We will expand investment in new infrastructure to create key new drivers for economic and social development



New infrastructure is an important part of the modern infrastructure system, is to promote the whole society's digital transformation, intelligent upgrading, integration and innovation of the basic, public facilities, is an important support for the implementation of innovation-driven development strategy, promote high-quality economic and social development, for optimizing the investment structure, high-quality supply to create new demand has important practical significance. In recent years, all departments and localities in China have been working hard to deploy new infrastructure construction work, which has achieved remarkable results, effectively stimulating market demand, promoting scientific and technological progress, and improving public services, and has formed a key new driving force for economic and social development.

First, new infrastructure is an important support for seizing the future scientific and technological frontier track and creating new advantages in international competition

New infrastructure leads the development of modern science and technology

Digital technology has changed existing resource endowments and comparative advantages, and new infrastructure is a necessary supporting condition for the development of modern science and technology. From 2G to 5G, the resistance to information transmission is continuously reduced, the bandwidth of mobile phone communication is increased from 0.1MB/s to the highest 10G/s, and the delay is reduced from 500ms to 1ms, which not only speeds up the network speed, but also realizes high-speed, stable and reliable connections between people, people and things, and things, so as to realize the rapid flow of various production factors. Modern information technologies such as artificial intelligence, cloud computing, and the Internet of Things have developed rapidly on the basis of new infrastructure. For example, more and more cities are aggregating road data collected through new infrastructure to form a high-quality data resource supply for emerging businesses such as intelligent transportation and autonomous driving. At the same time, with the support of major scientific and technological infrastructure in cutting-edge fields such as biotechnology, materials science and technology, and aerospace science and technology, research and development work and innovation capabilities have also been greatly improved, and leapfrog scientific and technological progress has been achieved.

New infrastructure is reshaping international competition

The level of infrastructure construction has always been an important factor in national power competition. The level of new infrastructure construction directly affects a country's scientific and technological growth potential, industrial development level and people's quality of life. At the same time, new infrastructure also needs to rely on the market scale effect of large countries in order to fully play its important role. At present, major economies have accelerated the development of relevant strategies and plans, such as the United States' Innovation and Competition Act, the European Union's 2030 Digital Compass, and Japan's Comprehensive Innovation Strategy 2022, continue to focus on the construction and popularization of 5G, optical fiber, and industrial Internet, and accelerate the popularization and quality of digital infrastructure. New infrastructure has become one of the main battlefields of competition between countries in the future, and will play an important role in the competition pattern of great powers.

China's new infrastructure construction has got off to a good start

In the past decade, China has built optical fiber length increased by about 2.7 times, mobile communication from "4G and run" to "5G lead", artificial intelligence infrastructure accelerated layout, data center scale reached 5.9 million standard racks, the national integration of big data center system accelerated construction, network scale and application level of the world's leading. Second, the integration of infrastructure to accelerate the layout, unmanned terminals, autonomous driving and other new forms of transportation continue to emerge, more than 90% of airports to achieve "paperless" convenient travel; The smart energy dispatching system has greatly improved the efficiency and security of energy supply. The accelerated construction of smart city infrastructure has injected new impetus and vitality into social governance and the improvement of people's livelihood. Third, the improvement of innovation infrastructure has been accelerated. China has built and operated 32 national major science and technology infrastructure facilities, and built more than 200 national engineering research centers, more than 1,600 state-level enterprise technology centers and a number of national industrial innovation centers in key areas, forming a relatively complete system of major science and technology infrastructure.

Second, there is a significant demand for new infrastructure, which is the core support for stabilizing the economy and promoting growth

New infrastructure not only has the characteristics of traditional infrastructure to stabilize economic growth, but also can promote innovation and expand new consumption, new manufacturing and new services, and form new drivers while strengthening weak areas. According to research by the International Monetary Fund, in the 56 post-World War II countries where annual economic growth exceeded 6% for a decade, the average fixed-asset investment rate was 25%, often rising in line with economic growth. New infrastructure has become the main support force for China's stable economic growth and social prosperity.

New infrastructure creates new consumer demand

In the past three years, due to the impact of the epidemic, China's economy, especially household consumption, has been greatly impacted, but because of the good foundation laid by the construction of new infrastructure over the years, it has provided a good development environment for the optimization of the overall consumption structure. In recent years, China's 5G network construction, optical fiber into the home and other work have been continuously promoted, and personal communication bandwidth has been continuously expanded, which has directly promoted the change of consumption structure. The further improvement of indoor and outdoor network speed will promote wearable devices, digital homes, intelligent service robots and other mature industries, and also promote more people such as the elderly to join online consumption; The second is to innovate consumption patterns, the stable operation of 5G networks, the promotion of new economic models such as "live streaming", the activation of content industries such as "digital cultural creation", and the rapid growth of consumption of services such as tourism and life; The upgrading of urban and rural information infrastructure can not only promote the development of collaborative office, online entertainment, distance education and other fields, but also stimulate the "online" and "global" consumption enthusiasm of third - and fourth-tier cities and the elderly, and promote the advanced jump in the consumption value chain in various fields. Under the impact of the epidemic, the scale of national information consumption in the first three quarters of 2022 still achieved a year-on-year growth of 6%, which is playing an increasingly significant role in stable economic growth.

