New infrastructure construction from the perspective of high-quality development

The new infrastructure should be the infrastructure of a modernized economic system and adhere to supply-side structural reform

China's economy has shifted from high-speed growth to high-quality development, and the corresponding economic system also needs to shift from the traditional economic system to the modern economic system, and the construction of a modern economic system is an inevitable requirement for high-quality development. Modern economic system inevitably needs modern infrastructure, information, intelligent, green are the direction and requirements of modernization, therefore, the new infrastructure is modern infrastructure, constitute the infrastructure of the modern economic system. The key contradiction restricting the transformation of the traditional economic system into a modern economic system is that the quality of the supply side is not high. To build a modern economic system, we need to improve the quality of the supply of the economic system, and we need to eliminate ineffective supply and increase effective supply to better meet demand. Similarly, to build a modern economic system, it is necessary to carry out infrastructure innovation through "new infrastructure", so as to improve the quality of infrastructure supply, promote the development of digital economy, smart economy and green economy, and then promote economic transformation and upgrading, so as to achieve the goal of supply-side structural reform.

However, accelerating "new infrastructure" does not necessarily mean promoting supply-side structural reform. Since 2015, supply-side structural reform has become the main line of China's economic work. The supply-side structural reform aims to promote the adjustment of the supply structure and improve the quality of supply by reforming the system and mechanism, so as to better meet the demand and achieve steady and healthy economic development. The essential requirement of supply-side structural reform is to deepen market-oriented reform, improve the market economic system, and promote economic structural adjustment through a more perfect market system and mechanism, rather than using the government's hand to directly intervene in the supply structure and achieve economic structural adjustment. In other words, if the "new infrastructure" is only government investment, trying to improve the quality of economic supply through government investment, although it may greatly stimulate investment, expand domestic demand, and directly stimulate economic growth from the demand side, but because the market mechanism is not well used, it cannot be considered that the "new infrastructure" is to deepen the supply-side structural reform. The "new infrastructure" to adhere to the supply-side structural reform is to require "new infrastructure" investment and projects to be more the result of respecting market laws and market mechanisms, rather than the result of large-scale investment stimulus by the government through selective industrial policies. "New infrastructure" insists on supply-side structural reform, which is essentially a denial of the market's enthusiasm for large-scale economic stimulus through "new infrastructure". Although infrastructure is generally public in nature and requires a large amount of capital, which requires advanced planning and investment by the government, in order to obtain long-term economic efficiency, infrastructure construction must adhere to the principle of priority and full use of market mechanisms. In particular, new infrastructure is very different from traditional infrastructure, on the one hand, the market prospect is uncertain, the applicability of selective industrial policies is not high, on the other hand, in recent years, the market mechanism has promoted this field has had a good development achievements. Therefore, the "new infrastructure" needs to be guided by the Government, but it should not be overly directly involved. In particular, in the context of the impact of the COVID-19 epidemic, the increasing pressure to achieve macroeconomic goals, and the enthusiasm of local governments for investment, it is all the more necessary to maintain a high degree of soberness.

In short, the central government proposed to accelerate the "new infrastructure", should be more from the perspective of promoting the high-quality development of our economy to understand and understand, and actively promote the "new infrastructure", can not forget the main line of the supply side structural reform, to give priority to and make full use of the market mechanism.