Chongqing-Wanzhou high-speed railway (Chinanews.com/Zhong Xin)

Twenty-three Chinese provinces so far have announced their 2017 fixed asset investment (FAI) targets, and the total investment of the provinces has reached 45 trillion RMB ($6.54 trillion). After the announcement, many people compared the FAI targets with the 4 trillion RMB investment stimulus package in 2008, raising doubts over whether there will be a new round of massive stimulus.

Li Pumin, spokesperson for China's National Development and Reform Commission (NDRC), stated on March 1 at a news briefing in Beijing that the FAI targets and the stimulus plan are not the same thing.

According to Li, the FAI includes government, private and foreign investments. The economic stimulus plan, on the other hand, refers to an initiative to increase the government spending to stimulate domestic demand and maintain steady economic growth during a period of otherwise low demand.

Li stated that China should promote supply-side reform, moderately expand demand, deepen the country's innovative drive and increase efforts in key sectors in accordance with the new development concept.