国内英语资讯:Economic Watch: China embraces new infrastructure to catalyze new growth drivers_时事

国内英语资讯:Economic Watch: China embraces new infrastructure to catalyze new growth drivers

Moreover, total economic output indirectly driven by 5G businesses in China will hit 24.8 trillion yuan over the next five years, the academy predicted.

To grab the opportunities, local authorities have unveiled massive investment plans for new infrastructure projects including information networks and data centers.

Shanghai, for instance, announced that it will invest around 270 billion yuan in its first batch of 48 major new infrastructure projects in the next three years, focusing on the construction of new generation network, innovative infrastructure, artificial intelligence platforms and intelligent terminals.

In the period, the metropolis plans to set up 34,000 new 5G base stations and 100,000 smart charging piles for electric vehicles, along with unmanned factories, production lines and workshops.

Meanwhile, south China's Guangdong Province has arranged 1,230 major projects this year with a total investment of 5.9 trillion yuan, focusing on 5G telecom networks and inter-city transit systems.

Wen Bin, chief analyst at China Minsheng Bank, said construction of projects on 5G, Internet of Things, artificial intelligence and cloud computing, among others, is expected to stimulate economic vitality.

Industrial observers also noted that with the implementation of these projects, a batch of new infrastructure industrial clusters are expected to spring up.

In Guangzhou, the capital of Guangdong, authorities are planning to forge eight major industrial clusters centered on intelligent connected vehicles and smart robots, among others.