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2022-08-15
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BMW weekly news | a number of urban rail projects have been approved, and infrastructure has become a key force in stabilizing investment

BMW weekly news | a number of urban rail projects have been approved, and infrastructure has become a key force in stabilizing investment

China Construction machinery information

investment will be further strengthened in 2019, and infrastructure investment will play a more important role in bridging weaknesses and stabilizing growth. Experts suggested that we should take multiple measures at the same time, solve the problem of capital sources through multiple channels, increase policy support, encourage private enterprises to participate in infrastructure investment, and expand financing channels

recently, the national development and Reform Commission approved the fourth phase construction plan of Wuhan urban rail transit, which covers the period from 2019 to 2024, with a total investment of 146.907 billion yuan in recent construction projects

in addition, in the fourth quarter of 2018, the national development and Reform Commission has successively approved a series of infrastructure investment projects, involving urban rail, railway, airport engineering and other fields. Economic · China's economic review found that the total investment scale of these infrastructure construction projects exceeded 1.2 trillion yuan

experts said that investment will be further strengthened in 2019, and infrastructure investment will play a more important role in bridging weaknesses and stabilizing growth. However, under the pressure of local land fiscal tightening, limited financing, and preventing the risk of local government debt, the source of investment funds will become a practical problem that all regions urgently need to solve

major projects have been implemented successively

in the first three quarters of 2018, fixed asset investment generally slowed down, infrastructure investment increased by 3.3% year-on-year, and the growth rate fell by 0.9 percentage points compared with the previous eight months. Among them, the growth rate of fixed asset investment in the third quarter hit the lowest since the statistics

infrastructure fell sharply in 2018, mainly due to the superposition effect of previous policies

since 2018, deleveraging has taken effect, strong regulation has been implemented, local debt control has been strengthened, PPP projects have been comprehensively checked, environmental protection has been strengthened, and the fiscal deficit ratio has been reduced. The superposition effect of these policies has affected infrastructure investment, resulting in a cliff like decline. Liuxuezhi, senior researcher of the financial research center of the Bank of communications, held a meeting of the Political Bureau of the CPC Central Committee on October 31, 2018 to further emphasize the need to stabilize employment, finance, foreign trade, foreign investment, investment and expectations, effectively respond to changes in the external economic environment and ensure the smooth operation of the economy

in the fourth quarter of 2018, the national development and Reform Commission has successively approved urban rail, railway, airport projects and other projects. On October 8, the national development and Reform Commission approved the new Shanghai Suzhou Huzhou railway project, with a total investment of 36.795 billion yuan; On October 9, the new Chongqing Qianjiang railway project was approved, with a total investment of 53.5 billion yuan

since then, the national development and Reform Commission has approved the third phase of urban rail transit in Changchun, the third phase of urban rail transit in Chongqing, the third phase of urban rail transit in Shanghai, the intercity railway in Guangxi Beibu Gulf Economic Zone, Xi'an Yan'an railway, the fourth phase of urban rail transit in Wuhan, the intercity railway in Jiangsu riverside urban agglomeration, and approved the adjustment of the first phase of urban rail transit in Jinan Hangzhou urban rail transit phase III and other projects. In the same period, the new Shandong Heze civil airport project and Urumqi airport reconstruction and expansion project were also approved. The total investment scale of these projects exceeds trillion yuan

the national development and Reform Commission's intensive approval of infrastructure projects is an important measure to stabilize investment under the increasing downward pressure on the economy, an important starting point for deepening the supply side structural reform and an important action to benefit people's livelihood. Liu Ying, a researcher at the Chongyang Institute of finance, Renmin University of China, analyzed that at present, China's economy is changing steadily and worrying in the process of change, and the economy is facing downward pressure. The central economic work conference stressed the need to make up for the shortcomings in infrastructure construction and increase investment in intercity transportation, logistics, municipal infrastructure, etc., which means that investment will be further strengthened in 2019. On the whole, increasing infrastructure construction is conducive to giving play to the key role of investment, promoting consumption with investment and releasing the potential of the domestic market; Improve the density and networking of infrastructure, and promote regional coordinated development; Provide strong support for promoting employment and improving people's livelihood

The central economic work conference held in December 2018 clearly pointed out that China's investment demand potential at this stage of development is still huge, and it is necessary to play a key role in investment, increase technological transformation and equipment upgrading of manufacturing industry, speed up the pace of 5g business, strengthen the construction of new infrastructure such as artificial intelligence, industrial interconnection, IOT, and increase investment in intercity transportation, logistics, municipal infrastructure, etc, We should make up for the shortcomings in the construction of rural infrastructure and public service facilities, and strengthen the capacity-building of natural disaster prevention and control

