"The challenge is how to price the projects to win them and still generate returns."

The fear is that many such projects generate poor economic returns and add to China's pollution, already among the worst in the world.

If someone is adding value to generate returns, I am happy to pay them for it.

They also insist that such projects generate higher financial returns.

It is seen as a way to generate higher margins or returns on investment.

Few companies are attracted by the pipeline project itself, which is expected to generate poor returns.

Private accounts should generate returns of, say, 5 percent a year above inflation.

To get there, they have to raise the public money, also known as permanent capital, and look for ways to generate returns from it.

"There is a lot less room to generate returns going forward."

But those deals have so far generated returns well below company guidelines.