6-month National Project Start-up Summary, Total of 1686 Projects
Jul 05, 2024
According to an incomplete count by Mysteel, in June 2024, a total of 1686 projects started across the country with a total investment of approximately 686.987 billion yuan; the total investment for the first half of the year is about 204.1 trillion yuan.
The top three provinces with the highest investment in June were Fujian, Guangdong, and Xinjiang, with total investments of 249.94 billion yuan, 73.44 billion yuan, and 60.996 billion yuan, respectively.
Specifically, on June 25th, Quanzhou City in Fujian held a second-quarter major project and key investment project video link start and completion event for the 2024 Project Excellence Year, with 741 projects starting and completing, totaling an investment of 371 billion yuan. Among them, 450 projects started with a total investment of 228.5 billion yuan.
As of June 14th, the Ministry of Finance has issued four batches of ultra-long-term special treasury bonds totaling 160 billion yuan. The Ministry of Finance stated that it will ensure the completion of the issuance of ultra-long-term special treasury bonds in full, in line with the needs of "two heavy" projects and the bond market conditions.
In addition, several provinces including Tianjin, Fujian, and Shaanxi have started construction on the additional treasury bond projects for 2023 as scheduled before the end of June.
CITIC Securities indicated that the issuance and use of special bonds this year have been relatively slow. With the accelerated issuance in recent months and the use of ultra-long-term treasury bonds, the growth rate of infrastructure investment is expected to rise in the second half of the year.
Disclaimer: The information provided by Mysteel is for reference only and any decisions made by clients are unrelated to Mysteel.
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