the capital of highway construction is in charge of investor ,government can ,but not must ,invest in the highway .



　



(4) Participator : by loan contract ,operation contract ,construction contract ,design contract ,investor contract with bank ,constructor ,designer respectively .



　



2. Government’s responsibility in BOT



Though BOT populated overseas ,it is not familiar with us ,especially under the condition that we have not a perfect law system ,consequently ,there is little successful BOT issue in China .Considering highway BOT need enormous capital ,which increase the risk of investor .Thus ,investor always require government’s guarantee by authority law files . Consequently , government’s guarantee is the important factor in the assessment of BOT issue ,in other words ,it decided the success of BOT item .



Government’s guarantee In highway BOT item including as follows :



(1) Guarantee of soil and logistics : highway BOT issue investor need government’s convenience in water supply ,electricity supply ,soil ,labor force ,living substance ,etc .Government should initiatively harmonize water ,electricity ,post ,labor ,living ,traffic department with investor ,not only harmonize investor with local government and local people ,but also maintenance construction order .Government ,especially village government and village cadre should initiatively supply labor force for highway construction and maintenance ,which also can supply work position for rural area .



　(2) Guarantee of foreign currency exchange : Government’s guarantee of foreign currency exchange is most concerned by investor . China limited foreign money exchange , renmingbi can not be freely exchanged with foreign currency , Though Foreign Currency Exchange Management Department states regular issue can be exchanged with foreign currency dynamic, capital issue still strictly confined . Highway BOT issue usually adopted foreign currency , yet it’s returns is Chinese currency .therefore , whether investor’s returns can freely exchange with foreign currency is very important to investor .Based on these analyses ,investor usually require government’s guarantee of foreign money exchange ,similarly ,many developing country guaranteed foreign currency exchange .



(3) Guarantee of confine competition : Investor’s returns directly depends on traffic .To ensure it’s stabilization returns , investor always require government to pledge not build competing issue during management time to make investor can have stabilization returns ,which would otherwise harm to investor . In fact , guarantee of confine competition is populated overseas , for example , Britain government and France government pledge to investor , Europe tunnel Co. , not build second tunnel or bridge in 33 years . But we should point out guarantee of confine comp etition is only tackle with over competition , because it would lead to resource waste .



(4) Guarantee of operation time : It requires government assure investor has enough time to operate the BOT issue even investor has well returns . From the point of investor , the long time of operation ,the better ,while it is on the contrary to government .usually ,operation time should between 20 and 30 years , which depends on the practice of the BOT item.



　(5) Guarantee of investment returns : Investment returns is the ratio of actual value of investment and returns .Considered the big risk of investment and the low returns ,government usually would offer guarantee of investment returns to attract investor . But this kind of guarantee usually is indirectly and confined in market and price ,not guarantee of construction time and over budget and so on . But in fact , government’s guarantee of investment returns still belong to business guarantee ,not politics risk . For example , Shanghai government states in Sh anghai Yanan East Road Tunnel Management Order in 1994 : the investor of Hongkong can have the investment returns ratio of 15% .



　



3. Law conflict law r

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