The State-owned Assets Supervision and Administration Commission proposed to increase investment in new infrastructure in 2023
On January 5, the State-owned Assets Supervision and Administration Commission of the State Council held a meeting of the heads of central enterprises in Beijing to fully implement the spirit of the 5th National Congress of the Communist Party of China and the deployment of the Central Economic Work Conference, summarize the work of state-owned central enterprises in 2022, and study and deploy the work tasks in 2023.
The meeting clarified the key work of production, operation and reform and development of state-owned central enterprises in 2023, and [effectively increase the intensity of scientific and technological innovation and focus on building a number of innovative state-owned enterprises] will be included in it. The meeting also proposed that in 2023, it will focus on major national projects, strengthen the industrial chain to make up for shortcomings, and infrastructure construction, and actively layout and implement a number of major projects with strong traction and long-term benefits; Accelerate the green transformation of development methods, actively promote the application of advanced technologies for energy conservation and carbon reduction, and vigorously develop green and low-carbon industries; Increase investment in new infrastructure construction such as 5G, artificial intelligence, data centers, satellite Internet, industrial Internet platforms, and Internet of Things platforms.
The key direction of infrastructure investment this year
[6轴7廊8通道](2022) Interregional infrastructure connectivity: The recently released Outline of the Strategic Plan for Expanding Domestic Demand (2035-6), which proposes to accelerate the construction of transportation infrastructure: improve the national comprehensive three-dimensional transportation network with railways as the main trunk, highways as the basis, and give full play to the comparative advantages of water transport and civil aviation, promote the construction of the main skeleton of [7 axes, 8 corridors and <> channels], and enhance interregional, inter-urban agglomeration and inter-provincial transportation links. It is expected that the construction of interregional connecting lines and the intercity railway network of key urban agglomerations will become one of the directions of development next year.
(2) Energy investment: New and old energy construction is expected to continue to increase, the construction of new power systems will accelerate, looking forward to this year, driven by factors such as ensuring energy security and stable growth, Guosheng Securities expects that China’s energy infrastructure investment will maintain a high prosperity.
It will become the most important input direction of [special discount interest reloan].
The main direction of government-led targeted stimulus may be closely integrated with high-quality development and supply chain security, that is, the Central Economic Work Conference emphasized: industrial policy should be developed and safe. We should pay close attention to the transformation and upgrading of traditional industries and the cultivation and growth of strategic emerging industries, focus on strengthening the weak links in the industrial chain, and focus on self-reliance and self-improvement in science and technology policies.
This means that high-end manufacturing and new infrastructure such as new power systems, information security, and semiconductors will become the most important investment direction for [special subsidized interest reloans].
Investment may be more inclined to new infrastructure
Infrastructure expansion in 2022 is historically rare, and infrastructure investment demand will remain strong in 2023.
However, compared with this year, the direction of future infrastructure investment may be more inclined to the new infrastructure field. In terms of converged infrastructure, it mainly refers to the in-depth application of Internet, big data, artificial intelligence and other technologies to support the transformation and upgrading of traditional infrastructure, and then form converged infrastructure, such as intelligent transportation infrastructure and smart energy infrastructure.
In terms of innovation infrastructure, it mainly refers to infrastructure with public welfare attributes that support scientific research, technology development and product development, such as major science and technology infrastructure, science and education infrastructure, and industrial technology innovation infrastructure.
Regarding the overall promotion of the layout of new infrastructure from the national strategic level, the NDRC proposed five key words, namely innovation, integration, system, convenience and security.
