Source: National Development and Reform Commission
Since the beginning of this year, the National Development and Reform Commission has resolutely implemented the decisions and arrangements of the CPC Central Committee and the State Council, and worked with relevant parties to do a solid job in stabilizing investment, actively expand effective investment, and promote stable investment growth. Judging from the situation in the first quarter, the national investment increased by 9.3%, an increase of 4.4 percentage points over the whole year of 2021. It has achieved a good start, and the work of stabilizing investment has achieved positive results, making important contributions to the stable start of the national economy.
First, the investment market expanded steadily. Infrastructure investment maintained rapid growth, up 8.5% in the first quarter, 0.4 percentage points higher than that in January-February, showing a monthly upward trend. Manufacturing investment continued the momentum of rapid recovery since last year, with an increase of 15.6% in the first quarter, 6.3 percentage points higher than that of all investment, becoming an important driving force for investment growth. Real estate investment maintained positive growth.
Second, the investment structure was continuously optimized. The investment in the high-tech field continued to grow rapidly, and the overall investment in the high-tech industry increased by 27%, of which the high-tech manufacturing industry increased by 32.7%. Investment in the social sector grew rapidly, with a year-on-year increase of 16.2% in the first quarter. Among them, investment in health and social work increased by 24.9%, and investment in education increased by 17.2%.
Third, the vitality of investment has been enhanced. Private investment remained active, with private investment increasing by 8.4% in the first quarter, a further increase compared to the whole year of last year. Among them, private investment in manufacturing increased by 24.8%, and private investment in high-tech manufacturing grew particularly prominently, playing a major driving role. The early launch of government investment has had an obvious driving effect, and the state budgetary funds have grown rapidly among the actual funds in place.
Fourth, the leading indicators of investment are improving. In the first quarter, the number of newly started projects increased by 12,000 compared with the same period last year, and the total planned investment in newly started projects increased by 54.9%. The scale of special bonds this year is 3.65 trillion yuan, and the quota for project construction has been fully issued. In addition to the approximately 1.2 trillion yuan issued in the fourth quarter of last year, the project funds are adequately guaranteed. With the intensified efforts to promote the project construction in various places, it is expected to accelerate the formation of physical workload, which will form a strong support for the stable growth of investment.
Actively expanding effective investment is the focus of current macro policies, which is not only conducive to expanding current demand and responding to economic downward pressure, but also conducive to optimizing the supply structure and promoting high-quality development. Since the beginning of this year, in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, the National Development and Reform Commission, together with relevant parties, has grasped the correct direction of work, made efforts to break through the blockages and constraints, and paid attention to the joint efforts of all parties to effectively and orderly promote various tasks of stabilizing investment.
First, adhere to precise and effective investment orientation, and resolutely do not engage in “flooding”. Since the beginning of this year, together with relevant departments and localities, we have adhered to the combination of making up for shortcomings, strengths and weaknesses, forging long plates, and increasing stamina, carrying out infrastructure investment moderately ahead of time, actively promoting the construction of water conservancy, transportation, energy and other infrastructure, and strengthening new foundations Facility construction; enhance the core competitiveness of the manufacturing industry, advance key core technology research, and implement energy-saving and carbon-reduction transformation in key industries; strengthen the construction of social fields, ecological environmental protection, and urban infrastructure to make up for shortcomings. Actively expand effective investment, not blindly spreading stalls and projects, nor by implementing large-scale infrastructure investment plans to engage in “flooding”-style strong stimulus, but focusing on key areas and weak links of economic and social development, accurate and orderly. Implement a number of investment projects that benefit both the current and the long-term.
Second, insist on early deployment and early action, and do a solid job in the preliminary work of the project. The preliminary work of the project is an important prerequisite for the project to start construction. Since the beginning of this year, we have taken the initiative to guide local governments to focus on the objectives and tasks of the “14th Five-Year Plan” and major national strategies, strengthen project research and demonstration, and do a good job in project reserve work with high quality. A virtuous circle of batches. At the same time, guide and urge local governments to speed up the implementation of various approval procedures for the project, do a solid job in the preliminary work of the project, and urge the preparatory work for land acquisition and demolition, municipal facilities, etc., to coordinate and ensure the employment and supply of raw materials, and promote the early start and smooth implementation of the project.
