The government will continue to shore up weak links in infrastructure to deepen the supply-side structural reform, and further enhance the role of infrastructure in supporting coordinated development of urban and rural areas and improving people’s livelihoods, according to a State Council circular released on Oct 31.
The government will focus on key areas and weak links, further improve infrastructure and public services, and make better use of effective investments in optimizing supply structure to ensure stable and healthy economic development, the circular said.
Great plans, like the construction of the Belt and Road Initiative, the coordinated development of the Beijing-Tianjin-Hebei region, the development of the Yangtze River Economic Belt, and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, will be supported, according to the circular.
Efforts will be intensified to improve weak links in fields such as railways, highways, waterways, airports, water conservancy, energy, agriculture and rural areas, environmental protection, and public services to help achieve targeted poverty alleviation, as well as pollution prevention and control, the circular said, adding that construction of major planned projects will be accelerated.
The market will play a decisive role in allocating resources, while private capital will be encouraged to participate in the improvement of weak links, and various market entities also will be actively involved.
The government will better coordinate and promote the quick start of reserve projects, while ensuring the smooth process of those under construction.
Project construction should be strictly verified in line with the financial capacity and investment ability of local governments, the circular urged.
Debt financing of local governments will be regulated to fend off systemic risks, it added.