The relevant policy measures aimed at expanding domestic demand in our province have swiftly entered the implementation phase. On November 14, our province convened an emergency joint meeting of heads from all cities, relevant provincial departments, and related institutions to coordinate and resolve issues arising in the advancement of major provincial projects. The meeting also urged all localities and relevant units to make every possible effort to achieve substantive progress as soon as possible in “competing for projects, obtaining project approvals, attracting investment, and building projects.”

To achieve steady and relatively rapid economic growth, promoting effective investment through project implementation is the most direct approach. Since the beginning of this year, our province’s economic development has generally continued to show a basic trend of relatively rapid growth; however, the development outlook remains challenging. Under conditions of insufficient external and internal demand, accelerating the construction of major projects has become a crucial force for boosting investment growth and driving sustained economic development. According to available information, from January to October this year, the cumulative investment completed on key provincial construction projects reached 73 billion yuan, representing 85.9% of the annual plan. Overall, progress has been good; yet, the situation regarding the commencement of new projects remains rather serious.

Currently, our province has identified key projects that will see an increased level of government investment, with a particular focus on six major areas: affordable housing, agriculture, rural development, public services, infrastructure, environmental protection, and industrial upgrading. By implementing these priority projects, we aim to raise income levels for urban and rural residents, improve regional infrastructure conditions, and enhance the ecological environment, thereby achieving sustainable economic development in Zhejiang.

It is understood that, when compared horizontally with other regions, our province has currently placed greater emphasis on major investments in transportation—particularly railway construction. The goal is to build a modern railway network and intercity rapid transit corridors through several years of concerted effort. This not only meets the needs of Zhejiang’s regional economic development but also responds to the urgent desire of the people for more convenient transportation.

According to the introduction, increasing government investment is not about engaging in blind investments; rather, the focus is on directing funds toward infrastructure and areas that directly benefit people's livelihoods. The goal is not only to safeguard economic growth but also to promote regional economic transformation and industrial upgrading. Once these key projects commence construction, they will boost the development of related industries such as building materials, create more employment opportunities for urban and rural residents, and have a positive impact on stimulating consumption. Based on past experience, project investments begin to generate positive economic effects within the same year they are made. He estimates that this year, our province’s total fixed-asset investment across society will increase by around 10% compared to the previous year. By stepping up efforts to build key projects, next year our province’s investment scale will avoid a sharp decline, and steady investment growth will ultimately lead to stable economic growth. In the long run, the implementation of these projects will also significantly enhance our province’s capacity to secure regional factors of production.

Our province calls on all localities and departments to seize the initiative in expanding domestic demand. Building on our province’s existing “Six Major Action Plans,” particularly the “Three Trillion-Yuan” projects, we urge an expedited selection, approval, and launch of a batch of major projects. It is reported that among the projects our province aims to have approved and commenced within this year are: the Zhejiang section of the Ninghang Passenger Railway, the Hangzhou-Ningbo Passenger Railway, the expansion project of Hangzhou East Railway Station, and the first-phase expansion of the Qinshan Nuclear Power Plant. Projects slated for completion of approval procedures and commencement within six months, as well as those targeted for completion of approval procedures and commencement within next year, have also been identified. In addition, 17 key projects that are being actively pursued and will be submitted for approval at an early stage have been prioritized. A number of major projects—including the “Two Lines and One Hub” project, the coastal railway construction, the second-phase transmission project of the 500-kV Yuhuan Power Plant, and the mid- and upper-reach navigation development project of the Qiantang River—are currently seeing their challenges addressed one by one, with efforts underway to ensure their early commencement.