China Approves Series of Infrastructure Projects
Aiming to boost its economy, China has recently approved huge budget allocations for railway and subway projects. From Reuters:
China has approved construction of two city subway projects worth 49 billion yuan ($7.87 billion), adding to the list of recent railway project approvals aimed at boosting growth in the world’s second biggest economy.
The National Development and Reform Commission (NDRC) also approved a feasibility study on an inter-city rail line between Fuzhou and Pingtan, an island off the coast of Fujian, worth a further 26 billion yuan, Shanghai Securities News reported Tuesday.
The projects appear to be aimed at shoring up growth in China’s economy, which has slowed for seven consecutive quarters, most recently posting 7.4 percent annual growth for the third quarter.
[…] Reuters estimated that a flurry of new project approvals announced in early September totaled $157 billion.
See more on railways in China via CDT.