On the first working day of 2022, major projects in many places will be started intensively.
On January 4, Shanghai, Sichuan, Anhui and other places started to build a number of major projects in the fields of infrastructure, key industries, social and people’s livelihood, making a good start for this year’s investment projects.
This year, China’s economy will be stable and seek progress while maintaining stability, and stable investment will play a key role.
Many experts predict that stabilizing investment will become the focus of current and future work, which can not only hedge the downward pressure on the economy, but also play a key role in optimizing the supply structure. Intensive deployment from the central to local governments to speed up the issuance of bonds in the first quarter will provide financial guarantee for the commencement of infrastructure projects.
82 major projects in Pudong, Shanghai started
Today, the major strategies and key tasks during the 14th Five Year Plan period have entered the comprehensive construction period.
The central economic work conference held a few days ago studied and judged the situation and called for “stability first and seeking progress while maintaining stability”.
In the policy of steady growth, investment is one of the most important measures.
On January 4, the centralized commencement of major projects in Pudong New Area in 2022 was held at the site of phase IV expansion project of Shanghai Pudong International Airport. This time, 82 major projects were started, with a total investment of 317.6 billion yuan, focusing on promoting industrial upgrading, improving urban functions, accelerating the improvement of people’s livelihood and optimizing the ecological environment.
The general assembly supporting project of large aircraft park is located in the special comprehensive bonded zone of large aircraft Park in the south of Pudong Airport, with a total investment of 2.245 billion yuan. The project is adjacent to COMAC’s final assembly base, focusing on the upstream and downstream of airborne, power system and other industrial chains, and building a “door-to-door” general assembly supporting layout of large aircraft, so as to improve the supporting efficiency of large aircraft batch production and promote the development of aviation industry chain.
Shanghai International Shanghai Athub Co.Ltd(603881) phase I Project (information flying fish digital industry R & D headquarters) is located in plot d0401 of “information flying fish” global digital economy innovation Island, with an estimated total investment of 3.3 billion yuan. After the completion of the project, it will create an important bearing place for the “digital industrialization” ecology of the park through the introduction of digital basic industries such as cloud computing, communication technology, artificial intelligence, software services and data services. At the same time, it will build a landmark twin tower and multi zoning group, and build an important bearing place for five oriented economies such as innovative economy, headquarters economy and open economy.
Wu Jincheng, director of Shanghai Municipal Commission of economy and information technology, said at the commencement site that he would aim at new kinetic energy and improve the toughness of the industrial chain; Set sail for a new track and expand the online new economy; Copy the “core” speed to create a high-end growth pole.
He introduced that the 23 major industrial projects started this time belong to the “3 + 6” key industrial fields, with a total investment of more than 120 billion yuan. Among them, the three leading industrial projects of integrated circuit, biomedicine and artificial intelligence account for 50% and the investment amount accounts for 80%. These projects will provide strong support for Pudong to strengthen the leading function of high-end industries and accelerate the building of world-class industrial clusters.
In addition to Shanghai, Sichuan, Anhui and other places have also launched a number of major projects.
On April 4, the centralized commencement ceremony of major projects in the first quarter of 2022 in Sichuan Province was held. A total of 100 major projects with a total investment of more than 1 billion yuan were organized, with a total investment of 232.2 billion yuan. In terms of investment field, 22 long-term projects in the field of infrastructure, with an investment of 53.3 billion yuan; 51 strong foundation projects in the field of innovation and industry, with an investment of 127.7 billion yuan; There are 27 short board projects in the field of people’s livelihood and social undertakings, with an investment of 51.2 billion yuan. In terms of investment scale, the centralized construction projects include 31 projects with an investment of more than 2 billion yuan, with an investment of 146.6 billion yuan; 9 projects with more than 5 billion yuan and an investment of 85.2 billion yuan; Five projects with more than 10 billion yuan and an investment of 62 billion yuan.
The first batch of provincial mobilization meetings for the centralized commencement of major projects in 2022 held in Anhui on April 4, with 731 major projects under centralized commencement, with a total investment of 376.06 billion yuan and an annual planned investment of 126.25 billion yuan, involving 12 industries such as strategic emerging industries, transportation and social undertakings, of which manufacturing projects account for 72.1% and 58.7% of the total projects and total investment respectively.
In the event of centralized commencement of major projects of “a good start” in the new year of 2022 in Xiamen, 132 projects were started, with a total investment of 115.1 billion yuan and an annual planned investment of 19.3 billion yuan. The project covers industries, infrastructure, social livelihood and other fields.
Luo Zhiheng, vice president and chief Macro Analyst of YueKai Securities Research Institute, told the first financial reporter that stabilizing investment will become the focus of work at present and in the future. It will not only hedge the downward pressure on the economy, but also play a key role of investment in optimizing the supply structure. Appropriately and ahead of schedule infrastructure investment lies in stabilizing investment, expanding effective investment, achieving steady growth, making up for weaknesses and optimizing supply structure.
steady investment and steady growth
The central economic work conference proposed that all regions and departments should shoulder the responsibility of stabilizing the macro economy, all parties should actively launch policies conducive to economic stability, and the policy force should be appropriately advanced.
Ning Jizhe, deputy director of the national development and Reform Commission and director of the National Bureau of statistics, wrote an analysis, actively expanded effective investment, accelerated the promotion of major projects in the outline of the 14th five year plan, focused on effective investment in major projects such as “two new and one heavy” new infrastructure, new urbanization and short board, and accelerated the construction of 5g, Gigabit broadband and integrated big data center. We will actively mobilize the vitality of social capital and encourage the stable development of private investment.
