China is accelerating the construction of “new infrastructure,” which is expected to bring new drivers for the economy, especially in sectors like new consumption, new manufacturing and new services.
So what’s the new infrastructure? What is in store in it? And who will fund the buildup? Follow us for the answers and more.
What’s the new infrastructure?
Infrastructures can be grouped into the old and the new. The old infrastructure involves trains, roads, airports and bridges, while the new refers to HSR trains, data centers, AI and the internet of things.
First put forward in 2018 at the Central Economic Work Conference of China, the phrase “new infrastructure” gained popularity this year at the backdrop of the ongoing Covid-19 pandemic that inflicts global economy. On April 20, the National Development and Reform Commission defined it as integrative, innovative and information-based.