China approves $21 bn worth of subway system projects
SHANGHAI: China's top economic planner has approved two subway system projects worth 129.8 billion yuan ($20.91 billion), according to documents published on Tuesday, continuing a run of infrastructure approvals as the government looks to support its slowing economy.
The National Development and Reform Commission said on its website that it approved the third construction phase of a subway system in Wuhan, capital of central Hubei province, which it estimated to cost 114.9 billion yuan.
It also gave the go-ahead to a revised 14.86 billion yuan plan for a urban rail system in Changchun, capital of northeastern Jilin province. Both schemes were approved earlier this month, the NDRC's statements showed.
In addition, the NDRC approved a feasibility study for a proposed renovation of security facilities at the Beijing Capital International Airport, which is pegged to cost 506 million yuan.
China's economic growth slowed to a six-year low 7 percent in the first quarter as demand at home and abroad faltered, and recent data showed weakness persisted into the second quarter.
Last week, the State Council said it would step up "effective investment" in key sectors such as rural power infrastructure to support the economy.
20 Hours ago
What's the big news? China, as a US$ 10 trillion economy, usualy puts about US$1 trillion on infrastructure EACH year. Chinese gov does this kind of batch approval serveral times a year.
Harsh Bardhan (Unknown)
22 Hours ago
One thing should be mentioned , China highways are like ghost highways town like ghost town half of infrastructure are empty. Chinese just want to be on top without thinking environment. I give you one data here Chinese 15 year of consumption of cement is equal to whole century of USA and still behind USA. GDP number game is only killing the mother earth.
Sushil Seth (Lucknow)
22 Hours ago
China could do that as there is no joker in opposition to prevent the reforms & other development work across the country.