Инфраструктурный класс активов как вещь в себе

ПЕКИН – После нескольких месяцев разочаровывающих экономических показателей Госсовет КНР представил пакет «мини-стимулов», ориентированный на социально-жилищное строительство и расширение сети железных дорог. Это решение было принято спустя месяц после заявления премьера Ли Кэцяна о том, что Китай определил свой ежегодный прогноз роста на отметке «около 7,5%» ‑ то есть аналогичной прошлогодней. Смысл ясен: хотя рост на основе потребления остается долгосрочной целью, инфраструктура будет продолжать – по крайней мере в краткосрочной перспективе – оставаться основной движущей силой экономики Китая.

Разумеется, Китай ‑ не единственная экономика, которая полагается на инвестиции в инфраструктуру для укрепления экономического роста. По оценкам Всемирного банка, за период с 2001 по 2005 годы инвестиции в инфраструктуру составили почти половину ускорения темпов экономического роста Африки южнее Сахары.

По данным Банка, 10%-ное увеличение инвестиций в инфраструктуру связано с ростом ВВП на 1%. Такие инвестиции также создают рабочие места, как в краткосрочной перспективе, создавая спрос на материалы и рабочую силу, так и в долгосрочной перспективе, в связанных с ними услугах. Например, согласно оценкам, каждые 100 миллионов долларов инвестиций в сельские дороги создают около 25 000‑50 000 потенциальных рабочих мест.

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