Official media: China no longer relies on investment to stimulate economic growth.

As China's investment growth continues to slow down, the official media Economic Daily commented that the Chinese economy cannot be able to rely on investment stimulus to stimulate the old road., Persist in accurate and effective investment orientation.

The Economic Daily hosted by the State Council of China on Saturday (November 18) published a comment entitled stable investment without "strong stimulation" old road.The article pointed out that the growth rate of investment in China this year has continued to slow, and the market has two concerns about this.On the one hand, if the investment performance continues to be weak, it may lead to imbalance in economic growth.On the other hand, the marginal benefits of investment are gradually weakening. If the expansion of investment measures is continuously increased, will the previous investment of "strong stimulus" old roads re -invest, and even lead to a new round of overcapacity.

The latest data released by the National Bureau of Statistics of China last week shows that China's fixed asset investment in the first 10 months of this year increased by 2.9%year -on -year, and the growth rate fell by 0.2 percentage points from the previous three quarters.In the three major areas of investment, only manufacturing investment has maintained a growth rate of 6.2 % in the first nine months until October.Infrastructure investment increased by 5.9%year -on -year in the first 10 months, a decrease of 0.3 percentage points from the first three seasons; real estate development investment decreased by 9.3%, a decrease of 0.2 percentage points from the previous three quarters, becoming the main reason for dragging investment growth.

While the domestic investment slows down, foreign investment in China has continued to decrease.According to the data released by the Ministry of Commerce on Friday (17th), the actual amount of foreign capital in the first 10 months of this year was 987.01 billion yuan (RMB, about 184 billion yuan), a decrease of 9.4 % year -on -yearFurther expansion.

The article pointed out that in the long run, with the rapid growth of the Chinese economy from a high -speed growth to high -quality development, the investment growth can no longer be "high -singing";Need to have conditions.

The article emphasizes: "China's economy cannot nor goes on the old path that rely on investment stimuli, but this is not to not invest, but to avoid blind investment and low levelsThe growth rate is to focus on accurate and effective investment orientation by focusing on key areas and weak links, accelerate the strong and weak items of shortcomings, and support new infrastructure, new urbanization and transportation, water conservancy and other major project construction.

For private investment in the overall investment, the article specifically pointed out that private investment is an important force to promote economic development, stabilize overall investment, and expand social employment.It is necessary to further deepen the reform of the investment and financing system, better play the role of government investment in the leading role and amplification effect of social investment, implement policies and measures to promote the development of the private economy, and further mobilize the enthusiasm of private investment.

Fu Fangjian, an associate professor of Li Guangqian Business School of Singapore Management University, was analyzed during an interview with Lianhe Zaobao. Although there is a recent stabilization of property market policies from time to time, this official media commented that the government will no longer vigorously support the real estate industry with oversupply and excess capacity in the future.Instead, you will turn to find new growth points.

Fu Fangjian also noticed that China officially went to the United States to attend the Asia -Pacific Economic Cooperation Organization (APEC) summit last week to speak to the American business community./Story20231116-1450476 "rel = nofollow target = _blank> convey a clear signal that encourages foreign companies to invest in China. "Foreign capital may invest in high -growth fields such as electric vehicles and new energy, which is also in line with the official expectations of future investment."

Bloomberg News Sunday (19th) quoted Jia Genliang, a professor at the School of Economics, Renmin University of China, saying that China should increase the average deficit rate rate to more than 5 % in the next 10 years, thereby more effectively drove domestic demand.In addition, the government should invest in the digital economy, green energy and core technologies, so that these industries replace real estate and traditional infrastructure to become a new growth engine.

Jagenliang also said, "We also need to invest in the next industrial revolution in the fields of nanotechnology, new energy and biological engineering."