proposes leveraging the strengths of insurance products and capital to boost the development of the health and senior care industries; supports insurance capital participation in major infrastructure, major resource development, key industry and financial cooperation in countries and regions along the Belt and Road; and promotes the same involvement in PPP projects and significant construction works.

Yi Yao, Managing Partner

East & Concord Partners

Yi Yao was one of the senior founding partners of East & Concord Partners in 1995. She specializes in PPP projects and works in both Chinese and English.

Ms. Yi's legal practice focuses on M&A and infrastructure construction. She has practiced law for more than 25 years and is well known for her impressive list of clients and rich experience in handling renowned transactions. Her extensive expertise and experience in PPP projects has led to her being selected as a specialist in two think tanks established by the National Development and Reform Commission and the Ministry of Finance.

Ms. Yi has provided legal services to various state-owned enterprises and foreign-invested enterprises on matters including PPP, M&A, and IPOs. Her team enabled the firm to be awarded as an “Excellent Law Firm (in the fields of Energy, projects and infrastructure)” as well as a “Top 10 PPP Law Firms in China” by the China Business Law Journal and China Procurement and Bidding Network, respectively. In addition, as the team leader, Ms. Yi was voted as the “Golden lawyer for PPP projects” in both 2015 and 2016.

Songjun Zhai, Partner

East & Concord Partners

Songjun Zhai specializes in finance, construction and operation, and is highly experienced in advising on projects and infrastructure. Mr. Zhai has attended numerous legislation seminars hosted by the Ministry of Finance (MOF) and National Development and Reform Commission, and he has been appointed as a professional lecturer by the Insurance Asset Management Association of China.

Since 2014, as the chief legal counsel of Beijing Capital and Beijing Enterprises Water Group, Mr. Zhai has provided services for the Water Environment Management PPP project in Tongzhou, Beijing, The Sponge City projects in Qian'an, Hebei, Suining, Sichuan, and Yuxi, Yunnan, and the PPP project for the comprehensive treatment of the water cycle in Dali, Yunnan, all of which are representative projects of sponge city pilots listed by the MOF and the Ministry of Housing and Urban Rural Development. In addition, Mr. Zhai has designed the structures of many pioneering financial funds, such as the first Rmb15 billion Tongzhou Water Environment Construction Fund in Beijing, as well as the first PPP fund in Yunnan, which was successfully initiated and raised by private capital for the Dali project.

1. 过去12个月，有哪些对PPP项目运作产生重大影响的法规文件出台？

(1) PPP条例征求意见稿

2016年7月，李克强总理在国务院常务会议听取PPP模式推广情况汇报时，明确提出由国务院法制办牵头，加快推进相关立法进程。2017年7月21日，国务院法制办发布关于《基础设施和公共服务领域政府和社会资本合作条例（征求意见稿）》公开征求意见的通知。

首先，《征求意见稿》明确了政府和社会资本合作的范围及合作期限；首次提出国务院有关部门可以制定采用政府和社会资本合作模式的基础设施和公共服务项目指导目录，并适时调整；强调民营企业、国有企业等企业参与PPP项目时应一视同仁，不能排斥或者限制非国有企业的参与；明确国务院有关部门在各自的职责范围内，负责政府和社会资本合作的指导和监督，同时由国务院建立协调机制。

其次，《征求意见稿》对实践中的一些适用性争议问题进行了阐明，如本条例所称社会资本方，是指依法设立，具有投资、建设、运营能力的企业，由于金融机构不具有建设和运营的能力，因此不能单独作为中标成交社会资本；PPP项目建设期内，项目公司股权禁止转让，在运营期内，经本级政府同意后可以转让；社会资本方依法能够自行建设、生产或者提供，且在选择社会资本方时已经作为评审因素予以充分考虑的，可以由社会资本方自行建设、生产或者提供。

