During a press conference on October 8, hosted by the State Council Information Office, officials discussed a comprehensive strategy aimed at promoting stable economic growth and improving structural development. Liu Susheng, Deputy Director of the National Development and Reform Commission (NDRC), underscored the importance of increasing infrastructure investment in the current economic climate to sustain steady growth and support a healthy economy.
When a reporter asked about the NDRC’s plans to expedite the approval and construction of local government investment projects, especially for large-scale and cross-regional initiatives, Liu provided thoughtful insight. He mentioned the Central Political Bureau meeting held on September 26, which highlighted the significance of effectively utilizing ultra-long special government bonds alongside local government special bonds to maximize the impact of government investments.
Responding to inquiries about accelerating local infrastructure project approvals and construction, Liu outlined three key considerations from the NDRC’s perspective.
Firstly, he emphasized the necessity of identifying the right investment directions. The strategy should concentrate on areas that not only boost economic development but also enhance citizens’ livelihoods, specifically targeting existing weaknesses and addressing gaps. For example, urban renewal and renovation are identified as having substantial investment potential and clear socio-economic benefits, making these priorities for future local infrastructure investments.
Secondly, thorough preparatory work is crucial. Local investment projects need to conduct in-depth preliminary assessments, adhering to a principle of evaluating options before making decisions and scientifically determining construction plans. It is essential to comply with regulatory approval processes to ensure that projects can be executed smoothly.
Lastly, securing project funding is critical. There must be a well-founded rationale for funding arrangements, utilizing lawful and compliant methods to acquire financing from various sources. For eligible projects, the NDRC is considering increasing central investment support to help ease the financial burden on local governments.
