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Yantai-Dalian (Bohai Bay) HSR tunnel project submitted for approval
This 123km undersea HSR project is under hot discussion in China.
(@头条新闻)
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I heard the total cost would be over 200 billion yuan. I doubt if it's really worth.
The whole northeastern China will be closely integrated with Shandong which is the third largest provincial economy(1 trillion USD in 2014)and destined to rival UK in terms of GDP by the time the tunnel is completed。
By extension,the whole northeastern China will also be closely linked with the the Pearl River Delta via the coastal HSR。Travel time between Shenyang and Shanghai, for example,will be cut by at least 3 hours,making the journey possible with 5 hours。
ROI based at program feasibility analysis => Investment budget => budget/cost control.But what I am concerned is how the money will be spent. I would surely root for this project if Liaoning and Shandong use their own budget, rather than central government's money. Shandong Province, Liaoniang Province and Qingdao city are eligible to issue municipal bond on their own, so I suggest they issue bonds for construction of this under sea tunnel, for part of construction cost. Central government can support this project of course, but only if up to 20% of total cost comes from appropriation of central government. I come from Hubei, I am sure most of my countrymen don't have to use this tunnel for their whole life, so do the rest inland provinces of central, south and west China.
ROI based at program feasibility analysis => Investment budget => budget/cost control.
There will be something released for the program is proposed to state council. Let's wait and see.
It's definite a great program but now we don't know whether it's a rational program as you mentioned.
I trust the state council's determination. If the result is YES and I think money maybe come from all 3 parties - Liaoning, Shandong and central gov (Maybe 25% - 25% - 50% or 30% - 30% - 40%?) or an independent operational company?.
Do you notice the revision of the budget law? I am not majored in Finance but I know money is not a problem for this program.
Agreed. I really hope the provincial and central government share the financial burden all together, it's also understandable that government have attached great importance to this project, as cirr mentioned above. This tunnel would substantially help to break the political barrier between regions that might cause problems to economy integration. Dalian and Qingdao are both the very few cities with independent planning status (计划单列市), they deserve more privileges but they also have way more fiscal revenues than other small cities, so they should hash out more reasonable plans with detailed feasibility report to reduce the cost, making sure they can carry out this project more independently on their own.
I am happy about this amendment of budget law, it's about how to regulate the governmental revenue and expenditures under law, how to reinforce and supervise budget constraint, and how to make the government activities for fiscal purpose more transparent and public. In summary, this would be a revolutionary reform to reduce corruption and rent seeking activities, since all governmental expenditures can be traced and supervised. I think this is the root cause of corruption. Look at the transfer payment system. We both know under this system the parties who accept appropriations are obligated to use the fund under the requirement of central government, but some local government might violate the rule, they retain central government's money for other purposes rather than construction, this is, for any taxpayer, unacceptable. Maybe this is why I am against too much appropriations from central government.