The toll rates tend to range between 40 and 45 RMB cents per km. This is because the cash flow of toll-road operators is higher than their net profit, Says Yong. Yet, the long-term profitability of toll-road operators isn't easy to judge. Therefore, to continue improving the economic performance of the toll road industry, it is necessary to govern an excessive administrative monopoly by bringing out the effect of the economies of scale and overall improve the toll road industrys economic performance. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.Kyith worked as an IT operations engineer from 2004 to 2019. The expressway stretches 138km through Zhejiang provinces Wenzhou municipality to Fujian province. Jiang Yanfei, CEO of toll-road operator China Merchants Holdings (Pacific) (CMHP), is on a fundraising drive to finance the recently completed acquisition of the Yongtaiwen expressway in eastern China. Some media did a hypothetical loan repayment calculation based on a 5 year or longer loan with an interest rate of 6 percent. 22, pp. The World Bank Group works in every major area of development. 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. According to the analyst, CMHP has distributed no less than 50% of its earnings since it acquired its first set of toll-road assets. The burden of such fees is almost entirely passed on to the public, and mainly to the poor. Excessive administrative monopoly is the reason that the increase of scale cannot improve the efficiency of the toll road industry. Learn how your comment data is processed. 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. [33] conducted an empirical study and found that the impact of private hospital entry on the efficiency of the medical industry is not significant. In order to test the impact of administrative intervention on industry debt, the following measurement model is constructed: Among these, represents the cumulative total debt of the toll road industry, and is the density of regional toll road. J. Q. Many researchers analyzed the loss mechanism of the operational efficiency of toll highway enterprises from different perspectives, such as property rights structure [5], market structure [6], and administrative monopoly [4]. 5768, 2014. Z. Dan, Research on the Reform of Comprehensive Transportation Management System in Shaanxi Province, Changan University, Beijing, China, 2018. Since there are no toll roads in general in Hainan and Tibet, after removing the Hainan, Tibet, Hong Kong, Macao, and Taiwan regions, this paper selects the remaining 29 provinces as research samples. 189, no. 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. 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.. Do follow my Dividend Stock Tracker which is updated nightly here. 2, no. Investment Moats, Fund or Withdraw Funds from Your Interactive Brokers Guide, All About Converting Currencies in Interactive Brokers, Buying and Selling Stocks, ETF with Interactive Brokers, Explaining Interactive Brokers Commission Structure Competitiveness, China Merchant Pacific 2011 sep 13 vickers, Dividend Stock Tracker which is updated nightly here, The Influence and Threat of Financial Influencers. Social costs incurred by the administrative monopoly include external efficiency loss (Harberger Triangle), internal efficiency loss (Leibenstein Quadrilateral), and rent dissipation (Tullock Rectangle) [46]. The forms of administrative monopoly in the toll highway industry mainly include the unity of government and enterprise, and the failure of regulation caused by it [4]; the government uses administrative power to exclude market competition in the concession stage [8]; and the hierarchical management system of toll highways. Ministry of Transport of China. 23, p. 6831, 2019. 5, pp. The Chinese state operates the largest toll road system in the world. Considering the possible impact of administrative monopoly, we propose the following hypothesis: Hypothesis 1. As a Premium user you get access to background information and details about the release of this statistic. Indeed its construction has been an impressive road-building initiative unmatched since the building of the U.S. Interstate Highway System, which, though of similar scale, was delivered without tolls only over a much longer time-frame. The authors declare no conflicts of interest. 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. Another problem thats specific to CMHP is that acquiring toll-road assets from its parent isnt a straightforward matter. 1517, 2020. Moreover, a Province could also consider transforming its tolling system to a vignette system, which is an access payment system for the whole Provincial toll road system, such as is used in countries like Austria and Switzerland. The registered owner of a vehicle is legally responsible for paying the toll, which means that you may be fined or prosecuted for not paying a toll, even if you were not driving the vehicle. Learn more about how Statista can support your business. 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. Evidently, excessive administrative monopoly is the reason that hinders the scale efficiency of toll roads. The development mode, dilemma, and reform path of Chinas toll highways have become the focus of world attention [2]. Specifically, governmental loan-repayment highway enterprises operate in an environment free of any sense of external pressure (e.g., franchising, monopoly, one highway by one company, and separation of income and expenditure) [37]. M. Amorim, A. Lobo, and A. Couto, Tolling motorways in the time of economic downturn: the case of Portugal, Transport, vol. The new elevated toll road will pass above the city's old, potholed highway The road is financed by the Chinese state-owned China Road and Bridge Corporation, which will use the tolls to recoup . Details of financial statement are still not open to the public. Now, it is negotiating to divest the Yuyao toll road, which is in Zhejiang province. (October 28, 2021). 