It is reported that the overall operation of the national economy in the first half of the year was generally balanced, with steady progress. GDP in the first half of the year reached 2,480.9 billion yuan, a year-on-year increase of 7.6% at comparable prices. Among this, the first quarter grew by 7.7%, the second quarter by 7.5%, and first-half GDP growth was 7.6%.

　　Although GDP growth in the first half of the year was already 7.6%, it was still slightly lower than expected. In the second half of the year, there is still certain pressure on national economic growth. In addition, the final value of China's HSBC manufacturing PMI in July was 47.7, a 11-month low. This phenomenon has weakened the strength of overall economic growth to a certain extent. Therefore, in the second half of the year, although no “New Four Trillion” economic stimulus policy has been introduced, other stimulus plans are necessary to achieve the GDP growth target.

　　State Council issues investment and financing opinions; railway corporation clarifies six new financing directions

　　On August 18, 2013, the State Council officially issued the "Opinions on Reforming the Railway Investment and Financing System and Accelerating Railway Construction." The Opinions put forward six measures centered on railway investment and financing. It is reported that under Premier Li Keqiang's requirement to accelerate the construction of railways in the central and western regions, the railway corporation recently raised its annual investment volume. Fixed asset investment in railways this year will reach 690 billion yuan, and correspondingly, railway infrastructure investment this year will reach 530 billion yuan.

　　According to the financing plan of the railway corporation and the National Development and Reform Commission, bank loans will reach 317 billion yuan, and railway construction bonds worth 150 billion yuan will be issued within the year. Together, the two will account for about 70% of the investment volume. The railway corporation's self-raised funds are only 23 billion yuan, and central budget funds are only 20 billion yuan. Therefore, changing the financing model dominated by bank loans and bond issuance and actively seeking new financing channels has become a unanimous demand throughout the railway corporation.

　　37 billion yuan to be invested this winter and next spring; farmland water conservancy investment is poised to increase

　　Recently, the Ministry of Water Resources issued an internal document requiring all localities to launch implementation plans for farmland water conservancy basic construction for the winter-spring period of 2013-2014. According to the requirements of the Ministry of Water Resources, total investment in farmland water conservancy basic construction this winter and next spring should strive to increase by more than 10% over the previous year, with the total investment expected to exceed 370 billion yuan.

　　The Notice proposed that key tasks for construction this winter and spring include repairing water conservancy projects damaged by disasters, ensuring water demand for drought relief in 2014, strengthening rural drinking water safety projects, promoting water-saving renovation of large and medium-sized irrigation districts and the renewal and renovation of large irrigation and drainage pumping stations, and developing high-efficiency water-saving irrigation and small-scale farmland water conservancy projects.

　　The “New Four Trillion” economic stimulus plan will not reappear; other stimulus policies may come rushing in and may be the biggest potential driver for construction machinery in 2013.