Beijing is set to invest over 6 trillion yuan ($926.6 billion) this year in the country’s high-tech research and development, as well as infrastructure development, including railway, fixed assets, water conservancy projects, local media reported on Thursday.
The aim is to help develop sectors such as transportation, environment protection, urban planning, and tourism.
Fixed asset investment in China is likely to reach 500 billion yuan ($78 billion) in 2016 should government financial support remain at the same pace for the balance of the year, according to the Securities Daily, as quoted by China Daily.
The National Development and Reform Commission (NDRC) has given the green light to 36 fixed-asset projects earlier this year with 88.2 billion yuan to be invested.
Over 800 billion yuan ($123.6 billion) will be injected into railway construction this year, according to Sheng Guangzu, the General Manager of China Railway Corp.
Another 800 billion yuan or more will be invested into major water conservancy projects, according to the newspaper.
The Chinese economy is currently growing at its lowest rate in 25 years amid a slowing manufacturing sector and reduced demand for commodities.
The country’s GDP growth in 2016 was expected to be between 6.5 percent and 7 percent, according to the annual government report released last month.