China accelerates approvals for infrastructure investment
Junyuan Petroleum, September 17, 2016
From Chinadaily.com
BEIJING - China's top economic planner in August accelerated the approval of new fixed-assetinvestment for major infrastructure projects to sustain economic growth.
The National Development and Reform Commission (NDRC) gave the green light to investmenttotaling 196.6 billion yuan (nearly $30 billion) for 25 projects last month, NDRC official ZhaoChenxin said Wednesday during a press conference.
"The projects were concentrated in water conservancy, transport, energy and other socialundertakings," Zhao said.
The headline figures are a considerable increase from less than 60 billion yuan in the previousmonth as the government ramps up spending to offset flagging private investment.
Despite returning to growth for August alone, investment by the private sector generally remainedweak. In contrast, state-sector investment continued to boom due to government support, up 21.4percent year on year during the first eight months.
To rein in the ongoing economic slowdown, the NDRC started to promote a package ofinvestment projects in September 2014. As of July, it had given the go ahead to investmenttotaling 6.38 trillion yuan.
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