China has approved five airport and three railway projects worth 150 billion yuan ($24.4 billion), China’s top economic planner announced Wednesday, Chinese state-run Xinhua News Agency reports.
The five airport projects worth 5.49 billion yuan will be constructed in the provinces of Jilin, Qinghai, Yunnan, Guizhou, and the Inner Mongolia Autonomous Region, mostly in the country’s western regions, Xinhua reports, citing statements on the website of the National Development and Reform Commission (NDRC).
The three railway projects, which make up the bulk of the planned investment, are worth 144.52 billion yuan, Xinhua reports.
The move comes as the Chinese government looks to boost infrastructure investment in the less developed central and western regions to support slowing growth.
On Tuesday, China reported that third quarter economic growth decreased to 7.3%, beating a market estimate of 7.2% and down from 7.5% growth seen in the second quart of this year. China’s third quarter economic growth was the rate since the 2008-2009 global financial crisis, which threatens the nation from missing its official annual growth target of 7.5% in 2014. This would be the first time in 15 years that China falls short of reaching its growth target.
Over the weekend, a report from The Conference Board said that economic growth in China will slow sharply over the approaching decade to 3.9% as its productivity plunges and government leaders fail to push through difficult reform measures to revamp their economy.
Source: Xinhua, The Conference Board.
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