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Measures to step up effective investment
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CHINA has stepped up efforts to increase effective investment to address the inadequacy in transportation and agricultural infrastructure.
Measures will be taken to ensure targeted and accurate investment in infrastructure, including simplifying the investment project review process and quickening the issuance and usage of 1.35 trillion yuan (US$200 billion) worth of special government bonds.
Public-private partnerships will be promoted to help financing, and barriers for the private sector to enter key investment projects will be lowered, according to the National Development and Reform Commission.
“As infrastructure investment growth slows and investment in new projects plunges, it is necessary to ramp up the effort to fix weak areas in infrastructure and ensure stable and effective investment,” Liu Shihu, an investment official at NDRC, told a press conference.
In the first eight months of 2018, China’s fixed-asset investment was up 5.3 percent from the same period of last year, slowing from 5.5 percent in the January-July period. Planned investment in new projects and infrastructure is down 18.3 percent and 28.1 percent, respectively.
Stable investment is significant in maintaining economic growth, optimizing supply structure and improving long-term competitiveness, Liu said.
An array of new transportation projects are speeding up, like the construction of the Baotou-Yinchuan railway and the expansion of the airport in Urumqi.
Rural areas are another investment highlight. Areas with effective irrigation and high-quality farmland will reach approximately 67 million hectares by 2022. In the meantime, China will foster the concerted development of industry and services in rural areas and improve environmental protection and recovery.
Despite the increased investment, Liu stressed that China will work to fend off risks in local governments’ debt with rigorous measures.
The central government earmarked 537.6 billion yuan to support major projects in areas including affordable housing, rural development, infrastructure and environmental protection this year.
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