China has rolled out measures to instigate a batch of projects to stimulate investment and boost the economy.

A water diversion project resumes on Feb. 10, 2020 in Yunnan province. (Photo/People's Daily Online)

The Chinese government has accelerated the approval process of major projects with over 5,700 projects having been approved by means of online platforms within 20 days.

Meanwhile, the Ministry of Finance has issued in advance a local debt limit of 1.8 trillion yuan, mainly for market analysis and infrastructure construction.

The pneumonia outbreak has put a strain on the economy and consumption, which requires the government to stimulate investment to secure sound economic growth, said Liu Xiangdong, deputy director of the economic research department of the China Center for International Economic Exchanges.

Many provinces in China have set up major projects worthy of several trillion yuan to stabilize investment, including Henan, Yunnan and Fujian provinces. Yunnan, for one, invested about 5 trillion yuan in constructing 525 key projects, covering high-speed railways, power grids, 5G networks and more.

Major projects could utilize social capital and provide opportunities for upstream and downstream enterprises as well as financial institutions, Liu said.

The projects in various places are mainly focused on information technology infrastructure and industrial upgrading. According to Liu, public infrastructure, such as information technology infrastructure, still has great potential for expansion.

Other than this, it has also been confirmed that it is necessary to invest based on the needs of consumption and service upgrading, including sectors such as medical and tourism, Liu added.