21社论丨着力拓展投资增长空间，确保稳增长

Core Viewpoint - The National Development and Reform Commission emphasizes the importance of effective investment during the 14th Five-Year Plan period, focusing on expanding domestic demand and enhancing government investment to stimulate private investment and reform investment mechanisms [1][2]. Group 1: Investment Strategy - The central economic work conference identifies stabilizing investment as a key task for economic growth, especially in light of external environmental changes and domestic economic challenges [1]. - Fixed asset investment growth has declined, with a year-on-year decrease of 2.6% from January to November, influenced by local government debt and real estate adjustments [1]. Group 2: Long-term Investment Potential - There remains significant potential for effective investment in China, as per capita capital stock is still lower than that of developed economies, and there are gaps in water conservancy, energy, municipal infrastructure, and new infrastructure [2]. - The need for investment in both physical and human capital is highlighted, with calls for increased funding in infrastructure and public services [2]. Group 3: Funding Sources and Policy Measures - The central economic work conference proposes a more proactive fiscal policy, including increasing central budget investment and optimizing local government special bond usage to enhance funding sources [2]. - New policy financial tools are emphasized as crucial for stabilizing investment, with expectations for these tools to be implemented early [2]. Group 4: Project Implementation - The 15th Five-Year Plan aims to advance major national strategies and projects, focusing on infrastructure and public service improvements, aligning with demographic changes [3]. - The central economic work conference prioritizes "two major projects" and "urban renewal" for investment in the coming year [3]. Group 5: Private Investment Activation - The State Council has issued measures to promote private investment, including 13 targeted initiatives to enhance market access and support for private enterprises [4]. - The central economic work conference calls for improving regulations to boost private sector confidence and investment willingness [4].