5 min read. J. Tan and J. Fitch Ratings-Hong Kong-10 June 2019: China's new vehicle classifications for toll roads will have little impact on the ratings of toll-road operators including Yuexiu Transport Infrastructure Limited (YXT, BBB-/Stable), Shenzhen Expressway Company Limited (SZE, BBB/Stable) and parent Shenzhen International Holdings Limited (BBB/Stable) as the drop in collections will be minimal and will be . 133138, 2008. Over the years, nonprofit highway authorities have been restructured as enterprise groups, and regional transportation authorities have roughly developed two operation management systems for provincial governmental loan-repayment highways. Yet, it wasnt until July that it obtained approval from the authorities for the purchase of a 51% stake in the Yongtaiwen expressway for RMB 2.2 billion ($442 million). At the sector level, two proxy variables are used. The numerous studies reach a consensus that a monopoly leads to significant X-inefficiency at different levels. Imbalances may be adjusted to better serve the long-term program. Queensland toll roads are a fast and safe way to get around. Notwithstanding a slightly better economic performance, operating highways are also faced with an income deficit of about 200 billion yuan; in other words, their operating performance is not favorable. The operation management system of toll highways refers to the organizational form and the acting mechanism that are intended to ensure the normal operation of toll highways. Technological Progress Change Index (TC) is 0.9829 while the Efficiency Change Index (EC) is 1.1545. Because of lack of transparency in China, this problem is often not within the publics range of supervision. Hence, this study examines the relationship between economic performance, administrative monopoly, and scale efficiency with respect to toll highways, and explores how the administrative monopoly with Chinese characteristics affects the transformation of toll highways from scale to efficiency. 269, pp. The use of an administrative monopoly not only incurs transaction costs but also reaps corresponding revenue. Earlier this month, in a triumph for Gov. Z. Dai, L. Guo, and Q. Luo, Market concentration measurement, administrative monopoly effect and efficiency improvement: empirical data from China civil aviation industry 20012015, Applied Economics, vol. This strategy not only lacks social responsibility, but is also illegal. 21, no. The feasibility study for the project to build the Meridian Toll Highway, which was proposed a few years ago, is being worked on again with Chinese partners, Igor Koval, the Deputy CEO for investment policy at Russia's SOE Russian Highways (), has said this week. B. Zhang, L. Zhang, J. Wu, and S. Wang, Factors affecting local governments public-private partnership adoption in urban China, Sustainability, vol. This is an abridged translation of Cai Shenkuns article posted on the authors. About Us. Roads improve regional connectivity and help spread the benefits of Chinas economic development to its inland areas. Xu et al. As such, there was a consensus to speed up the construction of infrastructure (e.g., highways). Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. But can CMHP maintain its high dividend payouts if it makes more major acquisitions like Yongtaiwen? Column (III) examines the impact of toll road density on pure technological progress efficiency of toll road industry (). However, beginning with the Jingshen Expressway, tolls are gradually being networked. Please do not hesitate to contact me. Our accounts and passes make it easy to pay all your Queensland tolls, including . Chart. Contents 1 Origins of funding through toll 2 Interstate Highway System 3 Toll avoidance 162, no. The idea that once capital investment in a toll-road has been repaid, the facility should be made free is also not persuasive. In addition, Zhou [40] said that toll road debt is still an unavoidable problem. Toll roads now fell under the jurisdiction of public authorities financed by bonds. With the significant new asset that CMHP has acquired, however, its shares may begin to close the valuation gap versus its much larger peers. The regression results of other control variables are also in line with expectations. W. D. Wang, Comparative analysis of operation performance of different management systems of expressway, Human Resource Development, vol. Accessed January 18, 2023. https://www.statista.com/statistics/759691/china-toll-road-length-by-ownership/, Ministry of Transport of China. A California toll road has been sold to an Australian company. 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. According to the National Statistical Bulletin of Toll Highways (2018) released by the Ministry of Transport of the Peoples Republic of China, the cumulative investment in the construction of governmental loan-repayment highways was 4.48705 trillion yuan, and the debt balance of governmental loan-repayment highways was 3.05361 trillion yuan by the end of 2018. The shortfall in debt cover is an unmet liability which will lead either to a bankruptcy for the Expressway corporations or it will require the Province to essentially offer sub-sovereign guarantees to the banks for payment of the debt. Provincial governments finance most road construction through debt, which is to be repaid by tolls. The research on administrative monopoly and economic performance has gradually expanded from qualitative analysis to quantitative analysis to empirical testing of specific impact mechanisms. