On March 17, the National Development and Reform Commission reported that it will speed up the construction of new infrastructure such as 5G networks and data centers, and pay more attention to mobilizing the enthusiasm of private investment. What is new infrastructure construction?

New infrastructure refers to the adjustment of investment areas, and on the basis of complementing traditional infrastructure such as railways, highways, and rail transit, vigorously develop 5G, UHV, artificial intelligence, industrial Internet, smart cities, inter-city high-speed railways and inter-city rail transit , Big data centers, new energy vehicle charging piles and other new smart infrastructure.

In fact, as early as the 2018 Central Economic Work Conference, 5G, artificial intelligence, industrial Internet, Internet of Things and other related infrastructure were defined as "new infrastructure construction."

On March 4, the Standing Committee of the Political Bureau of the CPC Central Committee held a meeting to study the current key tasks for the prevention and control of the new crown pneumonia epidemic and the stabilization of economic and social operations. The meeting emphasized the need to increase investment in public health services and emergency supplies, and speed up the construction of new infrastructure such as 5G networks and data centers. In the context of the current prevention and control of the new crown pneumonia epidemic, why does the policy again emphasize "new infrastructure" and what is the meaning?

Why does the policy attach importance to "new infrastructure" investment?

National policy formulation is based on national conditions. From the current point of view, the global pandemic has formed a double suppression on the supply side and the demand side of China's economy. On the supply side, manufacturing and service workers leave their jobs, factories or service places are closed or semi-closed, and the supply of manufactured goods or services in factories has declined. On the demand side, the demand for consumer goods and anti-epidemic materials has increased significantly, and the suppression of supply has led to a sharp increase in CPI; at the same time, the current situation caused by the epidemic will suppress the demand for industrial raw materials and finished products, leading to industrial producers The ex-factory price (PPI) fell.

In the overseas market, the domestic epidemic is currently stable, but exports are affected to a certain extent during the outbreak of the epidemic abroad, and it will take some time for domestic consumption to recover. Therefore, more attention should be paid to infrastructure investment, especially "new infrastructure" investment for my country's economy. The pulling effect.

"New infrastructure" investment, like traditional infrastructure investment, requires more credit support from commercial banks; in terms of the target to be pulled and the impact on the quality of economic development, there is a big difference between the two. Traditional infrastructure mainly refers to roads, bridges, docks, airports and ports. Obviously, it will increase the demand for traditional industries such as steel, cement, and construction machinery. If excessive investment is made, it is easy to form excess capacity to a certain extent. Moreover, traditional infrastructure requires more physical primary laborers, so it mainly solves the problem of low-end labor employment. The hard "new infrastructure" such as 5G and artificial intelligence and the soft "new infrastructure" such as medical and social management have adapted to the needs of Internet and digitalization, and will help cultivate new economic momentum, without worrying about the formation of backward excess capacity in the future. ; In terms of employment, the "new infrastructure" needs more mental workers, which can ease the employment pressure of university graduates. In the long run, it will also have a positive impact on the improvement of labor quality and structural optimization.

"New infrastructure" investment is a medium- and long-term plan, which is still in its infancy and will become a new economic growth point for the country in the future. Therefore, the country pays great attention to it, and has begun to implement a proactive fiscal policy and a prudent monetary policy, focusing on mobilizing the enthusiasm of private investment.