Abstract

Infrastructure is the cornerstone of national economic and social development. Infrastructure investment, one of the main driving forces for sustainable economic development, is also an effective way for the government to make counter-cyclical adjustments to pull the economy back up and stabilize social operations when a major economic crisis occurs. The quality of infrastructure determines whether people can successfully carry out productive activities and thus obtain higher disposable income for consumption, as well as whether they have quick access to private and public goods and services. Therefore, adequate, and efficient infrastructure development is of great importance to promote common prosperity and improve people's livelihoods.

China’s infrastructure can be divided into three major categories. First, traditional infrastructure represented by transportation, power and water facilities ("hard infrastructure"); second, infrastructure in the core key areas of the new technological revolution represented by 5G networks, new energy vehicle facilities, big data centers and artificial intelligence ("new infrastructure"); third, the construction of social security and public service systems which directly related to people's livelihood, such as education, medical care and public housing ("soft infrastructure"). The three major infrastructures play a significant role in socioeconomic development and the realization of common prosperity. Guangdong needs to make concerted efforts in the three major infrastructures to stimulate sustainable economic and social development and to facilitate Guangdong's progress towards common prosperity.