(2) 对PPP项目库的规范——财办金〔2017〕92号

2017年11月10日，财政部为深入贯彻落实全国金融工作会议精神，进一步规范政府和社会资本合作（PPP）项目运作，防止PPP异化为新的融资平台，坚决遏制隐性债务风险增量，印发《关于规范政府和社会资本合作（PPP）综合信息平台项目库管理的通知》（财办金〔2017〕92号），通过设定新PPP项目“入库”的三个标准和已入库项目的七个“清库”情形，对规范的PPP项目进行界定。

92号文明确，新申请纳入PPP项目库的项目中涉及不适宜采用PPP模式实施、前期准备工作不到位、未建立按效付费机制等三类问题的项目采取禁止入库措施。对已入库项目中涉及不适宜采用PPP模式实施、前期准备工作不到位、未按规定开展“两个论证”、不宜继续采用PPP模式实施、不符合规范运作要求、构成违法违规举债担保、未按规定进行信息公开等七类问题的项目由各级财政部门组织并于2018年3月31日前完成集中清理工作。

92号文清库标准中“以债务性资金充当资本金”的要求，对PPP项目实践中普遍存在的“小股大债”模式产生了较大影响。PPP项目实践中，尤其在总投资额较大的项目中，通常会将项目资本金分为注册资本金部分，以及注册资本金与项目资本金的差额部分，由社会资本方通过实际股权出资的方式缴纳注册资本金，通过股东借款的方式缴纳差额部分的出资。该种方式下，由于差额部分资金为社会资本方对项目的“股东借款”，即使财务处理上看似合规地将其列为“资本公积”项目，但是对于项目而言仍难规避“债务性资金充当资本金”的限制。但是，对于社会资本方自身进行融资、未对项目产生债务的资金而言，仍可作为项目资本金。

此外，基于92号文对PPP项目的规范性引导，此前实践中大量存在的“重建设、轻运营”问题，也将得到有效解决。实践中，部分以建设工程施工为主的企业在参与PPP项目时，既不愿意承担运营风险，也不具备运营能力，造成PPP项目并未成为实现公共产品与服务可持续发展目标的有效工具，与PPP项目提升公共产品与服务的效率和质量的核心目标相背离。92号文出台后，对项目建设成本不参与绩效考核，或实际与绩效考核结果挂钩部分占比不足30%，固化政府支出责任的项目列为禁止入库项目，从源头上解决了“轻运营”的导向。

(3) 资管新规

2017年11月17日，央行发布《关于规范金融机构资产管理业务的指导意见（征求意见稿）》（以下简称“《资管新规》”），对PPP行业投融资结构带来重大影响。由于PPP项目资本金的融资源头大多为金融机构的资管产品，而《资管新政》中对于资产管理业务中存在的发展不规范、多层嵌套、刚性兑付、规避金融监管和宏观调控等问题，将统一同类资管产品监管标准，防范和控制金融风险，引导社会资金流向实体经济。虽然该文件尚处于征求意见阶段，但监管层对于资管产品的管控方向可见一斑。

实践中，PPP项目融资大多采用多层嵌套的模式进行。一方面，多层嵌套结构可以方便在不同层级中根据不同的投资者风险偏好对投资风险进行分级；另一方面，多层嵌套结构可以对项目风险起到隔离垫的效果。但是，本次《资管新规》出台后，将要求金融机构不得为其他金融机构的资管产品提供规避投资范围、杠杆约束等监管要求的通道服务；资管产品仅可投资一层资管产品，且所投资的资管产品不得再投资其他资管产品；金融机构开展资产管理业务时不得承诺保本保收益等要求，均将对PPP项目融资提出更大的挑战。

