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China approves $24.5 billion in rail and airport upgrade projects
Date:2014-10-28 Readers:

China's powerful National Reform and Development Commission (NDRC) has approved US$24.5 billion in transport infrastructure projects, Reuters reports.


The eight projects include a rail line between the central city of Zhengzhou in Henan province to the western city of Wanzhou in Chongqing, said the NDRC.


Chinese GDP grew at its lowest level since the global financial crisis, and building of railway lines and airports will act as further stimulus.


It is also expected to boost faltering investment as manufacturing falls off and a weakening housing market slows spending.


The NDRC also approved the construction of five airports located in the northwestern provinces of Qinghai and Inner Mongolia, southwestern provinces of Yunnan and Guizhou and northeast Jilin province.


These follow the NDRC approvals of three railway construction and expansion projects last week, totalling CNY95.9 billion (US$15.6 billion).


China's Premier Li Keqiang has recently promised to launch major investment projects in information networks, water conservancy and environmental protection to support the economy.

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