2024 Kicks Off with Intensive Construction of Major Projects
By Reporter Wang Zixu Yuyao, Xinhua News Agency, Beijing
As the new year begins, major projects in various regions are ramping up construction activities to ensure early implementation and results. The “Economic Information Daily” reported on January 4th that more than ten provinces and cities have disclosed local bond issuance plans in the first quarter of 2024 to provide financial support for project investment.
In Beijing, 46 major projects, including infrastructure, livelihood security, industrial, and urban service projects, are expected to drive investment of more than 50 billion yuan. Similar initiatives have also kicked off in Anhui, Jiangsu, Xiamen, Shenzhen, and other areas, indicating a strong start to the new year in terms of project construction.
Ningxia, in particular, has seen double-digit growth in fixed asset investment for 16 consecutive months. The region is focusing on new energy and new materials projects to accelerate its development, with a notable project being the “Shagehuang” wind and photovoltaic base external power transmission UHV project.
Jiangsu Province has arranged 510 projects for 2024, with a planned investment of 640.8 billion yuan. This emphasis on major projects aims to stabilize economic growth and attract private investment.
To ensure the successful implementation of major projects, localities are providing financial guarantees through the issuance of special bonds. More than ten provinces and cities have already disclosed their local government bond issuance plans for the first quarter of 2024. Additionally, the National Development and Reform Commission has issued a list of projects for the issuance of additional treasury bonds, further bolstering financial support for key projects.
Economic analysts predict that the amount of new special bonds issued in 2024 will reach about 4 trillion yuan, leading to rapid growth in infrastructure and high-tech manufacturing investment. This demonstrates a continued focus on stable economic growth and the potential for increased endogenous economic momentum in the coming year.