On 5th May, the State Council promulgated the Regulations on Government Investment, which clarified the concept, scope, decision-making procedure, annual investment plan, project implementation, supervision, management and legal responsibilities of government investment. The Regulation shall be in force since 1st July, 2019. Government investment refers to the use of budgetary funds for investment and construction of fixed assets in China, including new construction, expansion, reconstruction and technological transformation. The scale of government investment is about 3 trillion yuan.Funds should be invested in projects in the public sphere where the market is unable to allocate resources effectively, with non-operational projects as the main ones, such as agriculture and rural areas, environmental protection, major science and technology, national security, etc. Direct investment is the main form of investment. Subsidies and loans can also be used. The competent investment department of the State Council, other relevant departments and relevant departments of local people’s governments at or above the county level shall formulate annual plans

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