(4) 对央企投资PPP项目的管控——国资发财管〔2017〕192号

2017年11月17日，国资委印发《关于加强中央企业PPP业务风险管控的通知》（国资发财管〔2017〕192号），对中央企业在本轮PPP热潮中过热投资、非规范投资行为进行约束。其具体措施包括：一是强化集团管控，要求所有PPP项目由集团总部统一审批；二是严格准入条件，严控非主业领域PPP项目投资，不得参与付费来源缺乏保障的项目；三是严格规模控制，防止推高债务风险；四是要求优化合作安排，实现风险共担，严格遵守资本金制度，不得引入“名股实债”类股权资金；五是规范会计核算，要求按照“实质重于形式”原则综合判断是否并表；六是严肃责任追究，防范违规经营投资行为。

192号文对PPP项目而言影响较大的一点是明确叫停了央企名股实债型资本金融资。由于此前央企大多通过设立非并表基金并对基金担回购、补差或其他形式增信措施的方式参与PPP项目，也即名股实债的方式为PPP项目提供融资。经192号文强调央企要“做好拟开展PPP项目的自有资金安排”、“不得通过引入名股实债类股权资金”、“不得为其它方股权出资提供担保、承诺收益”而被限制。

(5) 规范政府融资业务

针对新《预算法》（2014年修订）和国发〔2014〕43号文实施以来，部分地方政府仍存在违法违规举债融资，以及部分金融机构对融资平台公司等国有企业提供融资时仍要求地方政府提供担保承诺等不规范现象，财政部等六部委于2017年4月26日共同印发《关于进一步规范地方政府举债融资行为的通知》（财预〔2017〕50号）；于2017年5月16日联合国土资源部印发《地方政府土地储备专项债券管理办法（试行）》的通知（财预〔2017〕62号）；于2017年5月28日印发《关于坚决制止地方以政府购买服务名义违法违规融资的通知》（财预〔2017〕87号）；于2017年11月10日印发92号文，四份文件分别主要从融资平台、土地储备融资、政府购买服务、项目库管理等方面对前述问题给予全方位的规范。

通过财预〔2017〕50号文，财政部等六部委重点在组织清理整改地方政府融资担保行为、切实加强融资平台公司融资管理、规范政府与社会资本方的合作行为、进一步健全规范的地方政府举债融资机制、建立跨部门联合监测和防控机制、大力推进信息公开等六个方面，明确了规范的举债融资行为的政策边界，引导地方政府履职尽责，坚决制止违法违规举债担保行为。同时，财政部通过财预〔2017〕62号文明确要求地方各级政府不得以土地储备名义为非土地储备机构举借政府债务，不得通过地方政府债券以外的任何方式举借土地储备债务，不得以储备土地为任何单位和个人的债务以任何方式提供担保。

此外，针对政府向社会力量购买服务中，部分地方政府扩大政府购买服务的范围，把采购工程变成了采购服务，用工程代建服务、购买基础设施服务等变通方式变相举借债务问题，财政部出台财预〔2017〕87号文，严格限定政府购买服务的范围、严格规范政府购买服务预算管理、严禁利用或虚构政府购买服务合同违法违规融资。

2. 过去12个月出台的法规文件为PPP项目融资端提供了哪些新的思路？

(1) PPP项目资产证券化

2016年12月26日，国家发改委联合中国证监会发布了《关于推进传统基础设施领域政府和社会资本合作（PPP）项目资产证券化相关工作的通知》（发改投资〔2016〕2698号），为基础设施领域PPP项目通过资产证券化的方式进行项目融资拉开了序幕。资产证券化对盘活PPP项目存量资产、加快社会资本方的资金回收、吸引更多社会资本参与PPP项目建设都具有重要意义。

2017年6月13日，财政部、中国人民银行、中国证监会携手发布PPP项目资产证券化政策的“2.0”版本——《关于规范开展政府和社会资本合作项目资产证券化有关事宜的通知》（财金〔2017〕55号）。与2698号文相比，此次的财金〔2017〕55号文对资产证券化渠道更为宽广，要求更为精细，如明确了资产证券化可在项目类型、发起主体、基础资产范围方面更加清晰及严格地规定了PPP资产证券化项目筛选标准、进一步明确及加强了PPP资产证券化的程序和PPP资产证券化监督管理方式等。

