21社论丨着力拓展投资增长空间，确保稳增长

Core Viewpoint - The article emphasizes the importance of expanding effective investment during the "14th Five-Year Plan" period, focusing on the integration of investment in physical assets and human capital to stimulate economic growth and support the new development pattern [1]. Group 1: Investment Strategy - The central economic work conference highlights the need to stabilize investment as a key task, 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]. - Long-term effective investment opportunities remain, as per capita capital stock in China is still lower than that of developed economies, indicating room for growth in infrastructure and public services [1]. Group 2: Funding Sources - The central economic work conference proposes to implement a more proactive fiscal policy, increase central budget investment, optimize local government special bond usage, and leverage new policy financial tools to enhance funding sources [2]. - Predictions suggest that upcoming policies will help alleviate local financial pressures and amplify government investment's impact [2]. - The focus on high-quality implementation of major national strategies and projects aligns with the need for improved infrastructure and human resource development [2]. Group 3: Private Investment - The article stresses the necessity of a collaborative investment approach led by the government and driven by the market, aiming to enhance private sector participation in major projects [3]. - Measures have been introduced to stimulate private investment, including expanding access, addressing bottlenecks, and strengthening guarantees [3]. - The central economic work conference calls for improving regulations to boost private sector confidence and investment willingness [3]. Group 4: Future Investment Demand - The development of new industries and the need to address existing gaps will continuously generate investment demand [4]. Group 5: Investment Growth Expectations - Investment is expected to have a greater elasticity compared to consumption, and with the implementation of various policies, investment growth in the coming year looks promising [5]. - More detailed work is required to ensure sustainable investment growth and optimize supply structure [5].