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Peking University Guanghua: It is proposed to provide capital of 1 trillion yuan for public health system infrastructure investment

Peking University Guanghua: It is proposed to provide capital of 1 trillion yuan for public health system infrastructure investment
The epidemic of New Coronary Pneumonia has spread rapidly around the world, directly impacting the real economy and causing a huge disaster on the global economic and social level.Although the epidemic prevention and control and economic restart have been leading the world in recent years, on the contrary, the first quarter economic data shows that the new crown epidemic has had an exogenous impact on the economic and social order once in a hundred years, and a series of monetary policies and fiscalCompared with the post-epidemic economic reconstruction goals in the complex situation and the downward pressure that will be faced in the longer term, the policy is weak and fragmented quickly, and the policy goals are not clear.The 1929 Great Depression was delayed because of insufficient policy strength, which is a lesson from history.The scale of the downward pressure on the economy following the weak economic inertia conference is even more difficult to solve.At present, we must be determined at the next level, with stronger impetus, to introduce economic recovery and reconstruction programs with variable strength, so that the economy can regain vitality.  Recently, the Guanghua School of Management of Peking University has organized several professors to make suggestions on the restart of the Chinese economy after the epidemic. Based on the nature of the epidemic and the changes in the core logic of the Chinese economy, a package of policy recommendations: increasing effective investment in key areas can beThe economic recovery has injected momentum, including: (1) Expansion of investment in the public medical and health system. During the scale of 1 trillion outbreaks, shortcomings in the public medical and health system have been exposed.In 2018, domestic medical expenditure accounted for 6 of GDP.4%, this ratio was 17 in the US in the same year.2%, Japan 10.7%.At present, the total investment in this field can still increase space.We propose to provide capital of 1 trillion yuan for investment in infrastructure such as the public health system, to promote the improvement of social public security capabilities and to provide impetus for post-epidemic economic recovery.  (2) Investment in old communities, housing leasing, affordable housing, and infrastructure construction in central cities / urban circles. The scale of 660 billion old communities, leased housing, affordable housing, and central cities / urban circles is huge.Drive multiple considerable investments.According to our statistics, there are 170,000 residential areas in need of renovation across the country, involving a construction area of 4 billion square meters.It is understood that the current capital investment in the renovation of old communities in various pilot cities shows that the average capital required for the renovation of each community is about 8.5 million yuan, and the required capital for renovation is 280 yuan per square meter.On average, the two calculation methods can get that the renovation of old communities will boost investment by about 1.3 trillion, if promoted in five years, 260 billion new investment can be made every year.  There are now 13 million new citizens every year, 2.For 900 million migrant workers, their housing problem requires a lot of rental housing and affordable housing investment to solve this problem.Rental housing and affordable housing are investment directions that are really related to people ‘s livelihood, thoroughly solving the housing problem of low-income families, promoting the formation of a multi-subject supply, multi-channel guarantee, and rent-purchase housing system, which can also accelerate the construction of a substantial long-term mechanism.The policy positioning of “no housing, no speculation”.  We recommend an additional investment of US $ 400 billion in rental housing and affordable housing. You can consider providing capital from the fiscal or housing provident fund, establishing a “development and construction guidance fund”, and the participation of market institutions and financing provided by financial institutions to directly participate in security.Construction of leased housing, or purchase of operating assets of the government and domestic enterprises, and the assets will be updated to guarantee rental housing.After cultivating and maturing, it will exit through publicly-funded REITs, forming a closed investment-financing loop of “development → cultivation → exit → development”.Investment at this stage and in the future budget can greatly promote the recovery of the economy in the epidemic, and at the same time ensure the safety of funds through mechanism design.  Through the construction of central cities / urban circles, promote the integration of infrastructure and equalization of basic services, expand the effect of urban agglomeration and the optimal population size that cities can accommodate, promote the formation of a unified large market, and involve more people in the “market”To achieve the growth of per capita income through agglomeration, realize the complementary development of the difference between the central city and the surrounding towns, and finally narrow the development gap.This part of the investment budget is already planned and does not include our statistical scope.Members of the Macro Policy Research Group of Guanghua School of Management, Peking University: Liu Qiao, Xu Xianping, Zhou Li’an, Chen Yuyu, Zhang Zheng, Hue, Tang Yao, Zhang Lin, Gao Qianyun, Zhang Jiahui Sauna Night Net Editor Sun Yong proofreading Wei Zhuo

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