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Major Project Construction Gains Momentum; 102 Projects Get Off to a Strong Start
At present, signs are increasingly evident that major project construction is gaining momentum. Following the State Council Executive Meeting on March 29, which outlined measures to make effective use of government bonds to expand productive investment, the National Development and Reform Commission recently convened the first meeting of the Inter-Ministerial Joint Conference on the Implementation of the 102 Major Projects under the 14th Five-Year Plan, at which it called for accelerating the construction of projects already under way and promptly generating tangible physical output.
The 102 major projects constitute a key component of the Outline of the 14th Five-Year Plan and serve as an important lever for advancing its implementation. Promoting the implementation of these 102 major projects delivers both immediate benefits and long-term advantages, playing a crucial role in expanding effective investment and fostering steady, healthy economic development at present. The meeting reviewed the Rules of Procedure for the Inter-Ministerial Joint Conference on Promoting the Implementation of the 102 Major Projects under the 14th Five-Year Plan, as well as the Key Work Priorities for 2022, and deliberated and outlined the next steps for prioritized work.
The meeting noted that, in accordance with the decisions and arrangements of the Party Central Committee and the State Council, the lead departments for each of the 102 major projects outlined in the 14th Five-Year Plan have worked closely with local authorities to ensure the solid and steady implementation of these projects. To date, the implementation of the 102 major projects has progressed in a robust and orderly manner, achieving a strong start.
The meeting mandated that all departments, in accordance with the 2022 Work Priorities, strengthen organizational leadership and enhance inter-agency coordination to ensure that every task under the 102 major projects is effectively implemented and yields tangible results. The lead departments for each of the 102 major projects must earnestly fulfill their responsibilities, advance the projects in a categorized and orderly manner based on project type, and accelerate project implementation. On the basis of effectively preventing and resolving various risks, they should solidly carry out preparatory work for the projects, intensify efforts to secure essential resources such as funding and land, expedite construction of projects already under way, and promptly generate concrete physical output.
“The 102 major projects constitute a ‘nested doll’ structure; to date, they have been broken down into more than 2,600 individual projects, which are being implemented in a steady and orderly manner,” said He Lifeng, Director of the National Development and Reform Commission.
According to the China Securities Journal, in line with the central government’s directive to “moderately advance infrastructure investment,” relevant authorities are steadily pushing forward the orderly implementation of the 102 major projects outlined in the 14th Five-Year Plan. Support for key factors such as funding and land has been further strengthened, with local government bond quotas being allocated and bonds issued ahead of schedule. A series of supportive policies are also being rolled out one after another.
At its executive meeting held on March 29, the State Council outlined measures to make effective use of government bonds to expand productive investment, address weak links and bolster long-term growth momentum, and promote stable economic development; it also decided to commence a new batch of well-prepared water conservancy projects to enhance water resource security and improve disaster prevention and mitigation capabilities. The meeting noted that this year another group of projects already included in the national plan and meeting the necessary conditions will be launched, including major water diversion and allocation projects such as the follow-up works of the South-to-North Water Diversion Project, key flood-control and disaster-reduction infrastructure, reinforcement and hazard remediation of dilapidated and risky reservoirs, as well as the construction and upgrading of irrigation districts. Together with other water-conservancy projects, these initiatives are expected to generate approximately RMB 800 billion in investment for the year.
According to data from the National Bureau of Statistics, infrastructure investment grew by 8.1 percent year on year in January–February, a pace 7.7 percentage points faster than for the whole of 2021. During the same period, the number of newly initiated investment projects increased by 110 percent year on year, and the total planned investment in these new projects rose by 62.8 percent.
Numerous research institutions have released reports noting that, as relevant authorities continue to implement policies aimed at stabilizing growth and investment, investment is expected to maintain strong momentum in the next phase—particularly infrastructure investment, which is likely to register robust growth—and thereby play a crucial role in underpinning macroeconomic stability.
Keywords:
Commencement of 102 major projects, construction of the South-to-North Water Diversion Project, and infrastructure development.
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