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State Council inspection shows increased efficiency in investment

Updated: Oct 24,2016 3:03 PM

The third inspection report from the State Council on national projects and investment showed that many key projects have been carried out nationwide and the efficiency of investments has been greatly increased.

According to the report, the smooth implementation of big projects such as railways, highways and shantytown renovation have added huge drivers to the stable development of the national economy.

Data from the report showed that from January to September, completed fixed assets investment in railways was 542.34 billion yuan; completed fixed assets investment in highways was 1.24 trillion yuan, 75.2 percent of the annual investment target, and 5.77 million units of shantytowns have been renovated by September, completing 96.1 percent of the annual target.

A person in charge from the National Development and Reform Commission (NDRC) said that to boost efficient investment, 99 percent of the annual 500 billion yuan in investments has been allocated so far. The move was aimed at increasing and raising the confidence of investment and enhancing the investment willingness of enterprises to boost economic development.

To promote effective investment and tackle problems during project implementation, government departments at the central and local level have taken various measures to promote investment.

The Ministry of Finance encouraged the public and private partnership (PPP) investment model by increasing fund allocations, governments in Hainan province delegated powers and simplified the administrative approval procedures, and Chongqing even released a PPP reform plan to encourage effective investment.

But there are still some problems and restriction factors, such as complex approval items, funds shortage and backward PPP related systems, the report said.