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China approves new infrastructure projects

Xinhua, June 10, 2015 Adjust font size:

China's top economic planner announced Wednesday it has approved feasibility reports on seven new infrastructure projects, a sign of quickened fiscal spending to spur slowing growth.

The projects, including railways and airports, have combined investment of over 120 billion yuan (19.7 billion U.S. dollars), according to the website of the National Development and Reform Commission (NDRC).

The four airport projects are in the provinces of Hainan, Heilongjiang, and Xinjiang Uygur Autonomous Region. One railway project is planned in Guangxi Autonomous Region, and another will link Shangqiu-Hefei-Hangzhou.

The NDRC also approved an experiment base for China Academy of Civil Aviation Science and Technology Center for Aviation Safety Technology.

The projects will be funded by the central budget, local fiscal funds, and bank loans, according to the NDRC.

The government is looking to boost infrastructure investment to support faltering growth.

Earlier this year, railway construction was upgraded, including the raising of planned fixed-asset investment to 800 billion yuan, putting 7,000 km of new railways into operation and kicking off 64 new railway projects.

Economic growth slowed to 7 percent in the first quarter this year, down from 7.3 percent the previous quarter, fuelling speculation that further policy easing measures are on the horizon. Endit