As of the end of February this year, the provinces of Henan, Yunan, Fujian, Sichuan, Shaanxi and Hebei and Chongqing city in China issued construction plans for key projects with respective values of RMB 3.3 trillion ($0.47 trillion), RMB 5 trillion ($0.7 trillion), RMB 3.84 trillion ($0.55 trillion), RMB 4.4 trillion ($0.63 trillion), RMB 3.38 trillion ($0.48 trillion), RMB 1.88 trillion ($0.27 trillion) and RMB 2.6 trillion ($0.37 trillion), and with a total value of RMB 24.4 trillion ($3.49 trillion).
Yang Ping, researcher of the institute of macroeconomics at China’s National Development and Reform Commission (NDRC), stated in an interview on March 12 that the planned investments in question are the overall investments in projects which will take several years to complete instead of being the investment plans for a single year. In 2020, the investments of the provinces and city in question will amount to RMB 3.5 trillion ($0.5 trillion), she noted. The main fields for investment this year will include 5G network construction, data centers and industrial internet, which are related to both the future direction of production and the new consumption sector.
Ms. Yang also said the outbreak of the coronavirus has exposed many prominent weaknesses, such as in emergency relief supplies and the public health service system, which will become the focus of a new round of investments.
$1 = RMB 7.0033