国家发改委投资司：保持合理政府投资力度，扩大生产性服务业投资

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need to maintain reasonable government investment levels and expand investments in the productive service industry to counteract the recent decline in investment growth since June 2025 [1][4]. Investment Growth Achievements - Fixed asset investment (excluding rural households) in China increased from 23 trillion yuan in 2012 to 51.4 trillion yuan in 2024, with an average annual contribution rate of 38.1% from capital formation to economic growth from 2013 to 2024 [1]. - High-tech industry investment is projected to grow at an average annual rate of 12.1% from 2018 to 2024, indicating a continuous optimization of the investment structure [1]. Government Investment Expansion - During the 14th Five-Year Plan period, the government investment scale has expanded, with approximately 3.4 trillion yuan in central budget investment supporting public projects [2]. - Local governments issued about 16 trillion yuan in special bonds for investment construction, and 1.5 trillion yuan in ultra-long-term special bonds will be issued from 2024 to 2025 to support major national strategies [2]. Challenges in Investment Growth - Investment growth faced significant pressure starting in 2025, with a year-on-year decline of 1.7% from January to October, attributed to local government debt pressures and structural economic changes [4]. - The NDRC acknowledges the challenges in maintaining investment growth amid complex changes in the development environment and the need for new and old growth drivers [4]. Key Measures for Effective Investment Expansion - Optimize investment structure and expand investment space by stabilizing traditional investments and fostering new growth drivers [5]. - Focus on developing modern infrastructure, promoting green transformation, and increasing investments in ecological protection and environmental governance [5]. Management of Government Investment - Maintain reasonable government investment levels and optimize the investment structure while enhancing the management of government investment throughout its lifecycle [6]. - Strengthen the proportion of government investment in public welfare projects and improve project quality and execution efficiency [6]. Major Project Construction - Implement a strategy of "executing a batch, preparing a batch, reserving a batch, and planning a batch" to support effective investment [7]. - Ensure that major projects are scientifically planned and coordinated across departments and regions to avoid ineffective investments [7]. Promotion of Private Investment - Address challenges in private investment development by improving access, removing obstacles, and enhancing support for private sector participation in significant projects [8]. - Encourage private enterprises to engage in government and social capital cooperation (PPP) projects and expand the scope of real estate investment trusts (REITs) in infrastructure [8]. Investment Approval System Reform - Enhance the investment approval management system to stimulate investment vitality and prevent ineffective investments [9]. - Streamline the approval process for government investment projects and ensure accountability in investment decision-making [9].