China to accelerate transport investment

Chinese vice premier Zhang Gaoli said on Wednesday that China will speed up major transport projects in hope of stabilizing economic growth.

The government will boost the development of railways, highways, waterways, airways and underground pipelines along the Yangtze River to build "a three-dimensional transport corridor".

The Yangtze runs west to east over 6,300 kilometers and is the world's third largest river in terms of length and water volume. It flows through 11 provinces and municipalities, and joins less developed inland provinces to prosperous Shanghai.

The construction of the "corridor" is part of the Yangtze River Economic Belt to enhance economic cooperation and integration among the regions along the river. The combined GDP of the 11 provinces and municipalities along the river amounted to 2.6 trillion yuan (415 billion U.S. dollars) last year, 41.2 percent of the national total.

"We will accelerate the construction of major transport projects and let investment stabilize economic growth," said the vice premier, who also stressed the significance of environmental protection during the process.

China's GDP grew 7.4 percent in 2014, the weakest annual expansion in 24 years. Its growth outperformed market expectation posting 7 percent in the first quarter, in line with the annual target set for the whole of 2015.

"There are signs of stabilization and improvements, but the downside pressure remains considerable. We must work hard to secure a sustainable and healthy growth," said Zhang.

In addition to investment, he reiterated the government's commitment to encourage entrepreneurship and innovation to foster new growth engines.

To that end, the vice premier promised further cuts to red tape, lower market threshold and better government services. Endi