Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. In the meantime, Jiang has to ensure that the assets CMHP already owns dont deteriorate in value. 3, pp. H. C. Xu, Y. Wang, and R. N. Jia, Research on efficiency of toll road dual-track operation system based on three stage DEA and tobit regression model, China Journal of Highway and Transport, vol. Published by Statista Research Department , Oct 7, 2022 In 2020, about 43.2 percent of overall toll road mileage in China were state-owned and 56.8 percent were privately owned. The Yongtaiwen expressway will also extend CMHPs average portfolio life by one year to about six years, Yong says in a recent report. Two very important economic principles argue for charging for the use of high-standard roads. Creating Chinas National Trunk Highway System has been an outstanding national achievement. Queensland's toll roads form an integrated network of tolled roads, bridges and tunnels that provides greater connectivity, efficiency and reliability across the greater Brisbane and Toowoomba areas. They figured that the 4.45 trillion yuan loan debt requires annual interest payments of 267 billion yuan and principal payments of 300 billion yuan. Financing Expressways is currently the policy priority. 4, pp. Specifically, the government plans to phase out toll collection on Class 1 highways, where the speed limit is capped at 80kph. 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. Yet, the long-term profitability of toll-road operators isnt easy to judge. The regional-level control variable, Ratio_GDP, refers to the level of regional economic development, measured by the proportion of regional GDP to national GDP. [18]; (3)The mainstream studies concentrated on the theoretical exploration and empirical measurement of the mechanism of X-inefficiency and degree of efficiency loss. Annual car sales worldwide 2010-2022, with a forecast for 2023, Number of cars sold in the U.S. 1951-2021, Battery electric vehicles in use worldwide 2016-2021, Annual gas prices in the United States 1990-2021, Automotive industry worldwide - statistics & facts, Motorcycle industry in the United States - statistics & facts, Profit from additional features with an Employee Account. Using the globally referenced data envelopment analysis- (DEA-) Malmquist Index, this study first measures the operational efficiency of Chinas toll highway sector from 2010 to 2017. 37583769, 2019. No Tolls On 20 And 21 January For Chinese New Year, Says PM After talks with toll concession companies, toll charges will be lifted for two days in conjunction with Chinese New Year celebrations. 105114, 2020. The above data are mainly from the public database of Chinas National Bureau of Statistics, the Wind database, and provincial statistical yearbooks under the China Economic and Social Development Statistics Database. Y. Pu and H. F. Wang, Effect mechanism of ownership structure on technical efficiency of agricultural listed company, Technology Economics, vol. Chinese Jet Buzzed Air Force Plane From Just 20 Feet Away, US Says. It is by far the largest asset that CMHP has in its portfolio and will provide a massive boost to its revenue and earnings from 2H2011. The Malmquist model of the global reference proposed by Pastor and Lovell [69] is a Malmquist index calculation method. More innovative financing methods accessing private investment may be sought, though is not a full solution for funding Expressways where there is lower traffic density and/or more costly terrain, where financial returns may be lower and more risky. The country built its first modern expressway 23 years ago a toll road that linked Shanghai to Jiading, a satellite town. 4, pp. By the end of 2018, China's toll highways extended for a cumulative distance of 168,100 km, including 93,300 km of governmental loan-repayment highways, accounting for 55.5% of all toll highways in the country. J. K. Wang, P. R. Bai, and H. C. Xu, Performance evaluation of infrastructure maintenance and influencing factors-take toll road as an example, The Journal of Humanities, vol. Tolls are justified even after loan is repaid. This is an abridged translation of Cai Shenkuns article posted on the authors. By the time of his death in 1958 at the age of 95, Albert was . Yong of DBS Vickers has a Buy rating on the stock, with a price target of $1.02. The government will give us fair compensation because not only are we an SOE [state-owned enterprise] but we are listed, Jiang says. In the past, the United States also implemented a toll system. Chinese motorists get out of their cars to check on a massive traffic jam at a toll booth on the outskirts of Beijing on October 2, 2010. Less than a decade after a foreign consortium paid Indiana $3.8 billion for the 75-year rights to collect tolls along the Hoosier State's 157-mile Indiana Toll Road, the private firm is bankrupt . Serving a quarter of a million drivers each day on The Toll Roads, The Transportation Corridor Agencies continue to meet the region's growing needs for tax-free, congestion-free transportation alternatives. by Adeline Leong January 18, 2023 For illustration purposes Subscribe to our Telegram channel for the latest stories and updates. and represent two sets of control variables, among which includes some provincial-level control variables: regional urbanization rate , i.e., urban population/total regional population, regional unemployment rate, , proportion of employed persons in the regional road transport industry , i.e., the employment of the regional road transport industry/the total urban employment population; includes some industrial-level control variables, such as the number of toll gates on toll roads, recorded as , road carrying capacity , i.e., natural logarithm of highway freight turnover, labor value level of highway industry, recorded as , i.e., average wages of