China Spends Us$113bn on Infrastructure in 3 Weeks

• 31 December 2015
• Local News
• 785 Views

China’s National Development and Reform Commission announced approval of infrastructure projects worth US$113bn in just three weeks in an attempt to halt the slowing in economic growth.

The commission approved 21 infrastructure investment projects, including 16 railway and five airport developments, between 16 October and 5 November.

This includes the construction of 5 new railway lines costing US$25bn in Gansu and Inner Mongolia, near China’s northern border with Russia, and the southern provinces of Guangdong and Guangxi and the central province of Sichuan. China Railway Corporation, the national operator, has said it will raise its annual investment by US$3.3bn to US$120bn in 2014.

The newly-approved infrastructure and rail projects are expected to bolster growth and investment in China’s slowing economy, which has declined to 7.3% this quarter, the lowest since the financial crisis in 2007.

This news follows the announcement that China will invest US$169bn in UK infrastructure between now and 2025.