(Economic Observation) Do not engage in "flooding" China's strong infrastructure and careful efforts
China News Agency, Beijing, April 27 (Reporter Wang Enbo) The 11th meeting of the Central Financial and Economic Commission held on April 26 studied the issue of comprehensively strengthening infrastructure construction.
The series of deployments at this meeting reflect that China will work hard to build strong infrastructure.
In the face of complex internal and external situations, actively expanding effective investment has become the focus of China's current macro policies.
Infrastructure is the key to promoting investment, and it is also regarded as an important support for stabilizing growth.
Tang Sisi, director of the Academic Office of the State Information Center, said that since the outbreak of the new crown epidemic, investment in infrastructure construction has been regarded as an important measure to hedge the downward pressure on the economy, build a foundation for technological innovation and industrial upgrading, and build a modern economic system. High-quality development also plays an important supporting role.
In this context, since the beginning of the year, all parts of China have actively promoted the construction of major projects, driving the rapid growth of infrastructure investment.
The year-on-year growth rate of 8.5% in the first quarter was 0.4 percentage points higher than that in January-February, and showed a monthly upward trend.
However, paying attention to the stable growth role of infrastructure does not mean ignoring the long-term layout.
This year's Chinese government work report calls for actively expanding effective investment.
Focusing on major national strategic deployments and the "14th Five-Year Plan", infrastructure investment will be carried out moderately ahead of schedule.
The meeting of the Central Finance and Economics Committee reiterated that it is "moderately advanced", requiring the layout of infrastructure that is conducive to leading industrial development and maintaining national security, and at the same time grasping the degree of advanced construction.
Liu Lifeng, a researcher at the Investment Research Institute of the China Academy of Macroeconomics, analyzed that "moderately advancing" means taking into account the requirements of short-term stable growth and long-term structural adjustment, coordinating development and security, avoiding blindly spreading stalls and projects, and preventing large-scale government debt expansion; At the same time, we will expand investment accurately and effectively, make forward-looking arrangements around major national strategies, make targeted arrangements around areas of weakness, and make adaptive arrangements around the new needs of the people for a better life.
Looking at the list of major projects released across China at the beginning of this year, new infrastructure, major transportation, energy and water conservancy, park supporting facilities and major livelihood infrastructure are still the focus of investment, and the number of new and old infrastructure major projects generally exceeds 50%.
Among them, new infrastructure projects are mainly concentrated in big data centers, 5G base stations and other projects, while traditional infrastructure projects are mainly based on transportation and major livelihood projects.
Strengthen the construction of network-based infrastructure such as transportation, energy, and water conservancy, accelerate the construction of the main framework of the national comprehensive three-dimensional transportation network, and lay out the construction of a new generation of supercomputing, cloud computing, artificial intelligence platforms, broadband infrastructure networks and other facilities... From this time In a series of infrastructure construction areas focused on by the Central Finance and Economics Committee meeting, it can also be seen that the fine arrangement of adhering to the combination of making up for shortcomings, strong and weak areas, forging long plates, and increasing stamina can also be seen.
This means that China does not intend to engage in "flood irrigation"-style strong stimulus through large-scale infrastructure investment, but focuses on key areas and weak links in economic and social development, and implements a series of targeted and orderly arrangements that benefit both the current and the long-term. project.
Liu Lifeng said that through the construction of relevant facilities and projects, the leverage effect of capital will be maximized, and the simultaneous implementation of local government and social investment will be influenced, which will inject new vitality and impetus into China's economic growth.
Strengthen infrastructure construction, and be precise and effective in guaranteeing.
The meeting of the Central Finance and Economics Committee mentioned that it is necessary to adapt to the financing needs of infrastructure construction, expand long-term financing channels, increase financial investment, and better focus on ensuring the capital needs of major national infrastructure construction.
It is necessary to promote the standardized development and sunshine operation of the cooperation model between the government and social capital, and guide social capital to participate in the investment and operation of municipal facilities.
It is worth noting that in China's total social fixed asset investment scale of more than 50 trillion yuan a year, the amount of government investment is very limited, and social investment is the "main force".
Downs suggested that we should give full play to the guiding and leading role of government investment, actively attract and leverage private investment participation, mobilize the enthusiasm of social investment, continuously expand investment space, and strive to maintain sustained and steady growth in investment, such as exploring and promoting real estate investment trust funds in the infrastructure sector. (REITs) develop healthily, and urge the recovery of funds to be used for new project construction.
In this regard, the National Development and Reform Commission has recently made it clear that it will adhere to the role of market players and fully mobilize the enthusiasm of social investment.
Actively do a good job in the connection of social capital investment and financing cooperation, give full play to the role of the long-term mechanism for promoting projects to private capital, and strengthen project financing guarantees.
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