The national development and Reform Commission and the Ministry of industry and information technology recently issued a document requesting to accelerate the implementation of major projects in the 14th five year plan, major regional strategic plans and major projects with clear annual work arrangements, promote the launching of major projects with conditions, start the construction of projects that can start as soon as possible, speed up the construction progress of projects under construction, and strive to complete and put into operation as soon as possible. Give full play to the role of special classes for major national and local foreign-funded projects, and accelerate the implementation of major foreign-funded projects in advanced manufacturing and other fields.
The National Railway Group held an annual work meeting on January 4, which said that this year, it will promote national key projects with high quality and put into operation more than 3300 kilometers of new lines, including about 1900 kilometers of ordinary speed railways. Focus on serving the major national strategies, focus on the railway related projects in the 102 projects identified in the outline of the national “14th five year plan”, and solidly promote major projects such as high-speed railway along the river and new land sea channel in the West. Promote new breakthroughs in difficult projects such as Chengdu Lanzhou, Dali Ruili and Lijiang Shangri La railways.
Citic Securities Company Limited(600030) believes that all localities will strengthen reserve projects and speed up the approval of investment projects, especially where the reform of investment project commitment system is implemented. It is expected that the time from project initiation to commencement approval will be reduced by more than 50%. In 2022, infrastructure investment may achieve a medium to high growth rate of 6.5%, moderately higher than the economic growth rate, and play a leading role effectively. In the infrastructure investment in 2022, the proportion of new infrastructure investment is expected to increase from about 10% to 15%, and the investment scale in new energy, pollution reduction, carbon reduction, green building, urban and rural pipe network, parking lot and other fields will increase significantly.
financial guarantee provided by local bonds
The central economic work conference made it clear that this year’s active fiscal policy should improve efficiency and pay more attention to accuracy and sustainability. We should ensure the intensity of fiscal expenditure and speed up the progress of expenditure. We will implement new tax reduction and fee reduction policies, strengthen support for small, medium-sized and micro enterprises, individual industrial and commercial households, manufacturing and risk resolution, and moderately advance infrastructure investment.
Local government bonds, especially special bonds, are an important source of capital for infrastructure investment. Intensive deployment from the central to local governments and accelerating the issuance of bonds in the first quarter will provide financial guarantee for the commencement of infrastructure projects.
Xu Hongcai, Vice Minister of finance, said at the briefing of the state information office a few days ago that in view of the great pressure on steady growth in the first quarter, the Ministry of finance has recently issued a new special debt limit of 1.46 trillion yuan in 2022 in advance, requiring all localities to issue and use it early in the first quarter, so as to give better play to the positive role of special bonds in stabilizing investment and steady growth.
Xu Hongcai said that the issuance of special bonds in 2022 should grasp three words: early, accurate and fast. Guide the local authorities to map the quota issued in advance to the project as soon as possible, and start preparing the issuance plan before the end of 2021 to ensure that a considerable number of special bonds are issued and used in the first quarter. After the National People’s Congress approves the new special debt limit in 2022, it will issue the remaining amount according to the procedures, and require local governments to appropriately speed up the issuance progress and form the physical workload as soon as possible in accordance with the principle of “funds follow the project”.
Meng Wei, spokesman of the national development and Reform Commission, said at a news conference recently that the national development and Reform Commission has screened the investment fields of 2022 special bond projects submitted by local governments and formed a list of preparatory projects, which will lay a solid project foundation for accelerating the issuance and use of 2022 special bonds. The national development and Reform Commission guided and urged all localities to adhere to the principle of “funds follow the project”, do a solid job in the preparation of special bond projects, promote the physical workload of special bonds as soon as possible, and actively expand effective investment.
Locally, many provinces recently disclosed the local government bond issuance plan for the first quarter of 2022. For example, the government bond issuance schedule for the first quarter of 2022 released by Zhejiang Provincial Department of finance shows that 95.4 billion yuan of new special bonds will be issued in the first quarter, of which 30 billion yuan will be issued in late January.
According to Wang Qing, chief Macro Analyst of Dongfang Jincheng, infrastructure investment is an important support for stabilizing the macro-economic market in 2022. In 2022, infrastructure investment is expected to increase by 4.0% to 6.0% year-on-year, significantly higher than the almost flat growth level in the past two years. Among them, under the background of the steady growth policy, the growth rate of infrastructure investment in the first quarter of 2022 is expected to reach 7.0% to 8.0%, thus reversing the negative year-on-year growth (- about 3.0%) in the fourth quarter of 2021.
Wang Jun, chief economist of Zhongyuan bank, told the first financial reporter that this year’s fiscal policy is ahead of schedule, and the amount of local debt has been issued. However, according to the law or generally speaking, it may be transmitted to the downstream and terminal in 1 ~ 2 quarters, faster and faster, forming a physical workload. Therefore, the overall investment in the first quarter or even the second quarter of this year may still be in a relatively low position. If it really hits the bottom and rebounds in the second half of this year, it will play a positive and good role in the operation of the whole economy.
Luo Zhiheng believes that due to the impact of the tightening of urban investment bonds, the negative growth of land finance and the limited proportion of general public budget investment in infrastructure, the special debt is difficult to support, and the capital side lacks an obvious starting point. Infrastructure investment will rebound, but the range is limited, with an annual growth rate of 4% ~ 6%.
(First Finance)