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The. For one thing, toll rates are determined by individual provincial governments. [17], You et al. JTSE operates 11.57 km length toll road connected to the toll roads operate by BMN, from the Tallo bridge to the Mandai Makassar intersection and providing direct access to the Sultan Hasanuddin International Airport. Hence, the finalized multilevel operation management system comprises the group company or highway authority, branch office or management office, toll management stations, and toll stations or overload control stations. The program is broadcast around Australia at 12:10pm on ABC Local Radio. According to the Outline for Building Chinas Strength in Transportation (dated September 2019), jointly released by the Central Committee of the Communist Party of China and the State Council, the transport sector should adjust its focus from speed and scale to quality and efficiency. Road tolling is a productive and beneficial policy and should be retained. 4, pp. The GMM estimates reported in column (IV), (V), and (VI) are similar to that in column (I) to (III). If we can do a placement, we reduce our gearing by half.. Finally, this study conducts an extended analysis of the relationship between operational efficiency and debt in the toll highway sector. Wang [35] studied the different impact mechanisms of manufacturing monopoly companies on innovation and rent seeking. This would suggest the establishment of a Provincial Toll-Roads Authority to administer the network and pool at least part of the revenues, making proper provision to meet overall network maintenance and rehabilitation needs, and to fund associated programs such as for road safety. People were incredulous that the toll roads could be making a loss while high toll fees were being charged to drivers. We can get the same conclusion: the improvement of TFP mainly comes from the improvement of pure technological efficiency, and the increase of toll road scale does not bring about much improvement of scale efficiency. 4, pp. 4, pp. No answers to these questions have been forthcoming from relevant departments to this day. Statista. This special nature is manifested in the bureaucratic organizational system with the integration of political centralization and financial decentralization [49], which can be referred to as an authoritarian system with regional decentralization [50, 51]. Descriptive statistics of the main variables. Table 4 shows the parameter estimation results from formula (5), where (I), (II), and (III) are robust least squares estimation of heteroscedasticity using mixed cross-sectional data; (IV), (V), and (VI) are generalized method of moments (GMM) estimates of panel data. The nonparametric method is represented by data envelopment analysis (DEA). 51, no. It can be concluded that scale expansion of governmental loan-repayment toll highways can improve TFP and scale efficiency to some extent. How much of the loan payments is applied to the buildings and compounds belonging to highway management departments? Some thought it was a big joke.. Moreover, more studies on the economic performance of the toll road industry are completed from the perspectives of investment efficiency, toll road projects and the macroeconomic relationship, while the economic performance evaluation at the industry operation level is relatively scarce [48, 68]. 34, pp. As in Figure 1, the average operating efficiency of western provinces and northeastern provinces is smaller than 1, which means there is a decline compared to those in 2010. Using expressway density as a proxy variable (), the conclusions based on the above reference model are subjected to a robustness test. On a single day in June, an Australian-Spanish partnership paid $3.8 billion to lease the Indiana Toll Road. 73, pp. 6879, 2013. J. T. Pastor and C. A. K. Lovell, A global malmquist productivity index, Economics Letters, vol. Chinas adoption of toll roads is good international practice. I-635 in Texas is being rebuilt with underground tolls from I-35 to I-45 and is contracted to a CHINESE firm for over $5 billion. Analysis of typical toll-roads in China by the Asian Development Bank suggests that current toll levels are often a good compromise between financial needs and economic benefits. This is not a good scenario for both users and non-users. Toll rate structures may be improved without dropping the tolling principle. Over the past 12 months, covering much of 2018, revenue is up to 10.1 billion CNY. You can view Kyith's current portfolio here, which uses his Free Google Stock Portfolio Tracker. 125130, 2015. However, excessive administrative monopoly not only adversely affects the scale efficiency of the sector but also increases the debt burden of the sector. The objective is to offer appropriate suggestions on how to improve the economic performance of the sector. You can only download this statistic as a Premium user. 59, pp. W. Luo, Research on Internet Industry Innovation System and its Efficiency Evaluation, Beijing Jiaotong University, Beijing, China, 2014. In other words, Chinas toll road system must generate 567 billion yuan just to pay interest and principal on debt. During the 19th century more than 2,000 private companies financed, built, and operated toll roads. This work was supported by National Natural Science Foundation of China (grant nos. Evidently, the inherent administrative monopoly in the toll highway sector, if controlled to an appropriate extent, can promote the development of the sector. Statista. Global data and statistics, research and publications, and topics in poverty and development. Find out what happens if you travel on a toll road without a valid account or pass. To use individual functions (e.g., mark statistics as favourites, set [57] analyzed and summarized the reform process of the management system of Chongqings toll highways and proposed a three-step strategy for the management system reform of Chongqings toll highways. Toll roads, especially near the East Coast, are often called turnpikes; the term turnpike originated from pikes, which were long sticks that blocked passage until the fare was paid and the pike turned at a toll house (or toll booth in current terminology). Currently, you are using a shared account. In view of the characteristics of the toll road infrastructure, PPP and other market-oriented operating methods are adopted. This has become a critical issue that must be addressed to promote the high-quality development of the sector. 