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China denies strong stimulus speculation

Xinhua, January 9, 2015 Adjust font size:

China's top economic planner on Thursday denied reports that the country's recent infrastructure projects approval will play the role of using fiscal expenditure as strong economic stimulus in 2015.

Luo Guosan, an official of the National Development and Reform Commission, said, during a press conference, the infrastructure projects aimed to encourage social capital to flow into them rather than serving as strong economic stimulus based on fiscal expenditure.

The projects are different from the stimulus program in 2008, he added.

Earlier reports said the State Council approved seven projects valued at 7 trillion yuan (1.14 trillion U.S. dollars) by the end of 2014, arousing speculation on strong stimulus.

Luo did not give out the official value of the projects and said it is still subject to calculation of the NDRC.

The NDRC unveiled seven major projects in November, involving oil network, power grid and clean energy. Endi