Projects to lift slowing economy planned
Print Edition
CHINA’S top economic planner yesterday said it has approved feasibility reports on five airport and three railway projects, with a total investment of 150 billion yuan (US$24.5 billion).
The five airports, with planned investments of 5.49 billion yuan, are located in the provinces of Jilin, Qinghai, Yunnan and Guizhou and the Inner Mongolia Autonomous Region, according to the National Development and Reform Commission.
The three railway projects, making up a majority of the planned investment, are worth 144.52 billion yuan.
The move came as the government looks to boost infrastructure investment in the country’s less developed central and western regions to support the faltering growth.
Earlier this year, China upgraded the country’s railway construction to include raising planned fixed-asset investment to 800 billion yuan, putting 7,000 kilometers of new railways into operation and starting 64 new railway projects.
Data on Tuesday showed China’s urban fixed-asset investment grew only 16.1 percent year on year to 35.78 trillion yuan in the first nine months, amid a continuing downturn in the real estate market that has hurt the economic growth, which slowed to 7.3 percent in the third quarter.
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