Average annual growth of 15.6percent in 70 years! Investment contributes to high-quality development

 Average annual growth of 15.6percent in 70 years! Investment contributes to high-quality development

Data source: National Bureau of Statistics

Our country has further tapped the potential of domestic demand, and the economic growth has been transformed into the coordinated driving force of consumption, investment and export. The benign interaction between effective investment and consumption upgrading is gradually taking shape.

Optimizing the investment structure, increasing effective investment, increasing investment in strategic emerging industries, and promoting the vigorous development of new industries and new formats

From handicraft workshops to modern factories, from poor to poor to having the most complete industrial system, since the founding of New China 70 years ago, the national fixed assets investment has continued to grow rapidly, effectively driving economic growth, expanding production capacity and expanding the living space of residents. In the new era, facing the complex and severe external environment, how to continue to play a key role in investment? How to keep the investment engine stable and powerful? Reporters interviewed industry experts.

Benign interaction between effective investment and consumption upgrading is gradually taking shape

In the past 70 years, the national fixed assets investment has increased by 15.6% annually. In 2018, the national capital formation rate was 44.9%, and the contribution rate of total capital formation to economic growth was 32.4%. From the supply side, investment is the main source of impetus for the promotion of productive capacity, industrialization and urbanization in China. Xu Zhaoyuan, a researcher at the Ministry of Industrial Economic Research of the Development Research Center of the State Council, said.

From the demand side, investment is an important force and support for Chinas economic take-off and one of the important engines of Chinas economic growth. Xu Zhaoyuan said.

Despite the long-term high growth of investment, the efficiency of investment is in a downward trend. However, since the 18th National Congress of the CPC, China has been exploring the potential of domestic demand. Economic growth has been coordinated and driven by consumption, investment and export. The positive interaction between effective investment and consumption upgrading is gradually taking shape.

Liu Lifeng, a researcher at the China Academy of Macroeconomics, said that at present, Chinas investment is more and more close to consumer demand and market demand, which provides support for consumption upgrading. High-end investment in green, safe and better consumer experience is gradually increasing, improving the supply capacity in related fields; investment in life services such as pension, housekeeping and childcare has increased significantly, making up for the shortcomings of supply in the social field; investment in new infrastructure, R&D, design, logistics and information services has become increasingly high. The concentration of value-added areas helps to improve product quality and better serve new consumption. Conversely, only by upgrading consumption and further expanding and strengthening the domestic market can investment demand be created and development space be provided for effective investment. Xu Zhaoyuan said.

The key to stabilizing the role of manufacturing investment is to consolidate the leading position of the three industries

Over the past 70 years, especially since the reform and opening up, the investment vitality of the secondary industry has been effectively released, and the level of Chinas manufacturing industry has been continuously improved. In recent years, tertiary industry investment has grown rapidly and its proportion has steadily increased, and its leading position in investment has been increasingly consolidated. Xu said that in 2018, the proportion of tertiary industry investment in total investment was 59.3%, 22.4 percentage points higher than that of secondary industry investment. The growth of tertiary industry investment has led to a significant increase in the proportion of tertiary industry in the national economy. In 2018, the value added of tertiary industry accounted for 52.2%.

In response, Liu Lifeng said that there are many fields in the tertiary industry, including education, health and residential services, which are related to the basic needs of the people, energy, transportation, communications, water conservancy and municipal infrastructure industries that affect the economic development environment, as well as science, technology, health and other infrastructure industries that promote technological progress and improve the quality of the labor force. Culture and other departments. With the improvement of the level of economic development and the upgrading of peoples material and cultural needs, the investment demand of the tertiary industry will continue to expand. Therefore, it is necessary to shift the focus of investment from the secondary industry to the tertiary industry.

Liu Lifeng also said that although Chinas investment in the secondary industry has achieved remarkable results, there are still many shortcomings, and there are still neck-jamming problems in some key technologies and core components. It is necessary to maintain a certain share of manufacturing investment in order to achieve high-quality development.

The recent meeting of the Political Bureau of the Central Committee of the Communist Party of China once again put forward the idea of stabilizing investment in manufacturing industry. Stabilizing manufacturing investment is our consistent policy. Liu Yuanchun, deputy president of Renmin University of China, said that investment also plays a key role in the process of expanding high-quality production capacity, upgrading industrial structure and making up for the shortcomings of development, especially with the advancement of structural reform on the supply side.

Improving efficiency, optimizing structure and filling up hard and soft boards

As Chinas economy enters a new stage of development, investment will also stabilize its growth rate in line with economic development. How can we continue to play a key role in investment?

Improve investment efficiency and optimize investment structure. Xu Zhaoyuan said. To further improve the efficiency of investment, we need to further play the decisive role of the market in the allocation of resources, make good use of private investment, innovate institutional mechanisms, attract social capital into government investment projects, and improve the efficiency of government investment.

To optimize the investment structure, on the one hand, we need to increase effective investment, help the manufacturing industry to upgrade from the middle and low to the middle and high-end, upgrade our industrial basic capacity and industrial chain level, and expand effective supply. In particular, we should further optimize the business environment, reduce the cost of the real economy, promote and guide private investment to accelerate the transformation of old and new momentum, and achieve high-quality development. Xu Zhaoyuan said.

At the same time, investment should also focus on the field of mending boards, not only to fill the hard and short boards such as information network, high-speed railway, freight railway, but also to fill the soft and short boards such as technological innovation and personnel training. At the meeting of the Political Bureau of the Central Committee of the Communist Party of China, it was clearly pointed out that we should carry out some complementary projects, such as renovation of old urban districts, urban parking lots, construction of urban and rural cold chain logistics facilities, and accelerate the construction of new infrastructures such as information networks. The investment scale of the shortcomings board project and new infrastructure construction listed at this meeting is large, and basically related to consumption upgrading. Investment is used to promote consumption, consumption is used to bring investment, and the positive interaction between investment and consumption is realized. Liu Lifeng said.

In addition, we should adhere to the purpose of virtual economy serving the real economy, smooth the channel of transformation from savings to investment, and ensure that the source of funds for effective investment is abundant. We should guard against all kinds of debt risks, curb excessive speculation in the market and prevent going from the real to the false.

Li Xinping