China to expand effective investment with priority given to new infrastructure
China aims to expand effective investment with priority given to new infrastructure, new urbanization initiatives and major projects, according to a government work report submitted to the national legislature for deliberation on Friday.
The prioritized efforts are expected to not only boost consumption and benefit the people, but also facilitate structural adjustments and enhance the sustainability of growth, according to the report delivered by Premier Li Keqiang at the opening meeting of the third session of the 13th National People's Congress.
In terms of new infrastructure, China will develop next-generation information networks and expand 5G applications. The country will also build more charging facilities to promote wider use of new energy vehicles, according to the report.
China will strengthen the development of a new type of urbanization to elevate public facilities and service capacities at county level.
The country will redouble efforts to develop major transportation and water conservancy projects, and increase national railway development capital by 100 billion yuan (US$14 billion).
China will issue 3.75 trillion yuan of special local government bonds, up 1.6 trillion yuan from last year.