Investment in infrastructure was accelerated and the scale of investment continued to expand

The National Bureau of Statistics recently released data show that in the first five months of January, the national fixed asset investment grew by 6.2% year-on-year, the growth rate has narrowed compared with the January to April. Investment in infrastructure accelerated, investment in high-tech industries maintained its rapid growth this year, and investment in major projects played a stronger role in driving growth. Relevant experts believe that in the future, with the promotion of private investment and investment in new infrastructure construction, the driving role of investment in the steady growth of China's economy will be further evident.

Effective investment drove steady economic growth

As a fundamental driving force to boost domestic demand, stable investment is an important force to maintain economic growth.

Luo Yifei, chief statistician of the Investment Department of the National Bureau of Statistics, introduced that from January to May, all regions and departments strongly coordinated epidemic prevention and control and economic and social development, played a key role in investment, and the investment scale continued to expand, and fixed asset investment (excluding rural households) increased by 6.2% year-on-year, the growth rate was 0.6 percentage points lower than that of January to April. The decline was 1.9 percentage points narrower than the January-April period.

Data show that in the first five months, the national infrastructure investment grew by 6.7% year-on-year, 0.2 percentage points faster than the previous four months, 0.5 percentage points higher than the total investment growth; Manufacturing investment grew by 10.6% year on year, 1.6 percentage points lower than in the previous April and 1.8 percentage points lower than in the previous April. Investment in high-tech industries increased by 20.5% year-on-year, and the growth rate has remained above 20% since the beginning of this year.

At the same time, investment in large projects has played a stronger role in driving growth. In the first five months, the completed investment of projects with a planned total investment of 100 million yuan or more increased by 10.2% year-on-year, 4 percentage points higher than the total investment; The contribution rate to the total investment growth was 83.3%, 2 percentage points higher than the previous four months; Driving the total investment growth of 5.2 percentage points.

"At present, China's economy is facing downward pressure, and investment has become an important carriage driving China's economic growth." Yu Miaojie, deputy director of the National Development Institute of Peking University, analyzed to our reporter, "From the perspective of investment form, infrastructure investment has a more significant role in driving economic growth." At the same time, the rapid growth of investment in manufacturing and high-tech industries is conducive to promoting the transformation and upgrading of the manufacturing industry and promoting the steady and healthy development of the Chinese economy."

We will promote high-quality development of private investment

Private investment is of great significance in maintaining the steady growth of overall investment. In the first five months of this year, private investment grew by 4.1 percent, accounting for 56.9 percent of total investment. Among them, private investment in manufacturing increased by 18.9% and private investment in infrastructure increased by 9.1%, and the quality of private investment further improved.

Since the beginning of this year, the growth rate of private investment has been slower than that of overall investment, owing to the complex and volatile international situation and the spread of COVID-19 in China. An executive meeting of The State Council held on June 15 deployed measures to support private investment and promote multi-benefit projects with one stone. Meng Wei, spokesman of the National Development and Reform Commission, said that the implementation of various policies and measures to encourage the development of private investment and improve the policy environment for private investment will help better stabilize market expectations and investment confidence, and promote high-quality development of private investment.

On the one hand, we need to leverage the role of major projects and government investment. "According to the 102 major projects in the 14th Five-Year Plan, major national strategies and other clear key construction tasks, we will select projects with a certain level of income and relatively mature conditions, and adopt various ways to attract private capital participation." Meng Wei said that when arranging all kinds of government investment funds, private enterprises will be treated equally, and the government will play a guiding role in investment.

On the other hand, we will accelerate the implementation of private investment projects. Private investment projects that have a strong driving role in promoting economic and social development, promoting industrial transformation, and accelerating technological progress should be actively included in the key investment project databases of various localities, and the factors of land (sea use), energy use, water use, and capital should be strengthened.