稳投资政策加力、地方加快重大项目建设 冲刺四季度！
Di Yi Cai Jing·2025-10-21 14:00

Core Viewpoint - The Chinese government is implementing a series of fiscal and financial policies to stimulate investment, particularly in infrastructure and high-tech sectors, despite a slight decline in overall investment growth in the first three quarters of the year [1][2]. Investment Growth and Trends - Fixed asset investment (excluding rural households) reached 371.535 billion yuan in the first three quarters, showing a year-on-year decrease of 0.5%, primarily due to the impact of real estate development investment [2]. - Manufacturing investment grew by 4.0% year-on-year, although this represents a decline of 1.1 percentage points compared to previous periods [2]. - Equipment purchase investment maintained a growth rate of over 10%, with a year-on-year increase of 14.0% in the first three quarters, contributing 2.0 percentage points to overall investment growth [2][5]. Policy Support and Financial Tools - The newly established policy financial tools have already allocated nearly 300 billion yuan, with expectations to drive total project investments of approximately 2.8 trillion yuan [5]. - The central government has arranged an additional 500 billion yuan from local government debt limits to support debt resolution and major project construction [6][5]. Infrastructure Investment - Infrastructure investment grew by 1.1% year-on-year in the first three quarters, contributing 0.2 percentage points to overall investment growth, with private investment in infrastructure increasing by 7.0% [2][3]. - Local governments are accelerating major project construction, with significant investments in transportation and public facilities [7][8]. Future Outlook - Investment growth is expected to rely more on new productive forces and addressing social welfare gaps, with a stabilization and potential recovery anticipated in the fourth quarter [3][4]. - Measures to enhance private investment participation in major projects are being developed, including support for private investment in key sectors like railways and nuclear power [8].