at present, some outstanding problems of unbalanced and insufficient development in China have not been solved, and the infrastructure network construction of some large urban agglomerations is not perfect, especially in the central and western regions and the vast rural areas, the infrastructure weaknesses are still prominent, and the space and potential to make up for the weaknesses are still relatively large. Liu Lifeng, a researcher at the Investment Research Institute of the national development and Reform Commission, pointed out in the "2019 China's macroeconomic and financial outlook" released by the Bank of communications that in 2019, infrastructure investment will be increased and become a key force in stabilizing investment. According to Liu Xuezhi's analysis, the current policy of encouraging infrastructure investment to make up for weaknesses continues to work. In 2019, the efforts to make up for weaknesses in infrastructure will be further increased. Infrastructure investment will focus on poverty alleviation, railways, roads and water transportation, airports, water conservancy, energy, agriculture and rural areas, ecological environmental protection, social livelihood and other key areas. More importantly, with the vigorous fiscal policy, the implementation progress of infrastructure projects will be significantly accelerated

Liu Ying analyzed that infrastructure investment accounted for more than 1/4 of fixed asset investment. Since 2013, the growth rate of infrastructure investment has been higher than that of fixed asset investment. From the perspective of the "troika", investment shoulders the heavy responsibility of stabilizing growth, and infrastructure investment is an important starting point for the government's counter cyclical regulation. At present, China's investment potential is still huge. It is necessary to increase infrastructure investment in key areas and projects, deepen supply side structural reform, and release the power of investment to drive economic growth. From the perspective of supply side structural reform, increasing infrastructure investment is conducive to filling the gap, driving rural revitalization and releasing rural development potential. At the same time, the core R & D center of the company is located in Shanghai, China, Leverkusen, Germany, PITTSBURGH United States, industrial interconnection and other new key infrastructure construction. Increasing the infrastructure transformation and equipment renewal of the manufacturing industry is conducive to promoting the high-quality development of the manufacturing industry, improving the medium and long-term supply capacity, and laying a solid foundation for building a manufacturing power

prevent the risk of local government debt

the national development and Reform Commission clearly stated in the project approval that it is necessary to effectively prevent the risk of local government debt

for example, in the approval of Wuhan Urban Rail Transit phase IV construction plan, the national development and Reform Commission clearly required that a sustainable and stable construction fund guarantee mechanism be established, the project financing mode and source of funds should not be adjusted at will, it is strictly prohibited to replace financial funds with debt funds, the source of repayment of financing funds should be strictly implemented, and it is strictly prohibited to borrow in disguised form through financing platform companies or in the name of PPP

"the risk of local government debt is related to financial security, and the risk of local government debt is related to the development and risk prevention and control of the whole place." Liu Ying pointed out that infrastructure projects invested by local governments generally have a large demand for funds, and some local governments have high debts and illegal debt raising, so it is necessary to focus on preventing local debt risks caused by increased local expenditure due to infrastructure investment

Liu Xuezhi said that in 2019, we will continue to unswervingly fight to prevent and resolve major risks, and financial risks remain the top priority. We will deal with the risks of local government debt in a stable, controllable, orderly and appropriate manner. In view of the current hidden dangers of local government debt, structural deleveraging is the main idea of deleveraging in 2019, with the focus on dealing with the risk of local government debt. Therefore, it is expected that the supervision and regulation of local government debt will be strengthened in 2019, but at the same time, it is also emphasized that "it is controllable, orderly and appropriate" to ensure the steady growth of fiscal policy

it is worth noting that under the pressure of local land fiscal tightening, limited financing, and preventing local government debt risks, where the funds that play a key role in investment come from is also a practical problem that all regions urgently need to solve

"subject to the impact of local debt leverage reduction, the implementation effect of fiscal policy may be restricted." Liu Xuezhi suggested that the corresponding circuit is relatively complex. In 2019, we should earnestly implement the proactive fiscal policy, strive to boost market confidence, and better play the role of proactive fiscal policy in promoting economic growth. Appropriately expand the scale of fiscal expenditure and expand the use of funds for fiscal expenditure. We will optimize the structure of fiscal expenditure and revitalize the financial stock funds

Liu Ying suggested that we should take multiple measures and solve the problem of capital sources through multiple channels. First, through indirect financing, give play to the role of credit in supporting infrastructure, and discuss the side determination of the comprehensive wear value zmz: first confirm that the Pb point of the sample belongs to the level 1 Industrial Bank, and increase the credit for legal compliance projects under construction and short board projects; Second, strengthen direct financing and support infrastructure through capital market financing such as stocks and bonds; Third, strengthen financial support, increase the scale of local government special bonds, optimize the issuance process, and ensure the construction of key projects; Fourth, we should promote the PPP model under the premise of legal and compliant operation, increase legal and compliant PPP projects, and leverage social capital into major projects to make up for weaknesses

in addition, we should strengthen policy support, encourage private enterprises to participate in infrastructure investment, and expand financing channels; Local governments need to deepen the maturity of the project, strengthen the operability of the project, improve the commercial interests of the project, and eliminate and reduce the additional conditions that hinder private investment from entering the infrastructure

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