We will comprehensively strengthen infrastructure development

Consumption is the fundamental purpose and basic driving force of social production. The expansion of consumption requires the support of employment and personal income improvement, and the improvement of enterprises' ability to improve product quality and innovation. Therefore, the work of expanding consumption must be done on the production and supply side. To make production and supply active, we must work on improving production capacity and increasing product orders, which must rely on investment. On the one hand, investment can promote scientific and technological innovation and improve the production capacity of enterprises; On the other hand, it can increase various kinds of procurement activities and increase the orders of related enterprises. Consumption and investment are two important links which are interrelated and mutually conditional in the social reproduction movement. Social reproduction is, first of all, material production, which is the prerequisite for the existence of other related links such as consumption. Investment is the basic means to support the development and expansion of material production capacity. Without sustained and effective investment, the maintenance and improvement of material production capacity cannot be achieved, nor can the construction and renewal of various material living conditions (such as cities and villages) be achieved. Investment can promote active production activities, while supporting the growth of supply, it will also support the increase of employment and household income, which will prepare the necessary consumer demand conditions for the increase of supply. This is also an important manifestation of supply creating demand. Marx paid special attention to the dialectical and unified analysis of the relationship between production and consumption, and regarded them as two closely related and interdependent links in the system movement. Without production, there can be no consumption, but without consumption, there can be no production. "But productive activity is the starting point of realization, and therefore the dominant element of realization." This reminds us that if we do not promote production activity and supply growth through effective investment, we will have a series of problems by relying on stimulating consumption; For example, if the expansion of money issuance directly increases the purchasing power of residents, the result may be that when production and supply have not increased, people do not engage in related labor but increase their income, and consumer demand expands, which may become an important incentive for inflation. To expand domestic demand, we must give full play to the key role of investment. We must increase effective investment to stimulate production and supply, generate employment and income growth, and boost consumption.

To expand domestic demand, we must give play to the role of the government. The contraction of demand is one of the possible trends of market adjustment. Under market regulation, enterprises pursue profit growth and residents pursue income growth. Market demand is one of the key factors determining profit and revenue growth. When some factors make the demand decline, thus reducing the opportunity for profit and employment and income growth, enterprises will prudently arrange production and investment, and residents will prudently arrange consumption expenditure, and the related demand will converge. This reinforces the contraction in demand, making it a self-reinforcing trend. The government can act against the contraction of market demand by freeing itself from the constraints of accounting for short-term benefits such as current investment returns. The counter-cyclical regulation of government macro policy is an indispensable supplement to market regulation. To expand domestic demand, we must give full play to the role of the government. We must be driven by government investment, so that business investment and social investment can pick up in an all-round way, and in turn, employment and consumption can gradually recover. Infrastructure system (including public service facilities) is a public product mainly responsible by the government, in response to the contraction of demand, to expand domestic demand, comprehensive strengthening of infrastructure construction will inevitably become the key.

To comprehensively strengthen infrastructure construction, we must have sufficient funds, technology, materials and construction capacity

Adequate financial security. Infrastructure systems (including public service capabilities) have strong attributes of public goods and are related to the overall and long-term development needs. Its project construction, can not be overly biased to short-term investment income accounts and debt balance accounts. As pointed out at the 11th meeting of the Financial and Economic Commission of the CPC Central Committee, we must pay attention to efficiency, calculate both economic accounts and comprehensive accounts, and improve the comprehensive benefits of the whole life cycle of infrastructure. First of all, the value and use value of the two aspects of the account. We should not only pay attention to the reasonable recovery of project construction investment, but also pay attention to the service guarantee ability of the whole life cycle provided by the project, pay attention to its benefit to the people's life and ensure the long-term level. For example, the investment in high-speed rail construction is large and the payback period is long. However, we must not deny the timeliness and necessity of high-speed rail project construction. It is necessary to pay special attention to the convenience and convenience brought by high-speed rail to the people's travel, pay attention to the quality improvement of China's transportation level, and pay attention to the long-term sustained service guarantee ability. The construction of related projects of infrastructure system (including public service capacity) must comprehensively assess the comprehensive benefits of value and use value, and calculate the input-output ratio accordingly. It is necessary to pay attention to the public product attributes of the project and pay attention to its different degrees of public welfare, which determines that the construction funds must be jointly undertaken by the government and the society. At present, China's infrastructure system (including public service capacity) construction funds are sufficient. First, the fundamentals of the Chinese economy are sound in the long run, the credit foundation of the Chinese government is highly reliable, and the potential for sustained and rapid growth of fiscal revenue is highly reliable. Therefore, the government has a lot of room to raise funds by issuing long-term construction bonds. Second, the scale of social funds is huge and the investment channels are relatively narrow, and the participation of government investment projects is very enthusiastic, and the potential of mobilizing social funds to participate in infrastructure construction is great. The medium - and long-term financial funds that can be mobilized are huge, and the current social funds that can be mobilized are huge, ensuring adequate construction funds.