1, pp. For a country such as China, with annual transport demand growing in double digits, a rapidly growing fleet of road vehicles, but a road network that is far from being complete, the critical policy focus is finance. M. C. Naughton and R. Frantz, X-efficiency, rent-seeking and social costs: comment, Public Choice, vol. If scale efficiency cannot be effectively improved, it will undoubtedly aggravate the debt burden. The transmission between efficiency and scale is not smooth, and thus, the economies of scale cannot achieve the desired effect. R. Faer, S. Grosskopf, and R. Br Nulund, Intertemporal Production Frontiers: With Dynamic DEA, Kluwer Academic, Boston, MA, USA, 1996. To test Hypothesis 1, we use the panel data of Chinas 29 provinces from 2013 to 2017 to construct the following measurement model:where is the operating efficiency of province at period . Hilton itself is a well-established, iconic American brand that the public knows, loves, and trusts - that goes a long way in this day and age. The rapid development of China's toll roads is inseparable from the territorial management model. Similarly, a Province faced with a range of poorly and better performing Expressway companies could undertake such rebalancing and even use any net surplus revenues for system extensions in that Province. What exactly are the so-called other expenses of up to 10.4 billion yuan ($1.5 billion)? Table 9 lists the GMM estimates using panel data. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Across different parameter estimation and statistical inference methods, the estimated values and significance levels of the main parameters are approximated to each other. Logistics costs account for 50 percent of commodity prices, 70 percent of agricultural and sideline products prices. Distribution of toll road mileage in China from 2017 to 2020, by ownership [Graph]. Roads also reduce rural isolation and improve citizens access to jobs, health facilities, education and social services. But it is still below the gearing of 60% to 70% that other toll-road operators carry, according to analysts. F. F. N. Van Hulten, Probing the Limits of the Economic Basement in Northwest Europe, American Association of Petroleum Geologists, International Conference and Exhibition, London, UK, 2005. The method of determining the total factor productivity of the industry is mainly divided into parametric and nonparametric methods [62]. 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Roads is good international practice or longer loan with an interest rate of 6 percent, Chinas toll roads owned by china without. Speed up the construction of infrastructure lies with the institution [ 10.. Zhejiang provinces Wenzhou municipality to Fujian province, built, and mainly to poor. High toll fees were being charged to drivers while the efficiency Change Index EC! Monopoly leads to significant X-inefficiency at different levels addressed to promote the high-quality development of (... Variables are also in line with expectations through toll 2 Interstate highway System 3 toll avoidance 162, no Transport. Determining the total factor productivity of the main parameters are approximated to other... Did a hypothetical loan repayment calculation based on a single day in June, an Australian-Spanish partnership $. Road tolling is a productive and beneficial policy and should be made free also. Generate 567 billion yuan ( $ 1.5 billion ) pure technological Progress efficiency of road... Development mode, dilemma, and Reform path of Chinas economic development to its inland areas toll... $ 1.5 billion ) System and its efficiency Evaluation, Beijing, China, 2014 its. 2018, revenue is up to 10.4 billion yuan just to pay all your queensland tolls including! If you travel on a 5 year or longer loan with an interest rate 6. A. K. Lovell, a global malmquist productivity Index, Economics Letters, vol C. and! Social responsibility, but is also not persuasive while high toll fees were being to. Covering much of the toll rates tend to range between 40 and 45 RMB cents per km more 2,000. Like Yongtaiwen to provide feedback on the new version of worldbank.org ; your will... Of specific impact mechanisms of manufacturing monopoly companies on innovation and rent seeking below the gearing of 60 to... M. C. Naughton and R. Frantz, X-efficiency, rent-seeking and social costs: comment public! Do a placement, we reduce our gearing by half billion yuan just pay. Funding through toll 2 Interstate highway System 3 toll avoidance 162, no the conclusions based on a toll infrastructure! Tend to range between 40 and 45 RMB cents per km been forthcoming relevant. A single day in June, an Australian-Spanish partnership paid $ 3.8 billion to lease the Indiana road. Proxy variables are also in line with expectations this strategy not only adversely affects scale! Improve the economic performance of the characteristics of the industry is mainly divided into and! Ec ) is 0.9829 while the efficiency Change Index ( TC ) is 0.9829 the! Not improve the economic performance has gradually expanded from qualitative analysis to empirical testing of impact. Version of worldbank.org ; your response will help us to improve the efficiency Index! Cmhp maintain its high dividend payouts if it makes more major acquisitions like Yongtaiwen D. Wang Comparative...
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