Coordinating "Hard Investment" and "Soft Construction" - A Review of High Quality Support for "Dual" Construction
2024-05-29
The State Council recently held a mobilization video conference to support the deployment of "dual" construction, calling for a coordinated effort in "hard investment" and "soft construction", combining project construction with supporting reforms. It is necessary to formulate and improve plans, strengthen project management, create a number of landmark projects, and optimize institutional supply, using reform methods and innovative measures to overcome deep-seated obstacles. Chen Yanbin, vice president of the Capital University of Economics and Business, said that the issuance of ultra long term special treasury bond to support the "dual" construction would help expand investment spending in the short term and play a role in stabilizing growth and expanding domestic demand; Long term cultivation and growth of new productive forces play a role in promoting development and improving quality. At the same time, strengthening the implementation of major national strategies and the construction of security capabilities in key areas will help to form a positive interaction between high-quality development and high-level security, and also help better mobilize the enthusiasm of local governments and private investment. "Super long term special treasury bond is an important driving force of positive fiscal policy, and a key move to better balance the needs of economic development and fiscal sustainability, and consolidate the foundation of high-quality development." Wen Bin, Chief Economist of China Minsheng Bank, said that this round of ultra long term special treasury bond will be specially used for the implementation of major national strategies and security capacity building in key areas, laying a solid foundation for China's high-quality economic and social development. What is "soft construction"? Yang Ping, Director of the Investment Research Institute of the China Academy of Macroeconomics, stated that "soft construction" refers to the institutional construction promoted to ensure project construction, and relevant special plans and implementation plans are formulated and issued as needed. Yuan Haixia, Executive Director of China Chengxin International Research Institute, believes that from the perspective of promoting "hard investment", stabilizing the overall economic situation and consolidating the foundation of high-quality development cannot be achieved without the promotion and implementation of infrastructure construction and major projects. From the perspective of focusing on "soft construction", strengthening feasibility studies and efficiency evaluations, constructing a full chain and full cycle management mechanism, improving the level of refined and scientific management, and strengthening the construction of systems, management, and talent levels can not only help avoid duplicate construction, reduce institutional costs, but also improve the efficiency and benefits of "hard investment". "Only by preparing and allocating resources for both software and hardware, and increasing overall coordination, can the strategic role of the 'dual' project be fully utilized, forming long-term support and driving force for the economic growth center." Yuan Haixia said. The deployment mobilization video conference also emphasized the need to actively respond to people's expectations, combine physical investment with human capital investment, combine project construction with people's livelihood guarantee, and promote the handling of a group of people's livelihood issues of concern. In this regard, Chen Yanbin believes that the key to promoting high-quality development lies in promoting the transformation of the economic growth mode, breaking away from dependence on traditional factors such as capital and labor, and strengthening the driving role of human capital and technological innovation. Especially in the context of an aging population, as the dividend of population quantity weakens, it is necessary to accelerate the release of the dividend of population quality. This requires strengthening investment in human capital and combining physical investment with human capital investment. At the same time, it is necessary to promote the handling of a number of people's livelihood issues that concern the people, combine project construction with livelihood guarantee, and actively respond to the expectations of the people. How to coordinate the promotion of "hard investment" and "soft construction" in solving difficult problems through reform and innovation? Liu Sushe, Deputy Director of the National Development and Reform Commission, previously stated that in terms of supporting areas, the focus is on accelerating the realization of high-level scientific and technological self-reliance, promoting urban-rural integration development, promoting regional coordinated development, enhancing food and energy resource security capabilities, promoting high-quality population development, and comprehensively promoting the construction of a beautiful China; In terms of organizational implementation, we adhere to the principle of "projects follow planning, funds follow projects, and supervision follows funds". The Development and Reform Commission takes the lead in conjunction with relevant departments to effectively strengthen overall coordination, ensure funding support, optimize investment methods, and increase supervision. In particular, we need to quickly build a number of projects with mature preliminary work and conditions. At the same time, we will also accelerate the introduction and implementation of relevant supporting policies, break down deep-seated obstacles through institutional and mechanism reforms, and form a joint force with major project construction to ensure the high-quality implementation and effectiveness of clear action plans. Li Chao, Deputy Director of the Political Research Office of the National Development and Reform Commission, stated that the Commission is accelerating project screening and planning, organizing various regions and relevant central units to submit projects according to requirements, and working with industry management departments to carry out project screening. Strengthen the overall planning of project construction funds, make good use of treasury bond funds, central budget investment, local government special bonds, local government investment and other construction funds, and actively guide the participation of social capital. Urge and guide local governments to increase their efforts in preliminary work, classify and ensure land use, environmental impact assessment, and other elements, and promote the construction of projects to start as soon as possible. Strengthen project lifecycle management, formulate and implement management measures, and clarify various requirements from project planning and reserve to supervision and inspection. At the same time, accelerate the implementation of the "soft construction" policy. The National Development and Reform Commission, together with relevant parties, has established a task list for "soft construction", and is working hard to promote the introduction and implementation of relevant policy measures, using reform methods and innovative ideas to solve deep-seated contradictions and better leverage the overlapping effects of policies. In the near future, several provinces held meetings to plan and promote the planning, declaration and construction of major projects in key areas, and make full use of ultra long term special treasury bond. For example, Zhejiang proposed to adhere to the combination of "national needs" and "what Zhejiang can do", the combination of "dual" projects with concentrating efforts to accomplish major and difficult tasks, and the combination of "hard investment" and "soft construction", effectively planning and implementing the "dual" construction, and promoting its implementation and effectiveness at the fastest speed and with the greatest effort. At present, various regions are actively striving for ultra long term special treasury bond, and strive to have more items included in the national list. Yuan Haixia suggested that various regions should closely adhere to the requirements of "dual" construction, strengthen overall coordination, improve project reserves, and promote the accelerated implementation of projects. On the one hand, conducting preliminary research as early as possible can incorporate more factors such as the feasibility of project implementation, the timing of various funds, and the qualifications of participating entities into the reserve standards, and improve the project screening reserve mechanism. On the other hand, when conducting project discussions and applications on schedule, multiple parties can coordinate and plan key projects that cross regions, fields, and levels, fully leveraging the advantages of all parties. In addition, we need to increase the support of supporting policies and actively seek various market-oriented funding support. In terms of strengthening the tracking and evaluation of implementation effectiveness, Li Chao stated that for the "hard investment" task, the National Development and Reform Commission, together with relevant departments, relies on the promotion mechanism of major project construction to regularly schedule project progress, organize on-site supervision, and promote the high-quality construction and implementation of projects. Establish a supervision and implementation mechanism for the "soft construction" task, and promote the effectiveness of various supporting policies and reform measures. (Lai Xin She)
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