China to up infrastructure construction to boost growth

According to state television, China will increase infrastructure construction to promote domestic demand and fuel economic growth in the future, citing a top economics meeting convened by President Xi Jinping.

According to the conference, investments would be prioritized for infrastructure projects that benefit industrial growth and national security, with transportation, energy, and water resources being among the areas of attention.

It was also said that the government would speed up the development of green and low-carbon energy bases, strengthen oil and gas pipeline networks, and construct a number of regional and cargo airports.

According to the conference, new types of infrastructure such as super computing, cloud computing, artificial intelligence platforms, and broadband would be included in the government’s effort. These projects’ financing requirements will be addressed, and fiscal spending will be increased.

Fixed-asset investment increased by a better-than-expected 9.3% year over year in the first quarter, aided by a decision to front-load 2022 local government special bonds.