New infrastructure construction from the perspective of high-quality development

If the 5G network, artificial intelligence, industrial Internet, Internet of things, data center and other new generation of information infrastructure is defined as new infrastructure, then new infrastructure construction (hereinafter referred to as "new infrastructure") is not a new thing. In 2018, the Central Economic Work Conference proposed that in order to promote the formation of a strong domestic market, the potential for investment demand at this stage of China's development is still huge, and it is necessary to play a key role in investment, accelerate the pace of 5G commercial use, and strengthen the construction of new infrastructure such as artificial intelligence, industrial Internet, and the Internet of Things. Subsequently, in the 2019 government Work report, it was proposed to strengthen the construction of a new generation of information infrastructure. On July 30, 2019, the Political Bureau of the Central Committee once again stressed the need to accelerate the construction of new infrastructure such as information networks for the economic work in the second half of the year. Even, the "new infrastructure" can be traced back to the 2008 international financial crisis, when the world in response to the international financial crisis to seek new economic growth points, which greatly promoted the acceleration of a new round of scientific and technological and industrial revolution, since then the so-called new infrastructure has been the direction of global investment and capital markets.

Under the impact of the new coronavirus epidemic, the Central Committee has repeatedly mentioned accelerating "new infrastructure" at many recent meetings, and the market is also highly concerned about the hot topic of "new infrastructure", and some people will use it as a new "stimulus plan". Indeed, accelerating the "new infrastructure" has the function of expanding domestic demand and ensuring the realization of the 2020 economic growth target, but the "new infrastructure" is not new, in fact, it is the continuation of the above policies. The scientific attitude is to embed the "new infrastructure" in the needs of China's high-quality development, so that it objectively plays the role of expanding domestic demand and promoting growth. Specifically, the new infrastructure should be understood as the infrastructure of new industrialization, new urbanization and modern economic system, and the "new infrastructure" should be able to serve the high-quality industrialization and high-quality urbanization strategy, and should be able to adhere to the supply-side structural reform, which can truly serve the high-quality development of China's economy and avoid returning to the old road of "flood irrigation".

The new infrastructure should be the infrastructure of the new industrialization and support the strategy of high-quality industrialization

The prevailing view in the capital market is that the new infrastructure mainly includes seven areas: 5G infrastructure, UHV (power Internet of Things), high-speed rail (rail transit), charging pile (new energy vehicles), data center (cloud computing), artificial intelligence, industrial Internet, before this, some technology research institutions define the new infrastructure as a new generation of intelligent information infrastructure integrating perception, transmission, storage, computing, and processing. In fact, although these definitions are more specific, the connotation is too narrow to truly interpret the full meaning of the "new" of new infrastructure. The "new" should correspond to the "traditional", and the new infrastructure should correspond to the traditional infrastructure, and the traditional infrastructure is generally what we understand as the traditional industrial infrastructure such as railways, roads, airports, port city facilities, which is basically based on the mechanical technology, electrical technology, communication technology and other applications of the last round of industrial revolution. The new type of infrastructure is the infrastructure of the new industrialization, the so-called new industrialization is on the basis of traditional industrialization superimposed information, digital, networking, intelligent, green and other requirements, is the new round of science and technology and industrial revolution of information technology, intelligent technology, new energy technology and other results. The new infrastructure includes not only the new generation of intelligent information infrastructure and new energy infrastructure, but also the information, intelligent and green facilities after the transformation of traditional infrastructure. Therefore, the new infrastructure should be the infrastructure of the new industrialization, including not only the new generation of intelligent information infrastructure, but also all kinds of infrastructure related to greening; It should include not only the above seven areas, but also various infrastructure supporting the deepening and expanding new round of scientific and technological and industrial revolution.