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China Infrastructure Report Q2 2011
Business Monitor International, Feb 2011, Pages: 123
The China Infrastructure Report provides industry professionals and strategists, corporate analysts, infrastructure associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on China's infrastructure industry.
With the stimulus plan, implemented throughout 2009 and 2010, now lapsed, we see our core scenario on China's infrastructure and construction sector playing out clearly. The high growth rates in industry value that came on the back of public spending on infrastructure have moderated significantly according to our estimates and will continue to do so in the coming years.
In anticipation of the publication of the 12th Five Year Plan, which will establish the pace of spending on infrastructure in the next half-decade, several announcements have been placed in the Chinese media.
These include:
- For transport, a further 85,000km of highways and 40,000km of high speed rail will be developed.
- According to a separate statement by the Ministry of Railways, investments in the construction of new railways will reach CNY3.5trn (US$525bn).
- In the energy and utilities sectors, the focus will be on efficiency and low carbon generation, with nuclear and renewable featuring strongly in the projects pipeline.
- In the housing sector, the government has pledged the construction of another 50mn low cost housing units. While this will drive construction, the plan remains opaque in terms of allocations between the central and state governments and implementation.
China offers scale, measured in terms of total construction industry value, and high levels of growth, combined with high levels of capital investment as a percentage of GDP. The combination of these three factors plays strongly in China’s favour on the Infrastructure Business Environment Ratings. However, the strength of its infrastructure market often masks the high barriers to entry, the opaque regulatory and legal framework and the uncompetitive environment, which have shaved points from the country’s overall ratings. In BMI’s Infrastructure Business Environment Ratings China receives a score of 67 out of 100, its strong infrastructure market propelling it to near the top of the regional table.
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