There are signs that investment in infrastructure is expected to

There are signs that investment in infrastructure is expected to speed. Since the end of February, the approval rate of major construction projects has accelerated noticeably, part of the highway network, airports and rail transit project focus approval by a number of key areas, key industries, projects are being gradually introduced. Unlike in the past, this grant project is a clear preference for the central and western regions, rural and livelihood security project.

The monetary policy and fiscal policy is also the release of the a more active the fine-tuning signal. Authoritative sources said: "In order to stabilize economic growth, capital first, credit and financial disbursement of funds will be the first to reflect the significant increase fiscal spending in March exceeded 1 trillion credit, so we initially saw the policy to become more active."

"Rail-machine" project cited concerns

The end of February to early March, the departments concerned to go to Beijing, Fujian, Guangzhou, Guangxi, research, involving projects such as transport infrastructure, water, transport hub, the highway network.

In 3 end of the month, the the executive meeting of the of the State Council requirements, that the This year we must around the the the mission objectives to determine the by the the the "Twelve Five-Year" planning, push forward the Traffic transport infrastructure construction. Built a number of major rail projects, started a number of urgent need of essential items in a timely manner; to promote the national highway network planning projects and rural highway construction, increasing the transformation efforts of national and provincial trunk; Hot Keyboard the implementation of a number of waterways and land-island transportation projects to improve the navigation conditions of the Yangtze River; started construction and the continued construction and completion of a number of airports and urban rail transit project.

Already approved projects is a clear preference for the central and western regions, rural and livelihood security project. Among them, the transport infrastructure projects of concern. Development and Reform Commission approved Hainan Haikou Meilan International Airport Expansion Project Phase II project proposal in March, have the Nanjing Metro Line 3 Phase II project feasibility study report, the new Kaili, Guizhou Huang Pingmin airport project feasibility study report.

The growth of infrastructure investment is obviously the strong support of the bank. Railway experts the Wang Mengshu said 500 billion yuan of funds this year will be in place to support the formation of the railway construction. Another source said that the bank credit funds related to construction projects for the Ministry of Railways concentrated allocated in March. Not only banks to increase investment on railway construction and other central support, said a person close to the regulators, and local financing platform loans than before, has also shown to relax the signs. The bank said that the pressure of repayment of local financing platform in general may become the Bank's "hidden" bad. The banking industry has begun to gradually on the "quality" of local financing platform "blood transfusion" roll over for some quality protection projects or provide new loans.

The policy pre-tune fine-tuning the intensity or an increase in

Analysts said that the first quarter GDP growth below expectations, in order to prevent the economy from inertia decline is expected that the policy side will increase efforts to pre-tune fine-tuning the policy tone of the second quarter will be "stable and see Pine" to the economy in two quarter stabilized stabilized.

Analysts expected for some time countries will increase government investment to hedge real estate investment decline by increasing government spending, the relaxation of credit, large-scale projects started to steady economic growth. "With the implementation of the project of the second Five-Year project started in rural and western areas of infrastructure, urban and municipal engineering, rail, energy saving and environmental protection, will enhance the proportion of long-term loans, investment in infrastructure and the central project investment will be bottoming out. "

The data show that the fiscal deposits decreased by 406 billion yuan in March. March fiscal deposits usually decreased, but the unprecedented drop in March this year. Analysts pointed out that the fiscal deposits the Government to deposit in the amount of the central bank, the government revenue and expenditure level. The larger the fiscal deposits fell, which means more liquidity to the real economy.

Monetary policy in March, new RMB loans exceeded 1 trillion yuan, 800 billion yuan, far exceeding market expectations. Wang Tao, UBS Securities analyst, said that if the market because of concerns of policy easing and credit support is not enough on economic growth and investment prospects of the second quarter worried about the March lending data reflect the policy relaxation should be regarded as a major positive. She expects the second quarter, new loans will be $ 2.3-2.4 trillion yuan, fixed investment will rebound in the second quarter, driven by the GDP chain growth picked up.

TX Irving expects the second quarter, efforts to credit will increase, the approval of the key investment projects and promote the speed will accelerate. The execution speed of the export tax rebate policy will be accelerated to promote the import of relevant policies and structural tax cuts for small and medium-sized enterprises, new industries will continue to launch. However, "steady growth" the will not excessively reliance on the Yu the the the launch of of the large-scale the central investment projects and an over-generous monetary policy.

SW research report that, after the exit steps, the main risk of economic decline concentrated in fixed asset investment, which requires the government to stabilize the stable investment growth, but that does not mean that the market will re-interpretation of 2008 as magnificent of the story. Overall employment pressure is not as big as 2008, the Government to improve the tolerance of the slowdown in economic growth, this policy is more backing, its intensity should be significantly less than in 2008, not too high expectations of this policy.