Core Insights - Since the start of the 14th Five-Year Plan, China has significantly advanced its water conservancy infrastructure construction, with investments surpassing 1 trillion yuan for the first time in 2022 and expected to reach 1.3529 trillion yuan in 2024, totaling over 5.4 trillion yuan during the entire plan, which is 1.6 times that of the previous five-year period [1][3] Investment Highlights - The central government has placed high importance on water conservancy construction, implementing a series of supportive policies, including the issuance of 1 trillion yuan in government bonds in 2023, with water conservancy as a key focus area [3] - Average annual fiscal investment in water conservancy construction during the first four years of the 14th Five-Year Plan reached 704.2 billion yuan, a 33.9% increase compared to the 13th Five-Year Plan [3] Financing Mechanisms - Coordination among various departments has expanded financing channels for water conservancy construction, with an average annual use of non-fiscal funds reaching 395.7 billion yuan, which is 2.3 times that of the previous five-year period [3] Private Sector Participation - There has been active participation from social capital in water conservancy projects, with an average annual investment of 104 billion yuan during the first four years of the 14th Five-Year Plan, which is 1.8 times that of the previous five-year period [3]