(2) PPP项目专项债券

2015年以来，国家发改委陆续印发了9个专项债券发行指引，包括城市停车场建设、城市地下综合管廊建设、战略性新兴产业、养老产业、双创孵化、配电网建设改造、绿色债券、债转股专项债券，以及2017年4月25日通过《政府和社会资本合作(PPP)项目专项债券发行指引》（发改办财金〔2017〕730号）而推出的PPP项目专项债券，用以引导社会资本投资PPP项目建设。

PPP项目专项债由PPP项目公司或社会资本方发行普通企业债券或者项目收益债券的形式募集资金并主要用于以特许经营、购买服务等形式开展的PPP项目中。现阶段支持重点为能源、交通运输、水利、环境保护、农业、林业、科技、保障性安居工程、医疗、卫生、养老、教育、文化等传统基础设施和公共服务领域的项目。

(3) 保险资金投资PPP项目

2017年5月4日，中国保监会连续印发了《中国保监会关于保险资金投资政府和社会资本合作项目有关事项的通知》（保监发〔2017〕41号）和《中国保监会关于保险业支持实体经济发展的指导意见》（保监发〔2017〕42号），明确了保险资金投资PPP项目的方式，即由保险资产管理公司等专业管理机构作为受托人，发起设立基础设施投资计划，面向保险机构等合格投资者发行受益凭证募集资金，向与政府方签订PPP项目合同的项目公司提供融资，并投资符合规定的PPP项目。

保监发〔2017〕41号文亦明确了保险资金投资的PPP项目应满足的条件，如属于国家级或省级重点项目、已纳入发改委或财政部PPP项目库；主体信用评级不低于AA+，最近两年在境内市场公开发行过债券；PPP项目合同中约定的财政支出责任已纳入年度财政预算和中期财政规划；回报机制合理，能够产生持续稳定的现金流等。同时，保监发〔2017〕42号文提出要发挥保险产品资金优势，推动健康和养老产业发展；支持保险资金参与“一带一路”沿线国家和地区的重大基础设施、重要资源开发、关键产业合作和金融合作；推进保险资金参与PPP项目和重大工程建设等事项。

姚毅 管理合伙人

天达共和律师事务所

姚毅律师自1995 年开始从事律师工作，系天达共和律师事务所资深合伙人律师。

姚律师专注于公司并购、基础设施建设等业务，执业逾25年，并同时担任国家发展改革委PPP专家库及财政部PPP专家库专家，为数百起大型国有企业和外商投资企业提供法律服务，曾处理不少嘱目交易。

姚律师曾获得中国采购与招标网评选的2015、2016年度中国PPP项目金牌律师称号、被LEGALBAND评选为2016年公司并购、能源与自然资源领域杰出律师、被《钱伯斯环球指南》及《钱伯斯亚太指南》评选为2016年公司并购领域杰出律师，其牵头的河北迁安市海绵城市建设PPP项目被《商法》评为2016 年度杰出交易。

翟耸君 合伙人

天达共和律师事务所

翟耸君律师是金融与基础设施建设领域的法律专业人士，兼具金融、建设和运营三方面的法律背景和丰富的项目操作经验。同时，翟律师多次参与了国务院法制办、财政部和国家发改委组织的PPP立法研讨会，并应邀担任中国保险资产管理业协会专家讲师。

2014年开始，翟律师作为北京首创股份有限公司和北控水务集团有限公司的常年和专项法律顾问，主办了北京通州水环境综合治理PPP项目、迁安、遂宁、玉溪海绵城市建设PPP项目、大理洱海保护水环境综合治理PPP项目等被财政部和住建部列为示范性项目。本轮PPP推出之后，翟律师主办设计了北京首支水环境建设基金，总额人民币150亿，以及云南首支由民营资本发起并成功募集的大理洱海 保护PPP项目基金。