Remarkable achievements were made in the development of basic industries and infrastructure

In order to fill the gap in basic industries and infrastructure, and focus on easing bottlenecks in energy, raw materials, and transportation, the state has concentrated on building a number of key national projects in energy and transportation. From 1982 to 1989, the state arranged 319 key construction projects, with a total investment of 248.6 billion yuan, accounting for 29 percent of the country's capital construction investment during the same period. Among them, 261 infrastructure projects such as energy, basic raw material industry and transportation were planned, with a total investment of 292.7 billion yuan, accounting for 94.2% of all key construction projects.

During this period, the proportion of primary industry in basic industry and infrastructure investment was relatively high. From 1978 to 1989, 50.9 billion yuan was invested in agriculture, forestry, animal husbandry and fisheries, accounting for 8.9 percent of the total investment in basic industries and infrastructure.

It was also a period of rapid development of investment in education, culture, health and sports. From 1979 to 1989, a total of 83.9 billion yuan was invested in education, culture, health and sports infrastructure, with an average annual growth rate of 25.8 percent, 15.1 percentage points higher than the growth rate of investment in basic industries and infrastructure during the same period.

During this period, the first phase of the "Three North" shelterbelt project, a large number of commercial grain production bases and large-scale water conservancy projects were completed. It has completed 153 key energy projects, including the Gezhouba Hydropower Station and the Pingshuo open-pit Coal mine. 88 key raw material projects such as Jidong Cement Factory have been built; The first phase of the Daqin Electrified Railway project, the third phase of the Qinhuangdao Coal Terminal project, and the Beijing-Wuhan-Guangzhou coaxial cable carrier project have been completed, including 125 key transportation and post and telecommunications projects. In 1988, China's first expressway, the 18.5km Shanghai-Jiading Expressway, was opened to traffic. 1985 The first phase of Shanghai Baoshan Iron and Steel Plant was put into operation; In 1984, the first phase of Jilin Baishan Hydropower Station was completed and put into operation, adding 900,000 kilowatts of generating units; 1984 Hebei Jidong Cement Plant was put into operation, and the cement production capacity was increased by 1.55 million tons/year; In 1981, the Xiangyu Line from Xiangfan to Chongqing was completed and put into use, with an additional business mileage of 895 kilometers. These projects have been completed and put into operation, alleviating the supply shortage of energy, raw materials, transportation, communications and other industries, improving the imbalance in the proportion of light and heavy industries in China's investment structure in the early days of reform and opening up, and laying a good foundation for the next step of national economic development.

(3) 1990-2002: In the stage of rapid development, the investment in national debt greatly promoted the construction of basic industries and infrastructure

After the 1990s, in order to achieve the second strategic goal of modernization, the Ten-year Plan for National Economic and Social Development and the Outline of the Eighth Five-Year Plan of the People's Republic of China made clear arrangements for the development of agriculture, water conservancy, energy, transportation, posts and telecommunications, and raw materials industries, and investment in basic industries and infrastructure increased rapidly. From 1990 to 2002, a total of 8,024.9 billion yuan was invested in basic industries and infrastructure construction, with an average annual growth rate of 26 percent, 15.3 percentage points higher than the average annual growth rate from 1979 to 1989, and 4.5 percentage points higher than the average annual growth rate of social investment in the same period.

During this period, the national debt funds played a very prominent role in driving investment in basic industries and infrastructure. Since 1998, in an unfavorable international and domestic environment, the state has implemented a proactive fiscal policy to boost domestic demand and issued 660 billion yuan of special Treasury bonds for investment in basic industries and infrastructure in the five years from 1998 to 2002. These funds are mainly used for agriculture, water conservancy, transportation, communications, urban infrastructure, urban and rural power grid transformation, central reserve grain storage and other infrastructure projects, in addition to some of the technical reform discount funds for some basic industries for technological transformation projects. The investment of these funds has led to the entry of a large amount of social capital, so that the investment in basic industries and infrastructure has grown rapidly, thus further driving the investment of the whole society and the stable growth of the entire economy. In the five years from 1998 to 2002, the investment in basic industries and infrastructure was 7.338 billion yuan, with an average annual growth rate of 13.1 percent, 2.2 percentage points higher than the average annual growth rate of social investment in the same period, which stron