China invests 21.5 trillion yuan in major projects

China has invested a total of 21.5 trillion yuan ($3.15 trillion) in major projects to stabilize 2023's economic growth, Security Daily reported on Monday.

As of Feb 12, a list of 7,652 investment projects worth 21.5 trillion yuan has been released in different parts of China. These projects cover diversified areas including infrastructure, artificial intelligence, information intelligence and new materials.

Shanghai has released 191 official major projects in 2023, involving a total investment of about 1.7 trillion yuan.

Hebei and Shandong have 507 and 2,002 projects worth 1.32 trillion yuan and 1.09 trillion yuan, respectively, in 2023.

This year, Tianjin has 673 key projects with a total investment of 1.53 trillion yuan and the proportion of investment in advanced manufacturing, technology and industrial innovation has been lifted to 29.36 percent.

The release of major projects with huge investment indicates that the local governments regard the projects as the "driver" and "stabilizer" of their economic development.

They can provide solid support for overall economic performance to turn for the better throughout the year, said Song Xiangqing, vice-dean of the School of Government at Beijing Normal University.

Expanding investment remains key in stabilizing economic development this year, and the innovative government investment is expected to attract more market-oriented and socialized investment to join in.

The industrial transformation will continue to be promoted and the driving force of economic development will be strengthened by increasing investment, said Zhang Yiqun, an expert in finance.