Infrastructure Construction Boosts Economic Progress in China

Since this year, significant improvements have been observed in various areas of infrastructure construction, including working efficiency and labor supply, which has led to accelerated progress. One notable development is the installation of the first pillar of a rail bridge by CR24, as announced on Friday.

The State-owned Enterprise (SOE), a unit of China Railway Construction Corp, has started a key urban road project in Cixi, a county-level city in Ningbo, Zhejiang province. The construction team faced several challenges, including a tight schedule for building, transportation, and additional arrangement work for neighboring networks.

China Railway 24th Bureau Group Corp Ltd (CR24), a State-owned contractor, is stepping up efforts on key infrastructure projects nationwide. Many of these projects are listed in local five-year plans, charting paths for development. Since the beginning of this year, projects across the country have been progressing at a faster pace.

According to a recent report by CITIC Securities, investment in infrastructure construction is expected to continue expanding in the first few months of this year, with a growth figure between 10 percent and 15 percent in January. The nation's Cabinet, the State Council, has prioritized the role of infrastructure construction in expanding domestic demand.

Enhanced special local government bond support and other financial tools offered by policy and commercial banks will also contribute to faster progress in infrastructure projects nationwide in the first half. This is expected to provide a stronger lift to industries along the chain affected by COVID-19 disruptions and other woes in the past few years.

Infrastructure has played a pivotal role in shoring up economic momentum against headwinds in the past few years, and it remains a key economic driver for China over the short term. As China's economy continues to recover, infrastructure construction is likely to remain a vital component of its growth strategy.

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