news

In the first half of the year, government investment played a significant leading role and promoted the steady growth of investment. In the next step, we must continue to give play to the effectiveness of macroeconomic policies and give full play to the leading role of government investment, so as to further promote employment stability, increase residents' income and release consumption potential.

In the fourth quarter of last year, my country issued an additional 1 trillion yuan in treasury bonds to support post-disaster reconstruction and enhance disaster prevention, mitigation and relief capabilities. The latest news shows that as of now, all 15,000 projects that have been issued additional treasury bonds have started construction. This is another important progress in my country's efforts to increase macroeconomic regulation and give full play to the role of government investment.

Restoring and expanding demand is the key to the continued economic recovery. Actively expanding effective investment is a key link in expanding domestic demand. It is necessary to expand effective investment and give full play to the driving effect of government investment on the investment of the whole society. In addition to the fact that most of the funds from the additional issuance of treasury bonds last year were used this year and the projects are being pushed forward, this year it is also planned to issue 1 trillion yuan of ultra-long-term special treasury bonds. The issuance work has been carried out one after another and will be completed in mid-November. The relevant departments have made it clear that a number of projects with relatively mature preliminary work and conditions should be built as soon as possible. At the same time, local government special bonds have been issued and used faster, and more new infrastructure, new industries and other fields have been included in the investment scope. As of the end of May, more than 1.1 trillion yuan of new special bonds have been issued for project construction in various places.

The effects of a series of trillion-yuan-level measures are reflected in the "report card" of economic operation in the first half of the year. By making good use of national debt, special bonds and central budget funds to support the construction of key areas and key projects, the investment field has gained strong momentum. In the first half of the year, infrastructure investment increased by 5.4% year-on-year, 1.5 percentage points faster than total investment, and drove the growth of total investment by 1.2 percentage points. These data show that government investment has played a significant leading role and promoted the steady growth of investment.

The Third Plenary Session of the 20th CPC Central Committee analyzed the current situation and tasks, and stressed the need to unswervingly achieve the annual economic and social development goals. Among them, it was clearly stated that "macroeconomic policies should be implemented well and domestic demand should be actively expanded". The current economy continues to recover and improve, but we should also see that investment is still under pressure, market demand is insufficient, and momentum needs to be strengthened. In the next step, we need to continue to give play to the effectiveness of macroeconomic policies and give full play to the driving role of government investment, so as to further promote employment stability, increase residents' income, and release consumption potential.

Strengthen policy implementation. More effective implementation of macroeconomic control policies will help stabilize growth and expectations. At present, we should issue and use ultra-long-term special government bonds, strengthen the construction of security capacity projects in major national strategies and key areas, and promote stable investment and increase stamina. At the same time, we should speed up the use of funds from additional government bonds, local government special bonds and central budget investment, increase project construction efforts, form physical workload as soon as possible, amplify the driving effect of government investment, and fully stimulate investment vitality.

Innovate policy support methods. There is a lot of room for some short board areas, weak links and new industrial fields and tracks. We should aim at expanding effective and profitable investment in these areas and constantly create new momentum and new advantages for development. In addition, as an important tool to promote private investment, the new mechanism of cooperation between the government and social capital has entered the stage of comprehensive promotion. We should promote the comprehensive and standardized implementation of the new mechanism, vigorously encourage private enterprises to participate, better stimulate the vitality of private investment, and consolidate the growth trend of private investment.

Give full play to the policy combination effect. Macroeconomic policies such as finance, currency, investment, and industry should strengthen coordination and cooperation to form a joint force to expand demand and stimulate investment. Combined use of various policy tools such as deficits, special bonds, and ultra-long-term special government bonds, make good use of policies and funds, play a guiding and driving role, and provide stronger support for stimulating investment and economic recovery and development. Give full play to the role of policy-based development financial instruments and structural monetary policy tools to support and drive infrastructure construction and promote government investment to drive private investment. At the same time, implement policies such as re-loans for scientific and technological innovation and technological transformation, fiscal subsidies for equipment renewal loans, and tax incentives for digital and intelligent transformation of special equipment such as energy-saving and water-saving, promote the implementation of large-scale equipment renewal, and drive fixed asset investment.

Of course, government investment cannot be blindly expanded or launched, but must make scientific decisions, improve management, focus on efficiency, and strictly guard against local government debt risks.

Government investment is related to the overall economic and social development. By further implementing macroeconomic policies, effectively playing the role of government investment, and guiding and driving social capital to expand effective investment, we can better stabilize growth, increase stamina, promote sustained and healthy economic development, and lay a solid foundation for achieving the annual economic and social development goals. (Source: Economic Daily Author: Zeng Jinhua)