BEIJING, May 21 (Xinhua) -- China is likely to invest a total of 17.5 trillion yuan in new infrastructure construction in the following five years, with the average annual growth rate reaching about 21.6 percent, reported the Xinhua-run cnstock.com on Thursday quoting Xu Xianping, former deputy director of the National Development and Reform Commission (NDRC).
The investment covers the fields of 5G networks, artificial intelligence, industrial Internet, the Internet of Things, data centers, cloud computing, fixed broadband, and the digitalization of traditional infrastructure, said Xu.
Since the NDRC, China's top economic planner, for the first time defined the scope of “new infrastructure” in April, over 20 provinces and municipalities have rolled out new infrastructure construction plan worth trillions of yuan within one month.
Jiangsu, Shanghai, Tianjin, Chongqing, Shandong and other regions have successively issued policies to promote new infrastructure construction from May.
Shanghai plans to invest 270 billion yuan in new infrastructure in the following three years. Guangzhou has signed 16 digital new infrastructure construction projects involving a total investment of 56.6 billion yuan.
According to a report released by Haitong Securities, the scale of new infrastructure investment is about to reach 3 trillion yuan in 2020.
Wen Ku, director of the telecom development department at the Ministry of Industry and Information Technology (MIIT) said that the MIIT has recently unveiled a series of policies to promote the development of 5G and mobile Internet of Things, in a bid to stabilize investment, expand domestic demand and stimulate economic growth.
New infrastructure refers to digital facilities such as 5G base stations, vehicle charging stations, big data centers, artificial intelligence and industrial internet. (Edited by Zhang Yuan with Xinhua Silk Road, email@example.com)