With the successive convening of the two sessions and the release of government work reports, the "road map" of local economic development in 2022 has been clarified. In the face of the triple pressure of shrinking demand, supply shock and weakening expectations, all localities put steady growth in a more prominent position, adhere to the principle of stability and seek progress while maintaining stability, and play more policy "combination punches" in expanding investment, promoting consumption and releasing the potential of domestic demand. Moderate reduction of growth targets in many places So far, in addition to the postponement of the two sessions in Tianjin due to the epidemic, 30 provinces have put forward the expected target of economic growth in 2022 in the government work report. The reporter found that compared with the economic growth of various regions in 2021, in addition to Tibet, Henan, Ningxia and Hebei, 26 provinces lowered the growth target of this year. Among them, the expected growth target of most provinces is between 5.5% and 7%, and the target growth rate of the central and western regions is relatively high. "More underground adjustment of the economic growth target in 2022 is not only in line with the objective law of economic growth, but also in line with the reality of local economic development." Wen bin, chief researcher of China Minsheng Bank, said that on the one hand, driven by the accelerated economic recovery, most regions achieved high economic growth in 2021. Therefore, when setting this year's economic growth target, it is necessary to consider the impact of the base. On the other hand, all provinces are facing different degrees of economic downward pressure. Considering the actual situation of economic development, they have lowered the growth target. Wang Zhonglin, governor of Hubei Province, said in the government work report that the expected target of economic growth of about 7% this year is commensurate with the potential growth rate of Hubei economy, the recovery trend picked up quarter by quarter since last year, and the development support of the whole province. The economic growth target of Shanghai in 2022 is set at about 5.5%. Shanghai mayor Gong Zheng said that this goal takes into account the current and long-term, and comprehensively considers the pressure of demand, supply and expectation. The reporter noted that although the target growth rate of many places this year is lower than that of last year, from the released data, except Chongqing, Shandong and Jiangsu, the target growth rate of other provinces is higher than the average growth rate in the past two years, reflecting the positive orientation of seeking progress while maintaining stability. Do everything possible to expand effective investment In 2022, all localities will actively deploy and expand effective investment. According to the work report of Hebei provincial government, the main direction of economic work is to focus on investment projects. We should use high-quality investment and project construction to promote structural adjustment, kinetic energy conversion, ecological optimization and improvement of people's livelihood. According to the work report of Zhejiang provincial government, a provincial led implementation mechanism for cross regional, cross basin and cross cycle major projects shall be established to ensure early implementation, early commencement, early production and early results. "Affected by the epidemic and other factors, the driving force of investment on economic growth is not strong. To implement the general tone of seeking progress while maintaining stability, there is an urgent need to increase the key role of stable investment in stabilizing growth and optimizing the supply structure." Liu Xiangdong, deputy director of the Economic Research Department of the China Center for international economic exchanges, said that local governments play an important role in investment. They should increase investment according to local conditions and local financial conditions, give full play to the driving role of financial funds, and actively guide social capital to participate in the "two new and one heavy" and the construction of short boards in social, ecological and other fields. Many places will moderately advance infrastructure investment. Beijing proposed to give play to the leading role of government investment, appropriately arrange a number of infrastructure projects in advance, and strive to expand effective investment. Inner Mongolia said that it is necessary to seize the opportunity of the country to carry out infrastructure investment in an appropriate way in advance, and pay close attention to building a modern infrastructure network system connecting the whole country and the whole region. Jiangsu requires scientific demonstration and moderately advanced layout of major infrastructure, increase investment in transportation, energy, water conservancy, pipelines, especially urban gas pipelines, as well as municipal, ecological environment, disaster prevention and mitigation, accelerate the construction of new infrastructure such as information networks, and promote intelligent transformation in transportation, logistics, energy, municipal and other fields. "Two new and one heavy" is an important driving force for steady growth and increasing aftereffect. For example, Sichuan proposes to pay close attention to 700 provincial key projects, especially 100 provincial key promotion projects, strengthen the construction of "two new and one heavy" projects, accelerate the construction of new infrastructure such as gigabit optical network, integrated big data center and charging and replacement power station, and promote the construction of new urbanization such as public services and municipal utilities. Liu Xiangdong believes that 2022 is a key year for the commencement of major projects proposed in the 14th five year plan. We should accelerate the formation of physical workload of these key projects, enhance the effective management of investment, avoid repeated construction and inefficient competition in local investment and construction, and give consideration to the effect of investment on steady growth and long-term development. Take multiple measures to activate residents' consumption In 2021, the contribution rate of China's final consumption expenditure to economic growth reached 65.4%, and consumption has again become the first driving force of economic growth. This year, all localities continue to deploy and introduce a series of policies and measures to promote consumption, and strive to expand the total consumption and improve the quality. For example, Beijing has proposed to actively adapt to the changes in consumption formats triggered by epidemic prevention and control and carry out special actions for international consumption central cities. Zhejiang proposed to vigorously cultivate new consumption hotspots, promote the consumption of new energy vehicles, carry out green smart appliances to the countryside and trade in the old for the new, actively develop the night economy and promote the recovery of the tourism market. "Domestic demand remains the main driving force for China's economic growth. We must strengthen efforts to boost domestic demand in 2022." Wen Bin said that while giving full play to the key role of investment in economic growth, we should also further give play to the basic role of consumption in economic growth. The reporter found that in addition to stabilizing traditional bulk consumption such as cars and household appliances, new consumption such as green consumption and digital consumption and county and township consumption have become hot spots, and new business forms such as leisure and health care, housekeeping services, smart catering and online sports have been paid attention to. Many provinces have proposed to strengthen the upgrading and transformation of pedestrian streets and commercial streets and actively develop the night economy. International consumption center cities have become an important starting point for all localities to promote consumption quality and capacity expansion this year. For example, Shanghai said that it is necessary to accelerate the construction of an international consumption center city, expand and strengthen the initial economy, night economy, tax rebate free economy and brand economy, and promote the continuous improvement of business forms and functions of world-class business districts. Guangdong proposes to accelerate the construction of Guangzhou and Shenzhen into international consumption center cities and plan and layout several regional consumption center cities. Chongqing proposed to seize the opportunity of cultivating and building international consumption center cities and implement "ten projects" such as improving the quality of international consumption carriers. (Xinhua News Agency)