秦珊珊

The indexes of both manufacturing and non-manufactur-ing industries fell below the boom-or-bust line in March，in-dicating the need for stronger policy support to expand do-mestic demand and stabilize growth.

No wonder the National Development and Reform Com-mission，the country ，s top economic policy planner，urged all relevant departments to ensure that all of the 102 national key infrastructure projects be carried out as planned.

Given the mounting downward pressure to the economy，governments at various levels should appropriately advance their infrastructure projects so as to stimulate demand.

They should increase their investment in infrastructure construction of the following three kinds at least.

The first are key projects concerning people's liveli-hoods，such as water conservancy，transportation and energy projects，particularly those that appeared in the 14th Five- Year Plan （2021-25）.

The second kind are infrastructure projects that are key to promoting high- quality development，such as those relat-ed to the security and stability o￡supply chains，industrial upgrading and the improvement of core competitiveness. Dig-ital infrastructure projects，and projects related to artificial intelligence，the industrial internet and the internet of things should gain the full support of governments.

The third kind are projects that are conducive to narrow-ing the regional development gaps and promoting quality ur-banization，such as those boosting the integrated development of Beijing，Tianjin and Hebei province，the Yangtze River Economic Belt，the Guangdong- Hong Kong- Macao Greater Bay Area and the Yangtze River Delta region.

中國制造業(yè)和非制造業(yè)3月份景氣度均降至枯榮線以下，表明需要調(diào)整宏觀政策，加大擴(kuò)內(nèi)需、穩(wěn)增長的力度。

國家發(fā)展和改革委員會(huì)要求各相關(guān)部門，要確保“十四五”規(guī)劃102項(xiàng)重大工程每一項(xiàng)任務(wù)落地見效。

在經(jīng)濟(jì)下行壓力加大的情況下，各級(jí)政府應(yīng)適當(dāng)推進(jìn)基礎(chǔ)設(shè)施建設(shè)，刺激需求。

至少要加大對(duì)以下三種基礎(chǔ)設(shè)施建設(shè)的投入。

第一類是關(guān)系民生的重點(diǎn)項(xiàng)目，如水利、交通和能源，尤其是“十四五”規(guī)劃中出現(xiàn)的項(xiàng)目。

第二類是對(duì)促進(jìn)高質(zhì)量發(fā)展至關(guān)重要的基礎(chǔ)設(shè)施項(xiàng)目，如與供應(yīng)鏈安全穩(wěn)定、產(chǎn)業(yè)升級(jí)和提高核心競(jìng)爭力有關(guān)的項(xiàng)目。數(shù)字基礎(chǔ)設(shè)施項(xiàng)目以及與人工智能、工業(yè)互聯(lián)網(wǎng)和物聯(lián)網(wǎng)相關(guān)的項(xiàng)目應(yīng)得到政府的全力支持。

第三類是有利于縮小區(qū)域發(fā)展差距、推進(jìn)新型城鎮(zhèn)化建設(shè)的項(xiàng)目，如推進(jìn)京津冀協(xié)同發(fā)展、長江經(jīng)濟(jì)帶發(fā)展、粵港澳大灣區(qū)建設(shè)、長三角一體化發(fā)展的項(xiàng)目。

To avoid the increase of expenditure from aggravating local governments' debts，they should be allowed to issue more special bonds for these projects.

At the same time，it is good to see that the central gov-ernment will increase its transfer payments to local govern-ments by 18 percent this year compared with the previous year，the largest increase in recent years，nearly 9.8 trillion yuan （$1.54 trillion），which will help ease local govern-ments' spending pressure.

With infrastructure investment to be intensified，the progress of projects will be accelerated，which will stimulate the expansion of effective demand and play a strong support-ing role for economic growth.

為了緩解地方財(cái)政壓力，可以更多地發(fā)放地方政府專項(xiàng)債券。

同時(shí)，今年中央對(duì)地方轉(zhuǎn)移支付規(guī)模增長18%，這是近年來最大增幅，近9.8萬億元，這將有助于緩解地方政府的支出壓力。

加大基礎(chǔ)設(shè)施投資力度，加快項(xiàng)目進(jìn)度，刺激有效需求擴(kuò)大，將對(duì)經(jīng)濟(jì)增長起到有力支撐作用。