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China eyes major projects to bolster growth

Xinhua, August 23, 2016 Adjust font size:

China is pushing forward a raft of national projects, which will boost the economy and underpin economic growth for several years, said the National Development and Reform Commission (NDRC) Tuesday.

"The current progress is satisfactory and we will intensify efforts in the next stage," said Hu Zucai, deputy director of the NDRC.

Hu promised reduced red tape and more policy support in land, capital and human resources.

China's top legislature approved 165 major projects early this year, covering technological innovation, industrial upgrades, infrastructure construction, environmental protection and the improvement of people's living conditions.

The projects will be implemented in a five-year period from 2016. Although no specific figures on total investment were unveiled, the program will likely attract trillions of U.S. dollars with private investment playing an important role.

The government believes the ambitious program will provide a major boost to a flagging economy by stimulating investment, enhancing domestic demand and improving economic structure.

The country's economic growth stayed at 6.7 percent in the second quarter, the lowest level since the 2009 global financial crisis. Endi