New infrastructure creates new growth drivers for the economy

New infrastructure construction can significantly boost economic growth, mainly in the following aspects: Short-term stable growth, new infrastructure can stimulate a large amount of investment in the field of electronic information and smart city in the short term, which can effectively hedge some of the pressure of the epidemic and economic downturn, the first three quarters of 2022, the added value of the electronic information manufacturing industry above designated size in the country increased by 9.5% year-on-year, and the growth rate was 5.6 percentage points higher than that of the industry. In the medium term, the construction of new infrastructure can not only promote the employment of high-tech fields, but also absorb the employment of general skills practitioners such as delivery delivery and rural e-commerce by promoting the rapid development of platform economy and e-commerce. The scale of flexible employment in China has reached 200 million people, and about 84 million workers rely on Internet platforms for employment. That's about 11 percent of the nation's employment. Long-term strong momentum, new infrastructure construction promotes the smooth flow of information within and between industries, reduces the cost of digital transformation of enterprises, promotes industrial synergy efficiency, and drives the development of industrial clusters to improve quality and efficiency.

New infrastructure reshapes new supply chains

By improving the circulation efficiency of information flow, the new infrastructure drives the barrier-free circulation of logistics and capital flow, thus creating a new supply chain advantage for the future. On the one hand, new infrastructure brings new efficiency. Taking the application of the industrial Internet in some enterprises as an example, it will reduce the inventory of products in process by 60% on average, improve the operational efficiency of the supply chain by 40%, and activate the flow of materials in the entire market. On the other hand, the new infrastructure expands the new market, reduces the information asymmetry between production and consumption through the reliable transmission of information and the seamless connection of applications, expands the coverage of e-commerce platforms, cultivates new marketing models such as "live streaming with goods", and then drives the expansion of various products and services in domestic and foreign markets. Relying on China's strong new infrastructure, in recent years, China's cross-border e-commerce enterprises such as SHEIN and Temu have grown rapidly, becoming an important force to open up the domestic and international double cycle.

New infrastructure promotes a new model of benefiting the people

By strengthening the sharing and rapid flow of data between the government, residents and enterprises, the new infrastructure provides many new methods and new means for governments at all levels to creatively carry out services that benefit the people and enterprises. During the epidemic prevention and control period, the role is especially significant, and stable communication infrastructure such as optical fiber network provides strong support for the majority of students to carry out online teaching, and in such a vast country with a large population, classes are basically suspended during the epidemic. The smooth wireless network supports the smooth operation of the express delivery and take-out systems in urban and rural areas, and guarantees the basic life of many residents and the basic operation of catering enterprises. Industrial digital tools such as the industrial Internet and digital supply chain have directly ensured that many enterprises can resume work and production smoothly after the epidemic.

Third, take multiple measures to actively expand effective investment in new infrastructure to strongly support high-quality economic and social development

Overall planning and top-level design to form a new type of infrastructure policy synergy

The first is to draw the blueprint, the new infrastructure is a typical systematic project, governments at all levels should formulate a scientific and reasonable top-level design of the new infrastructure, the overall planning of the project, capital, industry, security and other all-round work; Second, strong coordination. Relevant units should pay attention to communication and coordination when carrying out new infrastructure work, strengthen the coordination between major projects and supporting policies, strengthen the coordination between new infrastructure and urban and rural construction planning, and jointly build and share communication networks, data centers and other facilities as much as possible. The third is to re-evaluate, to study and formulate a new infrastructure evaluation index system, build a dynamic feedback monitoring and evaluation system, real-time optimization of the pace of new infrastructure construction in various fields, to achieve overall scale benefits.

We will establish a new type of infrastructure investment guidance by classifying and implementing targeted policies

On the one hand, it is necessary to formulate different investment and construction guidance according to the types of new infrastructure projects. For projects with good business and clear benefits, we will guide their healthy development by means of basic research and development support, information docking, evaluation and rating. For public welfare projects with urgent needs for people's livelihood and no clear benefits, we should appropriately increase financial support according to the government's ability to bear. For projects with strong innovation and leading role, but with unclear income prospects, cooperation between the government and social capital should be adopted to guide all kinds of capital to invest in accordance with market rules, and continue to evaluate and optimize investment and financing models. On the other hand, it is necessary to continue to study the catalogue system of new infrastructure investment and financing guidance, clarify the scope of new infrastructure investment, and increase training and guidance for governments and enterprises at all levels.

Apply traction and scenario-driven to create new infrastructure demonstration benchmarks

First, actively build demonstration benchmarks, encourage all industries and fields to actively explore new infrastructure construction paths, summarize excellent successful models in a timely manner, and carry out demonstration and promotion; Second, vigorously cultivate the application ecology, overall layout of the new infrastructure industry chain construction, accelerate the research and development and industrialization of key products, cultivate system solution service providers in the industry field, and continue to optimize the integrated application ecology; Third, establish an integrated and open standard system, revise and improve international, national, industry and corporate standards in light of actual market needs, formulate standards for information infrastructure connectivity, and strengthen the integration and interoperability of all types of old and new infrastructure standards.

We will increase effective investment in new infrastructure through multiple inputs and coordinated efforts

On the one hand, we should give full play to the guiding and driving role of investment from the central budget, make good use of medium - and long-term loans, special bonds of local governments, and policy-oriented development financial instruments, and increase support for new infrastructure development. On the other hand, it is necessary to enhance the enthusiasm of social capital to participate in the investment of new infrastructure projects, reduce the initial investment risk of projects through industrial guidance funds and other ways to attract social capital participation. In addition, it is necessary to innovate financing products and services, encourage development financial institutions to increase medium - and long-term loans for new infrastructure construction, and improve the financing capacity of enterprises in the capital market.