Workers lay out the foundation for a building being constructed in China. (Photo : www.pinchinaconsulting.com)
The Chinese government is set to begin the wave of development projects, as the National Development and Reform Commission (NDRC), the country’s top economic planner, has announced the approval of feasibility reports on seven new infrastructure projects, the Xinhua News Agency reported.
The report said that the new projects were aimed at boosting the slowing growth of the country's infrastructure development..
According to the NDRC website, the projects, which included airports and railways, have a combined investment of over 120 billion yuan ($19.7 billion).
Among the identified projects are the four airport projects to be constructed in the provinces of Hainan, Heilongjiang, and Xinjiang Uyghur Autonomous Region. A railway project is also being planned in Guangxi Zhuang Autonomous Region, and another railway that will link the Shangqiu-Hefei-Hangzhou region.
The NDRC said that this also includes an already approved experiment base for China Academy of Civil Aviation Science and Technology Center for Aviation Safety Technology.
The funds for all the said projects will come from the central budget, local fiscal funds and bank loans, the NDRC added.
The Chinese government is reportedly looking for ways to boost infrastructure development and investments to support its faltering economy and spur growth.
The government had upgraded its railway construction earlier this year and also raised the planned fixed-asset investment to 800 billion yuan, which put into operation 64 new railway projects.
In the first quarter of this year, China's economic growth slowed to 7 percent, down from 7.3 percent from the previous quarter, which many expected as an indication that further policy easing measures are being planned.
