China Approves $4 Billion in Infrastructure Projects


China’s top economic planner said Tuesday that it has approved six more infrastructure projects with a total investment of 25.3 billion yuan ($4.1 billion), primarily in the less-developed western part of the country.

A newly approved highway project, connecting the northwestern Gansu province with the westernmost Xinjiang autonomous region, will have a total investment of 6.1 billion yuan, the National Development and Reform Commission said.

The economic planner has in recent months accelerated approvals of infrastructure projects. In October and November, it gave the green light to several batches of railway projects with a combined investment of more than 552 billion yuan.

These projects are expected to boost investment, a major driver of the world’s second largest economy, which has been cooling this year due to a slump in the property sector.

Source from : Dow Jones