Third, insist on grasping the key points and vigorously promote the construction of 102 major projects in the “14th Five-Year Plan”. The implementation of major engineering projects is a major measure to actively expand effective investment. In the previous stage, we worked actively with relevant parties to steadily advance the implementation of the 102 major projects in the 14th Five-Year Plan, and give full play to the leading role of the 102 major projects. An inter-ministerial joint meeting system was established to promote the implementation of 102 major projects in the 14th Five-Year Plan, and meetings were held to make overall arrangements for the implementation of the projects. Clarify the leading departments, compaction departments and local responsibilities for 102 major projects. Establish and improve the project promotion mechanism, strengthen daily scheduling supervision, and promote the implementation of major engineering projects as soon as possible. Judging from the actual effect, the implementation of 102 major projects is progressing smoothly on the whole, and a good start has been achieved.
Fourth, insist on focusing on the main contradiction, and effectively ensure the guarantee of project capital elements. The guarantee of capital elements is an important factor restricting the implementation of the project. In accordance with the principle of “funds follow the project”, we make good use of government investment and give full play to the guiding and leading role of government investment. Focusing closely on the decisions and arrangements of the Party Central Committee and the State Council and the key tasks of the “14th Five-Year Plan”, we will concentrate our efforts on major, difficult and urgent matters, and make good use of the investment within the central budget. Work with the financial department to promote the accelerated issuance and use of local government special bonds, urge all localities to increase the promotion of project construction, and effectively speed up the construction of special bond projects and the use of funds. In accordance with the requirements of “factors follow the project”, together with the natural resources department, we will do a good job in securing land for major national projects, and orderly implement separate energy consumption lists for major projects that meet the conditions.
Fifth, insist on giving full play to the role of market players and fully mobilize the enthusiasm of social investment. Compared with the fixed asset investment scale of the whole society of more than 50 trillion yuan a year, the amount of government investment is very limited, and social investment accounts for the majority and is the main force of investment. We actively take effective measures to give better play to the role of government investment in guiding and leveraging, fully mobilize the enthusiasm of social investment, and drive the growth of social investment. Continue to push forward the reform of “delegating power, delegating power and improving services” in the investment field to improve the level of investment facilitation. Multiple measures will be taken to support the steady growth of manufacturing investment, and financial institutions will be encouraged to increase medium- and long-term loan support for the manufacturing sector. 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. Promote the healthy development of real estate investment trusts (REITs) in the infrastructure sector, revitalize existing assets, and form a virtuous circle of investment. Standardize the promotion of public-private partnership (PPP).
Sixth, adhere to the establishment of risk awareness, and promote project construction in an orderly manner in accordance with laws and regulations. To promote project construction, risk prevention must be placed in a prominent and important position. We guide all localities to follow the principle of doing their best and doing what they can, to promote project construction in accordance with laws and regulations, and effectively prevent hidden risks of investment projects. Further strengthen the management of government-invested projects, instruct local governments to strictly implement the approval procedures for government-invested projects, and prevent “building without approval” and “approval while building”. Supervise and urge local governments to strictly review and control the implementation of construction conditions such as project financing to prevent illegal borrowing. Guide project units to strengthen risk prevention and control in the fields of social stability, ecological environment, project quality and safety of construction projects.
In the next step, we will conscientiously implement the spirit of the Central Economic Work Conference, actively respond to the impact of environmental changes at home and abroad in accordance with the deployment requirements of the “Government Work Report”, and work with relevant parties to further strengthen investment stabilization efforts to give full play to government investment. Guide the leading role, better mobilize the enthusiasm of social investment, actively expand effective investment, promote the steady growth of investment, and make positive contributions to the stable and healthy development of the national economy.
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