Yicai TV:

Statistics for the full year of 2018 indicated a further pickup in the investment expansion rate from the first three quarters. My question is, will infrastructure investment have a bigger impact on, or a bigger contribution to economic growth in 2019? What will be the points of weakness to be strengthened this year?

Ning Jizhe:

Investment indicators have underperformed compared to consumption indicators these past few years. We have quite a few points of weakness that need to be strengthened. Although we are already an upper-middle income country overall, and the world's second largest economy, we still have the problem of very unbalanced development. Levels of infrastructure facilities vary greatly between localities, so infrastructure development remains a major area of weakness to be strengthened. Since October, as our efforts to address points of weakness intensified, the expansion rate of fixed asset investment rebounded. Investment primarily covers three types: manufacturing, infrastructure and real estate. Infrastructure investment growth was weaker than that of manufacturing. In short, infrastructure development, especially for improving the consumption environment and for implementing the rural revitalization and regional development strategies, remains a weak point. Compared with developed countries, we have a relatively new expressway network and the world's longest total length of high-speed railways. However, when measured on a per capita basis, our operational infrastructure amount is remarkably lower. For example, we are low on airport coverage, compared with Europe and America. The task to accelerate infrastructure development for the direct benefit of people's livelihood in both urban and rural areas is still heavy. 

Besides, houses built for people relocated from inhospitable areas need to be complete with supporting infrastructure facilities. In terms of government-subsidized housing, we will intensify efforts to rebuild shantytowns and supply public rental housing. Of course, agriculture and water conservancy are also areas with big room for improvement. We need to implement the rural revitalization strategy. There are also major water conservancy projects and major 13th Five-Year Plan projects still under construction. In terms of transportation, urban public transportation and transportation between city clusters need improvement, renovation and upgrading. I said a moment ago that we have an urbanization rate of nearly 60 percent. However, even with the fast railway construction, we still cannot fully satisfy people's needs. These are all weak points that are closely related to people's livelihood that need strengthening. It can be expected that, policies will continue to be put in place and take effect this year, resulting in stronger data than last year. Thanks. 

Hu Kaihong:

That's all for today's press conference. Thank you, Mr. Ning. Thank you, everyone.  

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