China’s nod for 5 more railway projects
Print Edition
CHINA has approved another five railway construction projects in a bid to boost infrastructure investment amid slowing economic growth.
The National Development and Reform Commission said the five projects, involving a total investment of 152.7 billion yuan (US$24.9 billion), target the building of railway lines stretching more than 1,500 kilometers in China’s western areas.
The largest rail project connects Yinchuan in the Ningxia Hui Autonomous Region and Xi’an in Shaanxi Province at a cost of 70.8 billion yuan. The central government will allocate 70.5 billion yuan from its budget to fund the project and the remaining capital will come from the World Bank and domestic lenders. This project will be completed within five years.
Another project, expanding the capacity of the current line from Chengdu in Sichuan Province to Kunming in Yunnan Province, costs 45.3 billion yuan, and construction is due to end in six and a half years.
The railway construction is the latest sign the government is increasing investment to boost slowing growth in the world’s second-largest economy.
China’s economy grew 7.3 percent in the third quarter, the slowest in over five years, led by correction in the property sector.
October’s major activity data also revealed China’s weak economic fundamentals, with fixed-asset investment growth hitting a 13-year low in the first 10 months.
In the first three quarters, China’s GDP rose 7.4 percent in line with the official target of around 7.5 percent.
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