Page 8 - REPORT ON THE IMPLEMENTATION OF THE 2022 PLAN FOR NATIONAL ECONOMIC AND SOCIAL EVELOPMENT AND ON THE 2023 DRAFT PLAN FOR NATIONAL ECONOMIC AND SOCIAL EVELOPMENT

and promoted smoother flows in the economy.
1) Investment fully played its key role in driving development.

We established a coordination mechanism for advancing major projects to
promote effective investment and ran it efficiently to strengthen support in terms
of land provision, environmental impact assessments, energy, and other factors
and to improve coordination on major issues. We made sure that investment funds
and other production factors stayed connected to projects they were allocated to

and sped up implementation of key tasks and construction on major projects, in an
effort to see real work begin on more of these projects. We created new policy and
development finance instruments and issued 740 billion yuan in two batches to
replenish the capital for more than 2,700 major projects, all of which have since

broken ground. We supported equipment upgrades in key areas by providing
targeted relending and interest subsidies and encouraged more medium- and
long-term lending to the manufacturing sector.
We made proactive investments in infrastructure as appropriate, advanced
construction on the 102 major projects outlined in the 14th Five-Year Plan, and

accelerated planning for new types of infrastructure. Full-scale construction on the
Chengdu-Lhasa Railway got off to a good start; Baihetan Hydropower Station,
ranking second in the world in terms of installed capacity, came into full
production; and the ultra-high voltage direct-current transmission project from

Baihetan to Jiangsu and Zhejiang provinces began operation. Construction began
on the North Xiaoyangshan Container Terminal (land area), the Pinglu Canal
project, and the Yangtze River to Han River diversion project along the central
route of the South-to-North Water Diversion Project.
We gave play to the catalytic role of investment from the central government

budget. We accelerated the issuance and use of local government special-purpose
bonds and further widened their scope of usage. We encouraged and channeled
private capital toward restarting suspended projects and initiating new ones, and
promoted positive interplay between idle assets and new investment. A total of 24

pilot projects on real estate investment trusts (REITs) in the infrastructure sector
have gone public, with a total issuance volume of over 78 billion yuan.
We advanced the renovation of old urban residential communities nationwide,
leading to the launch of renovations to 52,500 such communities last year. We
worked faster to make up deficiencies in urban infrastructure and actively

advanced the upgrading of old urban gas pipelines and other facilities. National

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