According to incomplete statistics, between October 14 and November 14 and 30 days, a total of 17 transportation infrastructure construction projects were approved at the national level, with a total investment of 353.63 billion yuan.
Among these 17 projects, railway projects are the main ones, with 6 projects remaining, 4 roads, 4 airports, and 1 subway and 1 port each.
Among them, three civil airport projects in Xiangxi, Hunan, Xuancheng, Wuhu, Anyang, and Anyang, Henan were approved by the State Council and the Central Military Commission, and the remaining 14 projects were approved by the National Development and Reform Commission.
The highest total investment is the newly built Ganzhou-Shenzhen railway project approved on November 14, which amounts to 64.13 billion yuan. The line leads from Ganzhou West Station under construction, passes through Ganzhou City in Jiangxi Province, Heyuan City, Huizhou City and Dongguan City in Guangdong Province, and connects to Shenzhen North Station, with a total length of 432 kilometers. There are 14 stations (including 2 reserved stations) on the whole line. The total investment of the project is 64.13 billion yuan, of which engineering investment is 60.79 billion yuan, and the purchase cost of EMUs is 3.34 billion yuan.
Divided by region, there are 3 in the eastern coastal area, 5 in the central region, 5 in the western region, 5 in the northeastern region, and 2 railways connecting the central and eastern regions.
From the perspective of total investment, the railway project ranked first at 222.75 billion yuan, followed by highway projects at 96.491 billion yuan, airport projects at 4.652 billion yuan, subway projects at 27.778 billion yuan, and port projects at 1.959 billion yuan.
Observing the proportion of total investment by region, the largest is 96.491 billion yuan in the western region, followed by the two railways connecting the central and eastern regions with a total of 92.3 billion yuan, 74.637 billion yuan in the eastern region, 51.188 billion yuan in the central region, and 39.014 billion yuan in the northeast region. yuan.
In October, the National Development and Reform Commission approved a total of 8 transportation infrastructure construction projects, with a total investment of 187.7 billion yuan. The infrastructure projects approved in the first half of November have exceeded the entire month of October. Experts generally believe that infrastructure is becoming an important support for the steady growth of China's economy. Infrastructure investment in the fourth quarter of this year and the first quarter of next year will continue to increase.
The background of large infrastructure afterburning is the downward pressure on China's fixed asset investment. Entering 2016, the growth rate of fixed asset investment began to decline. Although it has rebounded after August, downward pressure is still relatively high. From January to October 2016, the national investment in fixed assets (excluding rural households) was 4,84429 billion yuan, a nominal year-on-year increase of 8.3%.
Li Pumin, secretary general of the National Development and Reform Commission, recently stated that under the combined effect of a series of policy measures to promote investment and stable growth, investment growth has shown signs of stabilizing and picking up, but fixed asset investment is still facing downward pressure.
A few days ago, the article "Five "Hands" for Boosting Investment Needed to Boost Investment" published by the Macroeconomic Task Force of the National Information Center pointed out that the current private investment willingness is weak, and to achieve stable growth in investment, the focus should be on infrastructure construction. One is because infrastructure is socially advanced capital. Although the rate of return is low, it has a strong positive external effect. Second, because there is still a large demand for infrastructure in China, there is still a large investment space for water conservancy projects, transportation facilities interconnection, communication facilities, municipal facilities, and rural infrastructure. The third is because from historical experience, the proportion of infrastructure investment in overall investment still has room for improvement. 1998-2000 were the years with the highest proportion of infrastructure construction, reaching 36.2%, 35.7% and 34.9%, respectively. It has gradually fallen back to 23.8% in 2015.
Zhang Wenlang, chief international macro analyst of CITIC Securities Research Department, released a research report saying that although China's infrastructure capital stock has maintained an average annual growth rate of about 10% over the past 20 years, it still lags far behind developed countries. From the perspective of per capita infrastructure capital stock, it will take about 20-30 years for China to reach the level of infrastructure capital stock per capita in the United States in 2014. From the perspective of population and land area, China's railway and airport infrastructure also has a lot of room for growth.
UBS China Chief Economist Wang Tao said that based on the situation in the past few years, the basic annual economic growth has been a V-shaped small cycle, which is related to the continuous increase in infrastructure investment. When its stimulating effect diminishes, new infrastructure investment will begin again. It is expected that the government will continue to increase infrastructure investment in the first quarter of next year to stabilize economic growth in the second and third quarters of next year.