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Reform Commission Announces: National-Level Investment Funds for Infrastructure Reach Over 50 Billion Yuan This Year
On March 6, the third session of the 14th National People's Congress held a press conference on economic topics. State Councilor and head of the National Development and Reform Commission, Zheng Kesheng, stated that this year’s national-level investment funds for infrastructure construction—including long-term special bonds, local government special bonds, and central budgetary investments—will exceed 50 billion yuan.
Zheng Kesheng emphasized that, through comprehensive analysis, China has institutional advantages, strong market potential, and vibrant enterprise vitality. Even more importantly, it possesses bold spirit to face risks and challenges, solid foundations to resolve issues, and the basic conditions, support, and safeguards needed to achieve a growth target of around 5% this year.
According to the government work report’s deployment, from the perspective of ensuring implementation, ten measures have been proposed. Zheng Kesheng said that to fully accomplish this year’s development goals, the next steps will focus on four areas: boosting consumer spending, expanding effective investment, building a modern industrial system, and deepening reform and opening-up.
We must integrate promoting consumption with improving people’s livelihoods. For example, the subsidy for replacing old consumer goods with new ones will increase from 15 billion yuan last year to 30 billion yuan this year—doubling in scale and broadening the scope of support. Also, adapting to multi-tiered and diversified consumption demands, we will foster innovative and rich consumption scenarios. Zheng Kesheng revealed that recently, multiple departments have jointly developed the 'Special Action Plan for Promoting Consumption,' which will be announced and implemented shortly.
Strengthen efforts to expand effective investment
We must combine addressing shortcomings with enhancing momentum to expand effective investment. In terms of fiscal investment, this year’s national-level funding for infrastructure projects—including long-term special bonds, local government special bonds, and central budgetary investments—will exceed 50 billion yuan. At the same time, we will further improve investment efficiency, do well in foundational, long-term, and practical matters, and support private enterprises in investing in emerging and future industries.Focus on enhancing investment effectiveness, doing well in foundational, long-term, and practical tasks. We will support private enterprises in investing in new industries and future sectors, and launch a series of major projects with strong attraction in key fields such as railways, nuclear power, hydropower, and major technological infrastructure.
Strengthen efforts to build a modern industrial system
We must better integrate nurturing new drivers with upgrading traditional industries. On one hand, we will cultivate new and future industries. Recently, the establishment of the National Entrepreneurship Investment Guidance Fund is underway, aiming to strengthen innovative enterprises. On the other hand, we will upgrade traditional industries. The State Council Executive Meeting has recently discussed structural reforms in key industries, developing specific action plans to promote the exit of inefficient capacity and expand supply of mid-to-high-end products.
Strengthen efforts to deepen reform and opening-up
We must better combine breaking through bottlenecks with raising standards. For example, we will deeply implement a nationwide unified market construction plan, advance high-level opening-up, and further promote the dual circulation of domestic and international markets. Overall, we will intensify efforts to reduce social logistics costs and eliminate unreasonable costs across various sectors and stages. Implement laws to promote private economic development. At the same time, accelerate resolving issues like overdue payments and arrears.
Zheng Kesheng stated that the National Development and Reform Commission will work closely with relevant ministries, enhance overall coordination and balance, strengthen policy alignment across finance, taxation, industry, investment, employment, consumption, and regional development, ensure consistent policy direction, and improve the synergy of macro policies to firmly fulfill this year’s development goals.
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