For the second half of the year, "the government may still introduce relevant policies to stabilize investment in order to ensure the full-year economic growth target is met," said Lian Ping, chief economist at Bank of Communications (601328, forum). "The NDRC approved relatively few projects in the first half; approvals may accelerate in the second half. In the future, energy projects, transportation infrastructure construction (including railways, reconstruction and expansion of national and provincial highway trunk lines, civil airports, rail transit, inland waterway shipping, etc.), shantytown renovation, energy conservation and environmental protection, and urban infrastructure construction will become investment priorities."

    Lian Ping believes that although there are concerns about real estate bubbles and local debt risks, given the greater downward pressure on the economy, it is no longer likely that real estate and financing platform policies will be further tightened. Coupled with the large inflow of funds in the earlier period, real estate and infrastructure investment are expected to maintain relatively high growth during the year. However, manufacturing investment may remain at low levels due to the continued slowdown in corporate profitability.