All parts of the country have entered the "local two sessions". On January 10, 2023, Nanjing held the first session of the 17th National People's Congress to deploy the economic work arrangements for the new year. According to the published reports on the work of local governments, investment, as one of the important means to expand domestic demand, has gained the focus. The reporter further combed the statistics and found that the growth target of fixed asset investment in various regions was generally higher than the GDP growth target, the investment pattern of "infrastructure driven, manufacturing upgrading" was facing new changes under the premise of optimizing epidemic prevention and control measures, and the demand for iterative upgrading of manufacturing industry was soaring. The central economic work conference held at the end of last year emphasized that the first task in 2023 is to stabilize growth. The conference focused on expanding domestic demand, accelerating the construction of a modern industrial system, and making greater efforts to attract and utilize foreign capital. "At present, taking investment in fixed assets such as infrastructure as the entry point is suitable for the demand of 'stabilizing the economy'." Tang Chuan, an expert in the expert pool of the Ministry of Finance and the investment director of 360 Government-Enterprise Security Group, told the Securities Daily that the foundation of China's economic recovery is not yet solid, the triple pressures of demand contraction, supply shock and weakening expectations are still large, and the external environment is volatile, which has a deeper impact on China's economy. To promote investment in fixed assets such as infrastructure and boost domestic demand has become the focus of China's economic growth. For this reason, many cities have set the expected growth target of fixed asset investment in 2023 at a high level, and not a few cities are higher than the expected growth target of GDP in their regions. For example, the main expected targets of Zhengzhou in 2023 include: GDP growth of 7% and fixed asset investment growth of 15%; Huai'an City has set the target of increasing regional GDP by about 7% and the investment in fixed assets above the designated size by 12%; Wuhu City expects that the GDP will increase by about 8% and the investment in fixed assets will increase by 10%; Changsha has made it clear that its GDP will increase by about 7% and its investment in fixed assets will increase by more than 7%. In response, Liu Xiangdong, deputy director of the Economic Research Department of the China Center for International Economic Exchanges, said in an interview with the reporter of Securities Daily, "The goal of setting the growth rate of fixed asset investment above the regional GDP growth rate is mainly to stabilize investment. On the one hand, to ensure the sustainability of ongoing projects under construction and continue to play the driving role of major project investment; on the other hand, in the expectation of weakening external demand, expanding effective investment is still the key to stabilize growth, and can also play the key role of optimizing the supply system." The demand for iterative upgrading of manufacturing industry is increasingly strong. From the perspective of fixed asset investment in various regions, the pattern of "infrastructure driven, manufacturing upgrading" will continue in 2023, and the demand for iterative upgrading of manufacturing industry will become increasingly strong. For example, Changsha proposes to focus on building a modern industrial system, implement the "one hundred and ten" project of industrial development, upgrade the "1+2+N" advanced manufacturing industry cluster, accelerate the research and development and application promotion of cutting-edge technologies such as new energy, high-end equipment, artificial intelligence, and promote the high-end, intelligent and green development of manufacturing industry; Fuzhou City proposed to increase investment in manufacturing industry, strengthen efforts to complement weaknesses in key areas, and systematically lay out a new base