Guangzhou Launches Three Year Plan for New Infrastructure Development, Outlines USD$37.14 Billion in Initial Investment
The Guangdong province capital of Guangzhou has launched a new “project library” for undertakings that are part of China’s new infrastructure development drive.
The Guangzhou municipal government recently approved the “Guangzhou Municipal Three Year Action Plan for Accelerating the Development of Digital New Infrastructure (2020 – 2022)” (广州市加快推进数字新基建发展三年行动计划（2020—2022年）), according to a 9 July report from National Business Daily.
The Plan focuses in particular on the four areas of 5G, artificial intelligence, industrial IOT, and smart power charging stations.
Guangzhou has already opened a new infrastructure project library, with 254 projects in the initial batch of undertakings worth total investment of 260 billion yuan (approx. USD$37.14 billion).
The Chinese central government recently flagged the use of investment in “new infrastructure” as a key means of providing stimulus to an economy still reeling from the impacts of the COVID-19 pandemic.
The 2020 Government Work Report delivered by Premier Li Keqiang on 22 May was the first to make mention of “new infrastructure,” pointing to the need to “strengthen new infrastructure development, develop a new generation of information networks, expand 5G applications, build power recharging stations, promote clean energy vehicles, spur new consumer demand, and assist upgrades in industry.”