Research On The Operation Mechanism Of Urban Development Fund In China

Since the 18 th National Congress of the Communist Party of China,steadily promoting urbanization is an important task facing China's reform and development at this stage,and it is also a major issue facing the government.The current government revenue growth is slowing,so the government's financial investment alone can not meet the huge financial needs in the process of urbanization,so it is urgent to broaden the financing channels.In 2014 the state issued "Guidance on cooperation between government and social capital",encouraged and guided social capital to invest in infrastructure and other areas,and vigorously promoted the integration of various types of capital.Since 2014,the country has vigorously promoted the PPP model,but the PPP model can not solve all the problems faced by urbanization.Therefore,the urban development fund came into being on the basis of the development of industrial funds.Urban development fund is a combination of government and market,with a small amount of financial investment leveraging a large number of social funds.Compared with PPP,urban development fund invests more in the construction of public welfare projects,which can better solve the problems of infrastructure construction,so as to safeguard and promote urbanization smoothly.From the background of China's urbanization of our country,this paper takes the new financing mode of urban development fund as the breakthrough point,further to its operation mechanism as the research subject,and studies the urban development fund from four aspects:organization form,financing mechanism,operation management and fund exit.Specifically,this paper first introduces the definition of urban development fund and the composition of the operating mechanism.Then,the paper analyzes the current situation of the operation mechanism of China's urban development fund,summarizes the problems existing in the operation mechanism,such as the fund raising channel is unitary;the regulation is not in place,the fund operation is not standard;the project operation isn't able to fully realize the risk sharing;the fund operation lacks the corresponding financial service organization;the fund withdrawal way is unitary.Then select the CDB city development fund for the specific case,from the open fund set up form,fund-raising,to specific project investment management,and the open fund exit,this paper has carried on the detailed analysis,on this basis,summarizes the experience and shortage of the operation mechanism of the CDB citydevelopment fund,and draw inspiration.Finally,according to the problems existing in the operation mechanism of China's urban development fund,this paper puts forward the corresponding suggestions to improve the operation mechanism of China's urban development fund from the institutional system,fund raising,investment management and fund withdrawal.