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牌九网站开户:China speeds up future-oriented infrastructure development

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牌九网站开户:China's central authorities have vowed to build a modern infrastructure system and strengthen infrastructure construction in an all-around way.

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XinhuaUpdated:  May 12, 2022
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Eyeing infrastructure as a pillar for economic and social development, China's central authorities have vowed to build a modern infrastructure system and strengthen infrastructure construction in an all-around way.

Comprehensively strengthening infrastructure construction is of great significance to ensuring national security, smoothing domestic circulation, facilitating the "dual circulation" of domestic and overseas markets, expanding domestic demand and promoting high-quality development, according to a meeting of the Central Committee for Financial and Economic Affairs held last month.

Economists believe that China's efforts in infrastructure development will inject new impetus for the country to achieve its economic growth target, and the modern infrastructure system will invigorate China's high-quality development in the long run.

Despite the resurgence of COVID-19 infections, China's investment in infrastructure construction rose 8.5 percent year on year in the first quarter of this year.

During the same period, China's fixed-asset investment in road and waterway infrastructure jumped 11.4 percent year on year to 512 billion yuan (about 76 billion U.S. dollars), according to data from the Ministry of Transport.

Aerial photo taken on March 1, 2022 shows a cloud computing base in Zhongwei City, northwest China's Ningxia Hui Autonomous Region. (Xinhua/Wang Peng)

According to this year's government work report, the country plans to issue a total of 3.65 trillion yuan of special-purpose local government bonds in 2022, and launch the construction of an array of major projects, modern infrastructure and renovation of old public facilities.

China has signaled that infrastructure construction investment will play a significant role in expanding domestic demand, promoting circulation and stabilizing growth, said Liang Qidong, vice president of the Liaoning Academy of Social Sciences.

For 2022, China's policymakers set the full-year economic growth target at around 5.5 percent, while the country's GDP grew 4.8 percent year on year in the first three months.

Wang Qing, analyst with Golden Credit Rating, forecast that the growth rate of infrastructure investment will rise in the second quarter, further bolstering China's future economic growth.

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