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China Construction Second Bureau Installation Engineering Co Ltd, a Beijing-based construction company, began this year on a confident note, landing as many as four big-ticket infrastructure contracts worth 350 million yuan ($55.3 million) in all, including one for an airport satellite terminal project in Chongqing that is expected to have one of the world's busiest annual passenger flows.
That January saw a nearly 10 percent year-on-year growth in the value of the company's new infrastructure projects comes as no big surprise as the country has been sharpening its focus on stabilizing growth mainly through investments in priority areas like infrastructure.
Fan Yufeng, general manager of China Construction Second Bureau Installation Engineering Co, is pleased that ramped-up investments in infrastructure across the country have given the company's expansion "a shot in the arm".
So, come March, the two sessions may set the 2022 GDP growth target at around 5.5 percent, said political advisers, economists and business leaders.
To achieve the target, the two sessions may stress speeding up investments in infrastructure, green transition and technological advances, unveil tax cuts of a greater amount compared with last year, and imply moderate monetary policy supports going forward, they said.
Other experts said a key pillar to underpin such acceleration will be investment in infrastructure. Serving as an effective buffer against a potential slowdown in export growth, infrastructure investment may register an annual growth of high single digits or even double digits, thanks to governmental push, versus last year's 0.4 percent growth.
"With consumption growing mildly due to lukewarm job and wage growth, the engine of growth for 2022 has to be infrastructure investments," said Iris Pang, chief China economist at Dutch bank ING.
"The (steel) market has turned optimistic about this year's infrastructure investment growth as different regions successively rolled out major construction projects as part of pro-growth efforts," said Ma Lijiang, deputy general manager of Jingye Group Sales Corp, a steel producer based in Pingshan county, Hebei province.
"This will significantly drive market demand for steel products. We will seize the opportunity to expand our market presence," Ma said.
Apart from infrastructure investment plans, the two sessions may release policy measures to boost investments in high-tech manufacturing, green development and digital transformation in order to bolster the economy, said Cheng Shi, chief economist at Hong Kong-based ICBC International. (China Daily)
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