At the executive meeting of the State Council on February 15, it was emphasized to promote the strengthening and supplementing of the manufacturing chain, accelerate the construction of new infrastructure and expand effective investment. As early as 2021, the central economic work conference clearly proposed to carry out infrastructure investment moderately ahead of schedule. The national standing committee meeting held not long ago also made arrangements for expanding effective investment and called for accelerating the promotion of major projects identified in the outline of the 14th five year plan and the special plan. Recently, the central government has repeatedly stressed effective investment. It seems that expanding effective investment is indeed an important starting point for stabilizing growth and promoting high-quality economic development this year. We must pay close attention to it and strive to achieve results.
The so-called effective investment refers to the investment with high output efficiency, which is relative to ineffective and inefficient investment. So, how to calculate the investment with higher output efficiency? Its judgment criteria mainly include the following aspects: first, it depends on whether it conforms to the national industrial policy. During the 14th Five Year Plan period, the state's industrial policy is to vigorously support the development of advanced manufacturing industry and promote the innovative development of industries such as integrated circuit, aerospace, ship and marine engineering equipment, Siasun Robot&Automation Co.Ltd(300024) , advanced rail transit equipment, advanced power equipment, engineering machinery, high-end CNC machine tools, medicine and medical equipment. Support the development of strategic emerging industries, focus on the new generation of information technology, biotechnology, new energy, new materials, high-end equipment, new energy vehicles, green environmental protection, aerospace, marine equipment and other strategic emerging industries, and accelerate the development of biomedicine, biological breeding, biomaterials, bioenergy and other industries. Deepen the promotion and application of Beidou system and promote the high-quality development of Beidou industry. We will support the overall promotion of the construction of traditional infrastructure and new infrastructure, and build a modern infrastructure system with complete systems, efficiency, practicality, intelligence, green, safety and reliability. It should also be mentioned here that taking the opportunity of the Beijing Winter Olympics, the national policy of supporting the development of ice and snow industry has also entered a strong period, focusing on supporting the high-quality development and innovation of China's ice and snow industry and industry during the 14th five year plan. Second, it depends on whether scientific planning has been carried out. All investment projects incorporated into the national or provincial (District, city) local development plans are effective investment projects. Third, it depends on whether the structure of investment projects is optimized, deal with the relationship between government investment and private investment, give full play to the leverage of government investment, promote private investment with government investment, participate in the construction of short board projects such as transportation, logistics, ecological environment and social undertakings, actively mobilize the vitality of social capital and encourage the stable development of private investment. Fourth, it depends on whether the investment project is closely related to the people's growing needs for a better life. As long as it is an investment project that focuses on making up for weaknesses, increasing stamina and benefiting people's livelihood, it is an effective investment project. Then, effective investment that meets the above standards can form the "engine" of economic growth and the "booster" of high-quality transformation and development, and even become the "main grasp" to improve the people's happiness index. Not long ago, the relevant person in charge of the national development and Reform Commission said that this year, we should accelerate the 102 major projects identified in the outline of the 14th five year plan, and focus on major projects such as new infrastructure and new urbanization and effective investment in the field of making up for weaknesses. It is understood that among the major projects started across the country this year, in addition to traditional infrastructure projects, the proportion of project investment in advanced manufacturing, high-tech industries and other fields has increased; Promoting high-quality development with high-quality investment is a common feature of major projects everywhere. Moreover, under the tone of steady growth, China's digital infrastructure investment has also made full efforts.
From another perspective, effective investment is divided into two parts: effective investment in physical projects and effective investment in capital market. Effective investment in physical projects refers to the above-mentioned major engineering projects determined in the outline of the 14th five year plan formulated by the central government and local governments and their annual plans. Effective investment in the capital market refers to the investment behavior of institutional investors and individual investors in high-quality listed companies in the capital market. In other words, in the capital market, investors expect to obtain a certain return on equity or creditor's rights in the future by investing in the stocks or medium and long-term bonds of high-quality listed companies. The expected return of investors is based on the future investment return of high-quality listed companies. In fact, the judgment standard of whether the investment of these high-quality listed companies can realize effective investment is the same as that of the above-mentioned entity projects. More importantly, on the whole, the group of listed companies is the vanguard of Chinese enterprises. Many high-quality listed companies have close contacts and exchanges with non listed companies and small, medium and micro enterprises in business and industrial chain. If these listed companies can achieve high-quality development, they will play a great role in driving all market subjects, and then for stabilizing growth, employment, consumption Stabilizing the market and expectations is of great significance. Therefore, accelerating the formation of a more mature and finalized basic system of the capital market, cultivating more high-quality companies to be listed, improving the quality of listed companies and strengthening the protection of the legitimate rights and interests of investors are the internal requirements for promoting effective investment in the capital market. In particular, improving the quality of listed companies is a long-term and systematic project. It is hoped that this year, while continuing to strengthen the punishment mechanism and recovery mechanism, we will accelerate the improvement of the securities law enforcement judicial system and mechanism with Chinese characteristics, and implement the guiding documents such as the opinions on strictly cracking down on securities illegal activities according to law, We should also accelerate the promulgation of the regulations on the supervision and administration of listed companies, standardize the behavior of listed companies, establish the supervision system of listed companies, focus on the whole chain supervision of the three links of import, market and export, improve the institutional arrangements to support listed companies to become better and stronger, further improve the corporate governance and internal control mechanism, and encourage listed companies to pay cash dividends Share repurchases and other methods actively repay investors, so that investors can better share the dividends of economic growth.
In addition, we will promote the reform of the investment side, cultivate and expand professional investors, enrich financial products, improve the system of public funds and private placement institutions, continuously optimize the medium and long-term capital market environment, strengthen the stable market capital supply mechanism, strive to create a capital market environment matching the income and risk, and improve the sense of acquisition of investors on the basis of effectively protecting the interests of investors, Let the capital market become an effective market that investors are willing to come and stay, and actively carry out effective investment, so as to better support the high-quality development of the real economy.
