BEIJING (Reuters – China will increase infrastructure construction to support domestic demand and boost economic growth, reported state TV on Tuesday. This was based on a meeting of top economists chaired President Xi Jinping.

As COVID-19 curbs across large parts of the country impact consumer spending and the market for property continues to suffer, this means that the world’s second largest economy could see a slowdown. Exports may also slow down further.

According to the meeting infrastructure projects would receive investments that will benefit industrial growth as well as national security. Transportation, energy, and water resources are the main focus.

According to the report, the government plans to accelerate green and low-carbon energy base construction, enhance oil and natural gas pipeline networks, as well as build several regional and cargo airports.

According to the meeting, new types of infrastructure such as super computing, cloud computing and artificial intelligence platforms would also be included in the government’s push.

The financing requirements for these projects would be met, while fiscal spending would increase.

The data showed that fixed asset investment increased at a higher rate than anticipated by 9.3% in the quarter. This is due to an increase to frontload 2022 special bonds from local governments.