China has approved construction of four railway lines worth 66.2 billion yuan (HK$83.6 billion), the country’s top economic planning agency said.
It is the third time this month that China has signed off on new railway projects in a sign that the government is lifting investment to tackle slackening economic growth.
China spent about 590 billion yuan between January and October to build new train lines, or 76 percent of total spending earmarked for railways this year, the National Development and Reform Commission (NDRC) said.
The infrastructure projects should foster investment, the biggest driver in the world’s second- largest economy, which has sagged this year as a cooling manufacturing sector and a softening housing market discourage spending.
The new railway lines would run in the northeastern province of Jilin, the western city of Chongqing, the northwestern province of Shaanxi and the northern province of Inner Mongolia, the National Development and Reform Commission said on its website.
Also yesterday, India’s Ministry of Railways said China will conduct and pay for a feasibility study in India for a high-speed rail line to connect the capital Delhi with the southeastern city of Chennai.The ministry spokesman gave no cost estimates for the proposed 1,750-kilometer line