The purpose of this study is to propose a new index to measure and reflect China's investment activity in time, and to analyze the changes of China's investment activity in the past five years. This study first uses the NEZHA model for semantic representation, and expand the indicator system based on semantic similarity. Then we calculate China's investment activity index by using the network search data. This study shows that China's investment activity began to decline in 2019, rebounded for a period of time after the outbreak of COVID-19 in 2020, and then continued to maintain a downward trend. Private investment activity has declined significantly, while government investment activity has increased. Among the provinces in Chinese Mainland, the investment activity of economically developed provinces has decreased significantly, while the investment activity of some economically less developed provinces in the north and south is higher. After the outbreak of COVID-19, the investment period became shorter. Our research will provide timely investment information for the government, decision makers and managers, as well as provide other researchers who also pay attention to investment with a perspective other than investment in fixed asset.
翻译:这项研究的目的是提出一个新的指数,以便及时衡量和反映中国的投资活动,并分析中国投资活动在过去五年中的变化,这项研究首先使用NEZHA模式的语义代表性模式,并根据语义相似性扩大指标系统。然后我们利用网络搜索数据计算中国的投资活动指数。这项研究表明,中国的投资活动在2019年开始下降,在2020年COVID-19爆发后一段时间内回升,然后继续维持下降趋势。私人投资活动显著下降,而政府投资活动则有所增加。在中国大陆各省,经济发达省份的投资活动大幅减少,而北部和南部一些经济欠发达省份的投资活动则增加。在COVID-19爆发后,投资期缩短。我们的研究将为政府、决策者和管理人员及时提供投资信息,并向关注投资的其他研究人员提供除固定资产投资以外的其他观点。