a perspective of infrastructure investment on stabilizing growth in china
economic downward pressure since the start of 2022 has seen a notable increase due to disruptions from covid-19，which causes new difficulties and challenges to achieve the expected growth target set by the government this year. we expect that the macroeconomic counter-cyclical adjustment will be significantly stronger，and infrastructure is one of the most important counter-cyclical adjustment tools. we believe that it is very necessary to further increase infrastructure investment，for which we are well placed. doing so can serve as an essential support for economic growth this year. the market doesn’t need to be too pessimistic about china’s infrastructure investment growth and economic growth this year.
more space for action
a great number of projects have started this year for the 14th five-year plan (2021-2025). in addition，there are plenty more projects waiting to start. in terms of policy arrangements，the first year of the 14th five-year plan (2021) focused on top-down，overall-to-specific government department planning; the second year (2022) is the period of launching numerous projects. this year，each province has plenty more projects to start，hence there is still growth space for infrastructure. as of early april，26 provinces (provincial-level municipalities，and autonomous regions) have released their key project construction plan for 2022. there is a total of 31,467 key projects that involve an annual investment of around 11.7 trillion yuan. on a comparable basis，this is 8% higher than in 2021，indicating a plenty of project choices.
