Xinjiang plans record level of fixed asset investment in 2022

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Workers operate a seed drill at Ili Mehmet’s cotton field in Shawan, northwest China’s Xinjiang Uyghur Autonomous Region, April 16, 2022. Ili Mehmet, 50, lives in Shawan, a major cotton-growing region of Xinjiang. Photo: Xinhua

Planned capital investment in northwest China’s Xinjiang Uyghur Autonomous Region will hit a new high of 900 billion yuan ($135.09 billion) this year, with a focus on key projects in core infrastructure as well as strategic emerging industries such as silicon substrate, core infrastructure. , the power grid and new energy industrial bases, making investment a central role in driving its overall growth, the local economic planner said.

Xinjiang has a vast territory but there is a lack of basic infrastructure. The local government will prioritize building basic infrastructure in transportation, power, water engineering, telecommunications and urbanization, according to the local reform and development commission.

For example, it will facilitate a railway linking Hotan with Ruoqiang County, and the construction of a railway linking Yining County with Aksu Prefecture will start soon.

Moreover, the region will exploit its potential to develop the new energy industry. Based on a guideline issued earlier this year, Xinjiang has identified seven major projects to build a base for wind and photovoltaic power, and it will encourage investment entities to take full advantage of the desert and wild nature to build new energy projects.

It will also encourage electricity consuming industries to increase the utilization rate of renewable energy resources and guide newly invested projects to accommodate new energy projects to replace their consumed energy with green electricity, according to local authorities. .

In 2021, overall fixed asset investment in Xinjiang reached 820 billion yuan, up 15 percent year on year, Xinhua News Agency reported.

Industry watchers said Xinjiang’s capital investment plan, which is in line with the national strategy, will not only create job opportunities and convenient tourism and transportation networks, but also boost regional growth. .

In the first quarter, Xinjiang’s GDP grew 7 percent year on year, 2.2 percentage points higher than the national average.

Xinjiang has also established communication mechanisms with government departments and centrally administered state-owned enterprises. According to local authorities, a total of 14 centrally administered state-owned enterprises have signed contracts with the local office, with a total investment of 611.7 billion yuan.

In recent months, China has ramped up capital investment as part of ongoing efforts to shore up the virus-hit economy. A number of cities have unveiled fixed investment plans to date. For example, Shenzhen in Guangdong (southern China) plans basic infrastructure investment of 220 billion yuan and new infrastructure investment of 100 billion yuan.

In the first four months of this year, China’s fixed investment rose 6.8 percent to 15.35 trillion yuan.

world times

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