Even in 2008, when China implemented the 4 trillion stimulus plan and vigorously developed the infrastructure, China’s infrastructure construction is still not saturated, but it is insufficient.” Honorary Dean of Peking University National Development Research Institute and former Vice President of the World Bank Lin Yifu said at the 2013 Boao Forum.
The following is the relevant text record:
Lin Yifu: I think this is very important. I think the argument is very important. From the process of controversy, we can gather ideas to enhance the understanding of the nature of the phenomenon. I personally agree that there must be controversy, and the debate is always much better than public opinion. Since 2008, due to the international financial crisis, China has launched a 4 trillion fiscal policy, which covers a lot of infrastructure such as highways. Is China's infrastructure surplus? I think the infrastructure between the city and the city has indeed improved a lot. For example, China's land area is similar to that of the United States. The US highway is 95,000 kilometers. Now the mainland highway is more than 90,000 kilometers, and the first in 1998. Before the fiscal policy, Zhu Rongji first talked about economic and fiscal policies, and also built railways and highways. In 1998, the total number of highways on the mainland was 4,700 kilometers. At that time, it improved a lot.
Lin Yifu: Is China's infrastructure saturated? This question is very simple. Please go to Beijing, Shanghai, and Guangzhou to take a look at the subway. If China’s infrastructure is insufficient or surplus, or drive to these major cities, you all know whether China’s infrastructure is surplus or insufficient. I believe that there is still a lot of room for improvement, but why should I emphasize investment in the future of China? I think consumption is important, but it cannot be used as a driving force for China's future development. Because we know that China's economy needs to develop, its foundation is that the level of labor productivity is constantly improving, and the level of labor productivity must be continuously improved. The technology inside the industry is constantly innovating.