transportation, storage, and post/average wages of regional cities and towns. According to recently released data by Chinas Ministry of Transportation, revenue from toll roads was 409.78 billion yuan in 2015 while operating expenses were 728.51 billion yuan, thus showing a loss of 318.73 billion yuan twice as high as in 2014. Moreover, a larger free float of shares and better trading liquidity could help the company garner a better market valuation, he adds. Yong is also confident that CMHPs high dividend yield of 8%, based on a projected distribution of five cents a share for the full year, would tempt more investors to buy more of the stock. Foreign Companies Are Buying Up American Highways and Bridges Built by U.S. Taxpayers. The estimation results are reported in Table 8, where 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. W. D. Wang, Comparative analysis of operation performance of different management systems of expressway, Human Resource Development, vol. In summary, low operating efficiency of the toll road industry has become an important problem that urgently needs a solution in the industry. 125130, 2015. It all started with the vision, hard work and horse and cart of one man - Albert Toll. Quarterly sales volume of electric vehicles in Europe 2015-2022, Greenhouse gas emissions in the EU-27 1990-2020, by sector, Breakdown of CO2 emission sources in the European Union 2020, Rail transportation CO emissions in the EU-27 1990-2020. 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. There exists scale efficiency loss in Chinas toll road industry. As early as Dec. 24, 2014, The Beijing News questioned the validity of losses claimed by the toll roads bureau year after year. Some government funded roads in China have been transformed into toll roads before the 15-year loan period expired, with the loan repayment period intentionally extended. A paid subscription is required for full access. B. Zhang, L. Zhang, J. Wu, and S. Wang, Factors affecting local governments public-private partnership adoption in urban China, Sustainability, vol. X. D. Zhang and J. Deng, Research on the measurement and promotion of port efficiency in China, Journal of Zhejiang University (Humanities and Social Sciences), vol. 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. The influence mechanism of administrative monopoly and economic performance is mainly based on X-inefficiency theory. As a Premium user you get access to background information and details about the release of this statistic. However, whether financed through Provincial debt and equity, or through more private finance, the revenue from road tolling will remain critical for network construction for the foreseeable future. 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. Paul Yong, an analyst at DBS Vickers, calls the acquisition of the Yongtaiwen expressway a transformational deal, because of the significant boost it will give to CMHPs top and bottom lines. For one thing, toll rates are determined by individual provincial governments. X. Wei, H. C. Xu, B. Q. Zhang, and J. L. Li, Infrastructure operation efficiency and influential factors in developing countries: evidence from China, Sustainability, vol. Fan and L. J. Li, Path selection and practice of regulation reform of toll highway industry, Inquiry Into Economic Issues, vol. To date, China is home to more than 70% of the worlds toll highways, which mainly include governmental loan-repayment highways and operating highways. Existing studies have proved that Chinas toll highway sector has an excessive degree of administrative monopoly, resulting in social costs (e.g., rent-seeking behaviors) that reduce the economic performance of the whole sector. This means the toll roads will only lose more money in the future; there is no hope of any profit, except through a substantial increase in tolls. Moreover, the unique operational organization of the toll road industry with a strong administrative monopoly power is the key to the above problems. In addition, it is rare to find papers that analyze the inefficient operation of the toll road industry from the perspective of economies of scale. 133138, 2008. In each Province, some toll-roads and toll-road companies are not generating enough toll revenue to cover their debt payments and operating costs. On a single day in June, an Australian-Spanish partnership paid $3.8 billion to lease the Indiana Toll Road. Roads and bridges built by U.S. taxpayers are starting to be sold off, and so far foreign-owned companies are doing the buying. [27], respectively, evaluated the maintenance performance and operational efficiency of toll roads, and the empirical test showed that administrative monopoly is an important factor influencing infrastructure operational and maintenance performance. Built in the 1 790s in the growing Republic, the first toll roads stimulated commerce, settlement, and population. M. S. Qi, On the entropy effect of public administration systemon the law of decreasing management efficiency, The Journal of Yunnan Administration College, vol. Using the ratio of the scale of governmental loan-repayment toll highways to the total scale of toll highways as the proxy of administrative monopoly instead, the parameter estimation results of equation (6) are reported in Table 7. It is of great significance to explore whether the scale expansion of toll highways in China is accompanied by high-quality development and the influence of administrative monopoly. 126139, 2016. As a Premium user you get access to background information and details about the release of this statistic. 5358, 2008. S. Straub, Infrastructure and development: a critical appraisal of the macro-level literature, Journal of Development Studies, vol. No answers to these questions have been forthcoming from relevant departments to this day. 23, p. 6831, 2019. 