China Convenes Multi-Agency Meeting to Stem Investment Slowdown

China's National Development and Reform Commission (NDRC) convened a national investment promotion conference alongside key industrial and infrastructure ministries to halt the recent slowdown in fixed-asset investment. Chaired and addressed by top officials, including NDRC Director Zheng Shanjie, the meeting directed local authorities and departments to accelerate the issuance and expenditure of local government special-purpose bonds, deploy new policy-based financial instruments, and advance early planning for 15th Five-Year Plan projects. Regulators also pledged to open major project pipelines to private capital through revised public-private partnership frameworks and infrastructure REITs.

The high-level gathering of macroeconomic planners, sector regulators, and energy officials reflects mounting urgency in Beijing to arrest weakening investment momentum. By explicitly calling for the deployment of new policy-based financial instruments alongside accelerated special bond disbursement, policymakers are seeking to bridge funding gaps and secure physical capital formation to sustain growth into the second half of the year.

China's National Development and Reform Commission held a national investment work promotion meeting in conjunction with multiple sector ministries on August 28, calling for intensified efforts to stabilize investment momentum and support high-quality economic development. The conference included remarks from NDRC Director Zheng Shanjie, Minister of Industry and Information Technology Li Lecheng, Minister of Housing and Urban-Rural Development Ni Hong, Minister of Transport Liu Wei, Vice Minister of Water Resources Sun Zhiyu, and National Energy Administration Director Wang Hongzhi, and was chaired by NDRC Vice Chairman Yue Xiuhu. Officials acknowledged that while investment quality and structural alignment have improved in emerging sectors, current investment operations face notable difficulties and challenges. To reverse downward pressure, the meeting urged departments and local governments to proactively tap investment potential across technology innovation, industrial upgrading, urban renewal, rural revitalization, new infrastructure, livelihood programs, and green development. Macroeconomic planners detailed seven core operational priorities. Among them, authorities ordered intensified supervision over major national strategic initiatives and central budgetary investments, demanding expedited issuance and deployment of local government special-purpose bonds alongside the swift disbursement of funds from new policy-based financial instruments under strict regulatory oversight. Local authorities were also instructed to accelerate early work on major projects slated for the forthcoming 15th Five-Year Plan to generate physical work volume quickly. Additionally, the meeting prioritized advancing the planning and multi-channel financing of projects under a "six networks" framework, alongside targeted factor allocation covering land, environmental assessments, data, and technology. Officials emphasized strengthening "soft construction," which includes price and fee reforms, expanded application scenarios, and standardization in key sectors. To stimulate non-state investment, departments were ordered to launch project batches tailored for private capital, support private participation in infrastructure real estate investment trusts and the newly reformed public-private partnership mechanism, and institutionalize coordination channels to address corporate grievances.