China is looking to accelerate the development of "new infrastructure" projects to help spur up the nation's economy as a counterbalance against the impending financial aftermath.
The 7 industries for the projects are 5G telecommunications, ultra-high-voltage power facilities, inter-city transit, vehicle charging stations, big data centers , AI, and industrial internet.
At present, 25 provincial governments have placed "new infrastructure" as a priority for provincial development, with 21 of them aiming to accelerate development of 5G networks and data centres.
The governments aim to encourage new infrastructure development financing via special bonds, public-private partnerships, and credit support.
This radical change is expected to bring tremendous growth to China, bringing the country closer to the goal of being a self-sustainable nation.