China has approved construction of five railway projects worth 152.7 billion yuan (USD 24.93 billion), the country’s top economic planning agency said, the latest sign that the government is lifting investment to tackle slackening economic growth.
The plans to build the new passenger lines came after China’s recent move to spend US$113 billion to build railways and five airports.
The infrastructure projects should foster investment, the biggest driver in the world’s second-largest economy, which has sagged this year as a cooling manufacturing sector and a softening housing market discouraged spending.
Source: businesstimes.com.sg
Share on:
