The recently held executive meeting of the State Council studied policies and measures to promote effective investment, and proposed to increase the effectiveness of central budget investment, ultra long term special treasury bond, local government special bonds and other funds and new policy financial instruments; In key areas such as infrastructure, urban renewal, public services, emerging industries, and future industries, we will deeply plan and promote a number of major projects and major engineering projects. In 2025, the national fixed assets investment (excluding farmers) will be 48518.6 billion yuan, a decrease of 3.8% over the previous year. The Central Economic Work Conference emphasized in deploying key tasks for economic work in 2026, 'promoting investment to stop falling and stabilize'. The executive meeting of the State Council deployed innovative and improved policies and measures to enhance the effectiveness of central budget investment, ultra long term special treasury bond, local government special bonds and other funds and new policy financial instruments; A series of specific measures, such as better leveraging the role of central state-owned enterprises in expanding investment, increasing support for the development of private investment, and forming a joint force to promote effective investment. The meeting emphasized the importance of 'strengthening efforts and improving efficiency' by making good use of various funds. The overall policy orientation is for the government to invest accurately, focus on improving the efficiency of fund utilization, avoid inefficient and redundant construction, and fully leverage the driving role of government investment. ”Wu Youhong, Director and Researcher of the Innovation Investment Research Office at the Investment Research Institute of the Macroeconomic Research Institute of the National Development and Reform Commission, said. Previously, the National Development and Reform Commission had organized and issued a list of "dual" construction projects and central budget investment plans for early approval in 2026 by the end of 2025, totaling about 295 billion yuan, to accelerate the allocation and use of various funds. Among them, a total of about 220 billion yuan has been allocated for the "dual" construction, with over 75 billion yuan allocated for investment within the central budget, fully leveraging the government's investment guidance and driving role. At the same time, relevant departments are focusing on promoting the full utilization of various funds and continuously improving investment efficiency. For example, promoting the improvement of investment and financing models for the construction and renovation of urban underground pipelines, as well as the pricing mechanism for municipal public utilities, and promoting the formation of a long-term mechanism for project construction, implementation, operation, and maintenance. Wu Youhong said that it is necessary to adhere to the orientation of improving investment efficiency, make deep, detailed and solid project reserves and preliminary work such as central budget investment, ultra long term special treasury bond, local government special debt, and effectively improve the quality and maturity of projects planned for reserves, so as to lay a solid foundation for the formation of more physical work. We should give full play to the driving role of various funds such as investment within the central budget, and actively support eligible private investment projects. At the same time, attention should be paid to the coordination of investment, fiscal, and financial policies, especially to give full play to the role of new policy based financial instruments and optimize the investment loan linkage model of "new policy based financial instruments+medium - and long-term supporting loans". Where to invest effectively? The executive meeting of the State Council pointed out that it is necessary to combine the formulation and implementation of the "15th Five Year Plan", focus on long-term development needs and build future competitive advantages, and deeply plan and promote a number of major projects and projects in key areas such as infrastructure, urban renewal, public services, emerging industries, and future industries. Currently, there is a decline in investment, but China still has many shortcomings and weaknesses in areas such as technological innovation, industrial upgrading, infrastructure, and improving people's livelihoods. ”The relevant officials of the Central Financial Office previously explained in detail the spirit of the Central Economic Work Conference. Specifically, Wu Youhong stated that in terms of traditional infrastructure, investment in new construction and renovation in areas such as transportation, energy, water conservancy, and municipal services will maintain a significant volume; In terms of new infrastructure, there is great investment potential in areas such as low altitude and computing power. In terms of industrial upgrading, the investment demand for high-end, intelligent, and green transformation in the manufacturing industry is expected to grow rapidly. At the same time, there is significant investment potential in high-tech fields such as high-end equipment manufacturing in new energy vehicles, intelligent robots, quantum technology, as well as satellite super factories in commercial aerospace. In addition, as urban development shifts from the stage of large-scale incremental expansion to the main stage of improving stock quality and efficiency, urban renewal will also become an important lever. Experts say that in the future, investing in goods and investing in people will be closely integrated, and improving the level of public services and improving people's livelihoods will be an important direction for development. According to Luo Zhiheng, Chief Economist of Yuekai Securities, in the past, China placed more emphasis on investing in goods, and investing in infrastructure construction can quickly boost the economy. With the improvement of economic development level, the marginal returns of investing in goods and infrastructure construction are decreasing. The demands of the public have also changed, hoping that investment can have more coverage in areas such as healthcare, education, elderly care, and housing security. The investment strategy has also shifted from the previous idea of "building roads first to get rich" to the current idea of having better basic public services. In the future, investment in goods and investment in people will be closely integrated in order to better improve investment returns. (New Society)