According to the Bank of China Securities Research Report, first, reports on the work of local governments in 2023 still used a large amount of space to emphasize infrastructure investment. All provincial and municipal government work reports in the fields of transportation and urban infrastructure, which account for a relatively high share of infrastructure investment; among them, “transportation powerhouses” are clearly mentioned in the government work reports of the three provinces, while “urban renewal” is clearly mentioned in the government work reports of the seven provinces. Second, the moderate recovery in local government land revenue is expected to contribute capital increases to infrastructure investment during the year; special bonds and quasi-fiscal instruments will continue to provide strong support for government fund budget expenditure. Furthermore, plans for major local projects in 2023 continue to lean towards roads and urban facilities. This characteristic of project planning also shows the important role of infrastructure in expanding domestic demand in 2023.