Investment plays a key role in stabilizing growth, adjusting structure, nurturing momentum, benefiting people's livelihoods, and preventing risks. The Central Economic Work Conference proposed to vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand; Moderately increase investment within the central budget; Strengthen the coordination between finance and administration, and effectively drive social investment through government investment. Strengthening the promotion of equipment updates and large-scale equipment upgrades, as well as exchanging old for new consumer goods, is a major decision and deployment made by the Central Committee of the Communist Party of China and the State Council with a focus on the overall high-quality development of our country. Last year, 150 billion yuan of ultra long-term special treasury bond funds were allocated to support more than 4600 equipment renewal projects in industries, energy use, transportation, old elevators and other fields, effectively driving investment growth. Investment is an important component of driving the "three pillars" of economic growth. Last year, China's fixed assets investment expanded, showing many highlights, especially the rapid growth of investment in high-tech industries. Statistics show that the national fixed assets investment last year was 51437.4 billion yuan, an increase of 3.2% over the previous year; Excluding real estate development investment, the national fixed assets investment increased by 7.2%. The "two new" policies have driven a year-on-year increase of 15.7% in investment in the purchase of equipment and tools, contributing 67.6% to the overall investment growth. Investment is an important engine for China's long-term stable economic growth, which is of great significance for optimizing the economic structure, expanding domestic effective demand, and forming a strong domestic demand market Xia Lei, Chief Economist of Guohai Securities, said. The Central Economic Work Conference proposed to increase the issuance of ultra long term special treasury bond this year, and continue to support the implementation of "dual" projects and "two new" policies. This year, we will strengthen the implementation of the 'two new' policies, and the overall consideration is to increase the scale of funds, expand the scope of support, optimize the implementation mechanism, and amplify the leverage effect Zhao Chenxin, Deputy Director of the National Development and Reform Commission, said. In accordance with the Notice on Intensive Expansion and Implementation of Large scale Equipment Renewal and Consumer Goods Trade in Policy in 2025 jointly issued by the National Development and Reform Commission and the Ministry of Finance, this year we will increase the scale of funds for ultra long term special treasury bond to support equipment renewal in key areas, further expand the scope of support to electronic information, safe production, facility agriculture and other fields, and focus on supporting high-end, intelligent and green equipment applications. Vice Minister of Finance Liao Min stated that a larger scale of government bonds will be arranged this year to provide more support for stable growth and structural adjustment. We will expand the scale of ultra long term special treasury bond, give greater support to "dual" projects, and expand our scope to implement the "dual" policy. Playing the role of government investment, government bonds are an important tool for macroeconomic regulation. Last year, local governments issued 4 trillion yuan worth of special bonds, and expanded the scope of investment and use as project capital; We will issue 1 trillion yuan of ultra long term special treasury bond, of which 700 billion yuan will support the "dual" construction. In addition, most of the additional treasury bond issued in 2023 will be used in 2024. The Central Economic Work Conference proposed that this year we should implement more proactive fiscal policies, increase the issuance of ultra long term special treasury bond, and continue to support the implementation of "dual" projects and "two new" policies; Increase the issuance and use of local government special bonds, expand the scope of investment and use as project capital. At the end of last year, the General Office of the State Council issued the "Opinions on Optimizing and Improving the Management Mechanism of Local Government Special Bonds", supporting local governments to further make good use of special bonds, better play a positive role in strengthening the foundation, filling gaps, benefiting people's livelihoods, and expanding investment. The investment areas of special bonds have been adjusted from the previous "positive list" management to the "negative list" management, giving local governments greater space. At the same time, the number of industries used as project capital has increased from 17 to 22. In addition, the upper limit of the size of special bonds that can be used as project capital has been increased from 25% to 30%. Next, the Ministry of Finance will work with relevant departments such as the National Development and Reform Commission to conscientiously implement policies, guide local governments to improve the management mechanism of special bonds, manage and make good use of special bond funds, fully unleash policy effectiveness, and promote sustained economic recovery and improvement Wang Jianfan, Director of the Budget Department of the Ministry of Finance, said. Experts believe that it is necessary to arrange bond issuance reasonably, accelerate the budget allocation of bond funds, timely decompose and implement them into specific projects, strictly allocate funds according to the implementation progress, and form physical workload as soon as possible. In the selection of investment fields, we should not only anchor basic livelihood areas such as urban renewal, continuously improve people's living standards, but also pay attention to moderately advanced layout, especially focusing on the "dual" investment of national major strategic implementation around future technological frontiers such as artificial intelligence and computing power, and the construction of security capabilities in key areas Professor Bai Yanfeng from the School of Finance and Taxation at the Central University of Finance and Economics said. Last year, China took multiple measures to stimulate the vitality of private investment by mobilizing social investment together. Statistics show that private investment decreased by 0.1% last year, and after deducting real estate development investment, private investment increased by 6.0%. Last year, China actively expanded the development space for private investment and guided and supported private enterprises to participate in major project construction. The private investment in the manufacturing industry has grown by 10.8%, which is an important force driving the growth of manufacturing investment. The 'golden seeds' and' little giants' are accelerating their growth, promoting high-quality economic development Xia Lei said. The Central Economic Work Conference emphasized the need to strengthen the coordination between finance and administration, and effectively drive social investment through government investment. "On the basis of moderately increasing the investment within the central budget, we should give full play to the leading role of investment instruments such as ultra long term special treasury bond, strengthen coordination and cooperation between fiscal and financial policies, form a policy synergy, and effectively drive social investment." Bai Yanfeng believes that it is necessary to further build a pro clean government business relationship, continuously create a fair, just, and upright business environment for enterprises, and stimulate the endogenous motivation for enterprises to increase effective investment. Government investment funds are important policy tools for innovating the use of fiscal funds, supporting industrial development and technological innovation. Recently, the General Office of the State Council issued the "Guiding Opinions on Promoting the High Quality Development of Government Investment Funds", proposing that government investment funds should focus on major strategies, key areas, and weak links where the market cannot fully play its role, attract and drive more social capital, support the construction of modern industrial systems, and accelerate the cultivation and development of new quality productive forces. At present, the 2025 Two Sessions have been held in 31 provinces, and expanding effective investment and improving investment efficiency have become the top priorities for various regions to deploy this year's economic work. Investment is the driving force of current demand and the foundation of future supply Xia Lei believes that there is not only significant room for investment in traditional infrastructure, but also in technological innovation, industrial upgrading, and weak links in social livelihood. (New Society)