3月份制造业和非制造业景气度同步下降到荣枯线以下，需要宏观政策加大扩内需、稳增长力度。近日，国家发改委召开会议要求各部门加强组织领导、强化协同配合，确保102项重大工程每一项任务落地见效，加大资金、用地等要素保障力度，加快在建项目建设，尽快形成实物工作量。今年将适度超前开展基础设施投资，意味着基建投资力度加大、进度加快，将拉动有效需求扩张，为经济增长起到托底作用。

 

The indexes of both manufacturing and non-manufacturing industries fell below the boom-or-bust line in March, indicating the need for stronger policy support to expand domestic demand and stabilize¹ growth.

中国制造业和非制造业3月份景气度均降至枯荣线以下，表明需要宏观政策加大扩内需、稳增长力度。

No wonder the National Development and Reform Commission, the country's top economic policy planner, recently urged all relevant departments to ensure that all of the 102 national key infrastructure² projects be carried out as planned.

近日，国家发展和改革委员会要求各相关部门，要确保“十四五”规划102项重大工程每一项任务落地见效。

Given the mounting downward pressure to the economy, governments at various levels should appropriately advance their infrastructure projects so as to stimulate³ demand.

在经济下行压力加大的情况下，各级政府应适当推进基础设施建设，刺激需求。

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

至少要加大对以下三种基础设施建设的投入。

The first are key projects concerning people's livelihoods⁴, such as water conservancy, transportation and energy projects, particularly those that appeared in the 14th Five-Year Plan (2021-25).

第一类是关系民生的重点项目，如水利、交通和能源，尤其是“十四五”规划中出现的项目。

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

第二类是对促进高质量发展至关重要的基础设施项目，如与供应链安全稳定、产业升级和提高核心竞争力有关的项目。数字基础设施项目以及与人工智能、工业互联网和物联网相关的项目应得到政府的全力支持。

The third kind are projects that are conducive⁵ to narrowing the regional development gaps and promoting quality urbanization, 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 Delta⁶ region.

第三类是有利于缩小区域发展差距、推进新型城镇化建设的项目，如推进京津冀协同发展、长江经济带发展、粤港澳大湾区建设、长三角一体化发展的项目。

To avoid the increase of expenditure⁷ from aggravating⁸ local governments' debts, they should be allowed to issue more special bonds for these projects.

为了缓解地方财政压力，可以更多地发放地方政府专项债券。

At the same time, it is good to see that the central government will increase its transfer payments to local governments 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 governments' spending pressure.

同时，今年中央对地方转移支付规模增长18%，这是近年来最大增幅，近9.8万亿元，这将有助于缓解地方政府的支出压力。

With infrastructure investment to be intensified⁹, the progress of projects will be accelerated, which will stimulate the expansion of effective demand and play a strong supporting role for economic growth.

加大基础设施投资力度，加快项目进度，刺激有效需求扩大，将对经济增长起到有力支撑作用。

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