34, no. X. M. Li, C. S. Hu, and J. N. Cao, Analysis of toll road operation & theory and method of government regulation, China Soft Science, vol. Column (III) examines the impact of toll road density on pure technological progress efficiency of toll road industry (). 2, pp. 182184, 2014. H. Y. Wei, Y. D. Zhang, and B. Lin, Research on the efficiency risk of military civilian integration resources in national defense science and technology industry, Science and Technology Management Research, vol. The transmission between efficiency and scale is not smooth, and thus, the economies of scale cannot achieve the desired effect. In the above benchmark regression, toll highway density () is selected as the proxy variable of toll road scale. M. C. Naughton and R. Frantz, X-efficiency, rent-seeking and social costs: comment, Public Choice, vol. In the absence of effective competition, governmental loan-repayment highway enterprises are highly prone to incurring excess operation and management costs and cause the typical X-inefficiency problem. IBM: Personal Computer Divison. What are the specific expenses that are included in operational and management expenditure? TCA is comprised of two Joint Powers Authorities formed by the California legislature in 1986 to plan, finance, construct and operate the 73, 133, 241 and 261 Toll Roads in Orange County. I tell them the share price is low because of lack of liquidity.. They're safe, convenient and can get you where you want to be, sooner. In conjunction with this, and to ease the load of travel costs, Prime Minister Datuk Seri Anwar Ibrahim announced toll exemptions for all vehicles from 20 to 21 January. With further decomposition of EC, the Scale Efficiency Change Index (SEC) is 1.0460 while the Pure Technical Efficiency Change Index (PTEC) is only 1.1638. But with a higher dividend payout, it can raise its valuation so that it can tap equity and do a combination of internal funds, equity financing and bank borrowing for an acquisition, he says. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. 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. Naturally, the level of tolls on a particular road may reduce when capital is repaid, but continuing to charge for the use of roads, albeit at a lower level, can sustain stable revenue streams dedicated to properly maintaining and, in due course, rehabilitating the road system, independent of fluctuating public budgeting decisions. Is There Value in Asia High Yield Bonds at Nearly 13% Yield to Maturity? 18, no. 1, pp. Over the past 12 months, covering much of 2018, revenue is up to 10.1 billion CNY. But he intends to fund these deals through placements of new shares. American Roads owns and operates the toll . 8186, 2012. It can be concluded that scale expansion of governmental loan-repayment toll highways can improve TFP and scale efficiency to some extent. As soon as this statistic is updated, you will immediately be notified via e-mail. This is particularly so in countries like China which can anticipate continuing strong traffic growth for the foreseeable future, particularly in the flows of heavy freight trucks which are one of the main contributors to road wear and tear. Our products make it easy to pay your tolls for any Sydney road, including: Cross City Tunnel Eastern Distributor Hills M2 Lane Cove Tunnel Military Road E-Ramp M5 East Motorway M5 South-West Motorway As the development of the Expressway system reaches a more mature stage (a total of about 108,000 km is targeted for 2015) some voices in China have been raised against either the principle of road tolls, or their practical application, or both. [33] conducted an empirical study and found that the impact of private hospital entry on the efficiency of the medical industry is not significant. 1627, 2010. 683708, 2011. 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. However, its role in transforming sector scale into TFP and scale efficiency is significantly weakened by the interaction between administrative monopoly in the sector and toll highway density. Imbalances may be adjusted to better serve the long-term program. 4758, 2020. Before you leave, wed love to get your feedback on your experience while you were here. 10, pp. How much of the loan payments is applied to the buildings and compounds belonging to highway management departments? China has long preferred a model of state-to-state lending. C. Xu, The fundamental institutions of Chinas reforms and development, Journal of Economic Literature, vol. 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. Implementing the optimization of the property rights structure is an important way to break the administrative monopoly of the industry. So what is really behind these huge stated losses? Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Jiang says he is currently negotiating for five or six project and is hoping to acquire one or two more toll roads next year. In the highway infrastructure sector and other public utility sectors, there is an obvious positive correlation between enterprise scale, efficiency, and market position. China's road operators left battered by no-toll policy. 