China is managing the implementation of 102 key projects which are making "smooth progress,” an official from China's top economic planner disclosed during a press conference on Tuesday, as the country boosts investment in the face of unexpected pressure from COVID19 and other external factors.

"Speeding up construction of major projects is important support in growing domestic demand and stabilizing the country’s economic foundations," according to Luo Guosan, an official from the National Development and Reform Commission(NDRC), who further stressed that the solid preliminary work of the projects is a prerequisite for grasping the window for construction.

According to Luo, the NDRC has adopted multiple moves to push construction of major projects, including strengthening projects' early-stage work and increasing support on issues covering capital, land usage, environmental assessment among others. 

At the same time local governments in China have also mounted efforts to enhance promotion mechanisms for the 102 projects which are designated for priority implementation. 

So far, the 102 major projects are "proceeding in an orderly manner" and making smooth progress overall, Luo revealed.

This year, China has moved to speed up the pace of 102 major projects outlined in its development plan for 2021-25. The projects cover a number of key areas such as major national scientific infrastructure and modern rural construction. Some of the 102 projects include new-generation artificial intelligence, quantum information and modern airports. 

Besides accelerating project rollout, the NDRC also moved to speed up issuance and usage of local government special bonds to stimulate investment. By the end of July, the quota of 3.45 trillion yuan ($508 billion) of special bonds for project construction this year had almost been fully issued, Luo disclosed, adding that the commission recently instructed local governments to submit the third tranche of special bonds projects to central government departments for approval.

Luo also announced the department's plans to further strengthen promotion for project construction, including making good use of policy financial tools, enhancing capital and land usage guarantees, and accelerating preliminary work for the projects to ensure investment grows at a steady pace throughout the remainder of the year. 

Global Times