The Chinese central government says it has already allocated nearly 90% of investment outlined under its budget for 2019, which will in turn drive several trillion yuan of broader social investment.
Ning Jizhe (宁吉喆), vice-chair of the National Development and Reform Commission (NDRC), said at a recent press conference that Beijing was accelerating the deployment of investment outlined by the central government budget, in order to “compensate for weak areas in terms of infrastructure and public services, improve and upgrade technology and equipment in the manufacturing sector, appropriately reduce the capital funds ratio for infrastructure and other projects; drive the development of new telecommunications and internet infrastructure, drive major regional strategic projects, and establish and improve long-term mechanisms for attracting private investment to key sectors.”
According to Ning 89% of the 577.6 billion yuan in investment outlined by the central government budget for 2019 has already been allocated, and is expected to further drive several trillion yuan in social investment.
Beijing will also accelerate the deployment of policies to expedite the consumption of automobiles, household appliances and information content.
