China approves $196b of new infrastructure projects
SHANGHAI (AFP) - Some 55 infrastructure projects announced by China this week could require investment of more than 1 trillion yuan (S$196 billion), a state media said on Friday.
The China Securities Journal said the figure was a "conservative estimate" for spending on projects announced Wednesday and Thursday by the top economic planner, the National Development and Reform Commission.
The government needed to open more funding channels for infrastructure, including allowing banks to relax controls on credit for projects, the newspaper quoted unnamed industry sources as saying.
On Wednesday, the commission announced it had approved 25 new urban railway projects, in a sign the government is ramping up infrastructure spending to boost the country's flagging economy.