余永定：明年启动经济增长主要还是要靠基础设施投入

Core Viewpoint - The investment scale in China is expected to be extremely large over the next five years, with infrastructure investment being a key driver for economic growth starting in 2026 [1] Group 1: Economic Growth and Infrastructure Investment - Economic growth in China is projected to rely heavily on infrastructure investment, which is crucial for maintaining a growth rate of around 5% [1] - The expansion of fiscal policy will play a significant role in determining whether the economic growth target can be achieved [1] Group 2: Fiscal Policy and Debt - The central government has considerable fiscal policy space, with strong demand from residents for government bonds [1] - There is potential to increase the deficit ratio to around 5%, which would enable the central government to issue a large amount of debt to support infrastructure investment [1]