China spends on railway

BEIJING  China’s top economic planning body has approved the construction of six railways expected to cost some 250 billion yuan (USD40.8 billion) to support the faltering economy, a report said Monday.
The National Development and Reform Commission (NDRC) hopes the spending on the lines extending more than 1,000 km (620 miles) in total will “stabilise” economic growth, the official Xinhua news agency reported.
There will be four high-speed lines in the eastern provinces of Shandong and Jiangsu, and in the northeast province of Liaoning, as well as two rail transit systems in the southwest cities of Chengdu and Nanning, it quoted the NDRC as saying.
No information was given on how the central and local governments will fund the lines.
inside no 10A separate NDRC document released Monday said there are plans to promote public-private partnerships to attract private capital into infrastructure construction.
China’s gross domestic product expanded 7.4% last year, the slowest since 1990. Growth weakened further to 7% in the January to March period, the worst quarterly result in six years.
Authorities have taken a series of steps to stimulate the economy, including an interest rate cut this month — the third in six months.
The NDRC said earlier this year that it would give investment a “key role in stabilising economic growth”.
Last year the commission approved transport infrastructure projects worth 34 billion yuan including railways, roads, airports and waterways.

sourced:traveldailynews.asia