Investment must serve development goals

Due to a variety of unexpected factors, the downward pressure on China's economy has increased sharply, posing challenges to its stability.

Consequently, the Chinese government has stepped up its macro policy adjustment efforts to stabilize the economy and give full play to the key role of effective investment to expand domestic demand.

Governments at various levels must make sure this wave of investment serves the pursuit of high-quality development. It should not only focus on boosting growth, but also promote balanced socioeconomic development.

That means the investment projects should deliver economic, social, ecological and security benefits in a manner that serves major national strategies and supports economic and social development.

Government departments must make systematic plans and coordinate their efforts so that the investment boosts connectivity and precisely strengthens the weak links in the country's infrastructure, such as transportation, energy, water conservancy and other network-based infrastructure.

The country should develop smart grids, build more new green and low-carbon energy bases, and improve its oil and gas pipelines. Investments should be made to upgrade the national water conservancy infrastructure, build the backbone and arteries of the national water network, and promote the development and modernization of key water sources, irrigation areas, and flood storage and retention areas.

There is much work to be done to advance the development of comprehensive transportation and distribution hubs, improve agricultural and rural infrastructure and strengthen the nation's security infrastructure.

The government should also promote the standardized development and transparent operation of the public-private partnership model for financing infrastructure development, and encourage private capital to participate in the investment and operation of municipal facilities, rather than relying solely on government borrowing.

As private investment attaches great importance to returns and risks, private investors may be more cautious under the current economic downward pressure. Therefore, certain policy encouragement and support measures are needed to increase their willingness to invest.