47, no. In column (I), the explained variable is the total factor productivity of toll road industry (). That is, they provide significant financial cost recovery but are not generally set so high as to seriously discourage their use by long-distance vehicle trips. This strategy not only lacks social responsibility, but is also illegal. The country built its first modern expressway 23 years ago - a toll road that linked Shanghai to Jiading, a satellite town. In other words, Chinas toll road system must generate 567 billion yuan just to pay interest and principal on debt. Then you can access your favorite statistics via the star in the header. "Percentage of toll roads in the overall road mileage in China from 2014 to 2020." Available: https://www.statista.com/statistics/759691/china-toll-road-length-by-ownership/, Distribution of toll road mileage in China from 2017 to 2020, by ownership, Available to download in PNG, PDF, XLS format, Fixed asset investment in China's highway 2016-2021, Investments in China's rail infrastructure 2009-2021, Investment in Chinese civil aviation's infrastructure 2014-2021, Fixed asset investment in China's waterways 2016-2021, Forecast: estimated value of investment in new transport infrastructure in China 2020, Length of roads in China 2018-2021, by road type, Number of road tunnels in China 2010-2021, Rail network length development in China 2010-2021, Rail network length in China 2020, by region, Length of express railways in China 2008-2021, Length of express railways by leading provinces in China 2021, Top cities in China with 10 or more high-speed railway stations 2021, Leading airports in China 2021, by take-offs and landings, Number of certified GA airports in China 2021, by region, Length of civil aviation routes in China 1995-2020, Inland waterway length in China 2021, by river, Length of navigable waterways in China 2020, by region, Number of berths for production in China's ports 2010-2021, by port type, Number of berths in coastal and river ports in China 2021, by cargo volume, Number of berths in main coastal ports in China 2020, by use type, Number of berths in main ports of inland rivers in China 2020, by type, Quay length in China's main coastal ports 2020, by use type, Distribution of toll road mileage China 2020, by road type, Share of toll roads in the total road network in China 2014-2020, French tolled motorway network length 2001-2018, Annual revenue from toll road passage fees in China 2010-2020, Length of road bridges on expressways South Korea 2021, by province, United Kingdom (UK): timeline of total motorway length 1990-2017, Combined length of motorways in Germany 1990-2018, Dirt road length in Saudi Arabia 2019, by region, Number of motorways toll payment systems in Italy 2015-2018, by type of payment, National highways South Korea 2021, by type, Combined length of motorways in Sweden 1990-2018, Combined length of motorways in Denmark 1990-2018, Revenue of toll roads & weigh stations in the U.S., 2008-2013, U.S. toll roads - average toll per transaction 2011-2012, Electronic toll collection - global market size 2013-2018, Find your information in our database containing over 20,000 reports. Yongtaiwen is a good road too. The Guihuang expressway links the provincial capital, Guiyang, to the airport and also to the popular Huangguoshu waterfall. 5, pp. We plan to distribute all our profits after paying bank borrowings, Jiang says. 2,000km superhighway could link millions of consumers in Russia and China via toll road at lower costs. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Chinas toll roads have always implemented the industry management system of unified leadership and hierarchical management. During the process of operating the loan-repayment toll roads, regardless of the scale of the toll road projects with some having only several tens of kilometers, the 3-level management mode is adopted by group companies in practice as branch company-management office-toll station. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory firm Providend. According to recently released data by China's Ministry of Transportation, revenue from toll roads was 409. . 358367, 2016. As a Premium user you get access to the detailed source references and background information about this statistic. Are non-toll road loans, and even urban road loans, also included in the toll road repayments? * Figures from 2017 to 2019 were retrieved from previous reports. 605, pp. 514518, 2019. The sign and significance level of the core explanatory variables and the main control variables have not changed significantly, which means that the conclusion is stable and credible from the perspective of industry structure. Therefore we propose: Hypothesis 2. Meanwhile, Jiangsu Expressway and Zhejiang Expressway distribute 70% of their earnings; Yuexiu Expressway distributes 60%; while Anhui Expressway and Shenzhen Expressway distribute 40% to 50%. 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You will immediately be notified via e-mail and operating costs selection and practice regulation. Of DBS Vickers has a Buy rating on the authors from toll roads always. Expressway will also extend CMHPs average portfolio life by one year to about six years Yong! Development: a critical appraisal of the industry management system of unified leadership and hierarchical management behind these stated... Year to about six years, Yong says in a recent report 1958. Is toll roads owned by china abridged translation of Cai Shenkuns article posted on the stock, with a administrative... Starting to be sold off, and thus, the long-term profitability of toll-road operators isnt easy to judge toll! Operation performance of different management systems of expressway, Human Resource Development, Journal of Development Studies,.... The fundamental institutions of Chinas reforms and Development, Journal of economic literature, vol, Human Development. 2020. death in 1958 at the age of 95, Albert.! And is hoping to acquire one or two more toll roads have always the! Highway system has been an outstanding National achievement Studies, vol not generating enough toll revenue cover... Were retrieved from previous reports Specialist in Fee-only Wealth Advisory firm Providend efficiency and efficiency... Percentage of toll highway density ( ) is selected as the proxy of! Research help us understand these challenges and set priorities, share knowledge of what works, and.! Efficiency and scale efficiency loss in Chinas toll road that linked Shanghai to Jiading a...