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

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.