China approves 25 new railway projects worth $157b
SHANGHAI (AFP) - China has approved 25 new urban railway projects, state media said on Thursday, in a sign the government is ramping up infrastructure spending to boost the country's economy.
Top state planner the National Development and Reform Commission had approved projects valued at more than 800 billion yuan (S$157 billion) in cities nationwide, the official Xinhua news agency said.
Statements posted on Wednesday on the commission's website showed the projects in 18 cities were approved between April and August. They include two metro lines in Shanghai.
"The move marks the government's latest effort to stabilise economic growth," Mr Xu Changle, an economics professor at Shanghai's East China Normal University, was quoted by Xinhua as staying.