Better leverage the key role of investment (new economic direction)
In Shanghai, national level data exchanges, computing power platforms, and other platforms are accelerating their layout to promote the digital transformation of the economy; In Sichuan, more than 170 rural cable bridges will be completed this year, benefiting 200000 rural residents. Since the beginning of this year, various regions and departments have focused on stabilizing investment, enhancing the key role of investment in optimizing supply structure, and promoting reasonable investment growth. How to improve the investment environment, stimulate investment vitality, and solidly promote high-quality economic development? The reporter interviewed relevant experts.
Continuous optimization of investment structure, strong investment support in infrastructure and high-tech industries
The total investment is 13.5 billion yuan. In July of this year, the first phase of Ningde Times' battery factory project in Yichun, Jiangxi was put into operation. In just 18 months, the factory building rose from the ground. "The factory is equipped with four super intelligent production lines, and it only takes 1.5 seconds to produce a set of battery cells after reaching production. The annual production capacity can assemble 500000 electric vehicles," said Tang Jianhua, the Operations Director of Yichun Times.
Since the beginning of this year, investment in key areas across the country has maintained rapid growth. From January to July, investment in infrastructure and manufacturing increased by 6.8% and 5.7% respectively, both faster than the overall investment growth rate. Du Yue, Deputy Director of the Comprehensive Department of the Investment Research Institute of the China Academy of Macroeconomics, believes that the investment structure continues to optimize, and the driving role of infrastructure and manufacturing investment continues to strengthen, further playing a key role in optimizing the supply structure.
The momentum of innovation continues to be consolidated and released. The successful commercial operation of domestically produced large aircraft, with industrial robots accounting for over 50% of the global installed capacity, and the completion of performance verification of new generation EMU technology components. By promoting technological innovation and transformation applications, we are promoting the transformation towards high-end, intelligent, and green industries, and the trend of industrial upgrading continues. From January to July, investment in high-tech industries increased by 11.5% year-on-year, while investment in scientific research and technology services increased by 23.1% year-on-year.
The driving effect of large project investment has been enhanced. In the first half of the year, the planned total investment in projects with a total investment of 100 million yuan or more increased by 10.9% year-on-year, an increase of 0.2 percentage points compared to the period from January to May; The contribution rate to the overall investment growth has increased by 10 percentage points compared to the period from January to May.
Investment, as one of the "three carriages" driving economic growth, plays an important role in China's economic development. "The physical quantity formed by investment creates demand in the short term and supply in the medium to long term, which is of great significance in promoting the effective connection and smooth circulation of various links in the national economy. It is not only a strong support for stable growth, but also an important carrier for accelerating the construction of a modern industrial system." said Wei Qijia, Director of the Industrial Economy Research Office of the Economic Forecasting Department of the National Information Center.
Continuously unleashing investment potential around key areas and weak links of the national economy
In the first half of the year, the National Development and Reform Commission approved 91 fixed assets investment projects, with a total investment of 701.1 billion yuan, mainly focusing on energy, high-tech, transportation, water conservancy and other industries. The interviewed experts believe that in order to better play the key role of investment, it is necessary to accurately grasp the investment direction, focus on key areas and weak links of the national economy, continuously unleash investment potential, and improve the quality and efficiency of investment.
At present, various regions and departments are focusing on solving practical problems in economic and social development, and continuously promoting investment in key areas such as transportation, energy, water conservancy, ecology, and people's livelihood to make up for shortcomings.
Moderately advance infrastructure construction. The construction of the Haba Snow Mountain Tunnel on the Yunnan Tibet Railway was completed, the construction of the supporting facilities for the continuation of large-scale irrigation areas in Hetao and the modernization project was accelerated, and the middle section of the Third West to East Gas Pipeline and the Fourth West to East Gas Pipeline were at the peak of construction... In the first half of the year, China completed 1.83 trillion yuan of traffic fixed assets investment, an increase of 9.1% over the same period; The completed investment in key energy projects exceeded 1 trillion yuan, a year-on-year increase of 23.9%.
Promote the construction of new infrastructure. Du Yue said that since the beginning of this year, investment in new infrastructure construction has maintained rapid growth, with a growth rate of 16.2% in the first half of the year, accounting for 0.4 percentage points higher than the same period last year, laying a solid foundation for medium - and long-term innovative development.
Strengthen the construction of major projects to meet the needs of people's livelihoods. Accelerate the aging and renovation of urban pipelines, increase inclusive elderly care and medical care combined service facilities, and continuously improve fitness facilities around the people... From January to July, investment in electricity, heat, gas, and water production and supply industries increased by 25.4%. From January to July, 46600 old urban communities were newly renovated nationwide, benefiting 7.95 million households.
Du Yue suggested that promoting effective investment should play a greater role in economic recovery and high-quality development, and continue to promote the interaction and synergy between investment and consumption. On the one hand, we will increase the demand for traditional bulk consumption such as automobiles and household appliances, actively develop service consumption and emerging consumption, and leverage the driving role of consumption in manufacturing investment; On the other hand, optimizing investment structure around consumer demand, increasing investment in related fields such as consumer infrastructure, consumption scenarios, and logistics facilities, and promoting investment and consumption, forming a strong synergy to expand domestic demand.
Better leverage the driving role of government investment and stimulate the vitality of private investment
The National Development and Reform Commission recently issued the Notice on Further Strengthening the Promotion of Private Investment and Mobilizing the Initiative of Private Investment, proposing to give full play to the important role of private investment, strive to maintain the proportion of private investment in fixed assets investment at a reasonable level, and drive the further optimization of the private investment environment, the further enhancement of the willingness of private investment, and the further improvement of the vitality of private investment.
Private investment is an important force in promoting economic development, stabilizing overall investment, and expanding social employment. Since the beginning of this year, the growth of private investment has been under significant pressure. "We need to have the determination to promote the growth of private investment, as well as a full understanding of the difficulties and complexities that private investment may face, and maintain patience and composure." Dr. Zhang Peiyuan from the Investment Research Institute of the China Academy of Macroeconomics believes that private investment still has strong growth momentum and space. With the gradual improvement of the internal and external environment and the introduction of a series of favorable policies, it is expected to stabilize and improve.
Stabilize expectations and enhance investment confidence. "In a predictable market and social environment, private enterprises are more motivated to engage in innovation activities and long-term investment," said Shen Li, Deputy Researcher at the Economic Forecasting Department of the National Information Center. In July, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy" proposed to comply with the procedures for adjusting policies related to enterprises in accordance with the law and regulations, and to set a reasonable transition period based on the actual situation. This measure helps to stabilize and guide the expectations of private enterprises, and enhance confidence in private investment.
Strong service and enhanced investment capability. Zhang Peiyuan suggested that various regions should carry out regular promotion of private investment projects, support the participation of private capital in major projects, and introduce corresponding policy measures in tax reduction, loan interest subsidies, fiscal subsidies, etc., and strengthen the guarantee of key private investment projects.
"Both government investment and private investment are indispensable." Du Yue believes that to continue to play a good role in driving government investment, it is necessary to accelerate the issuance and use of local government special bonds, and promote a number of projects that make up for shortcomings, benefit people's livelihoods, and benefit both the current and long-term to land as soon as possible and form a physical workload. At the same time, with the formulation and implementation of a comprehensive debt plan, local government debt risks will be effectively prevented and resolved, enhancing investment capabilities.
