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Provincial projects tipped to spur growth
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PROVINCIAL projects worth more than 1 trillion yuan (US$150 billion) were launched this week as China strives to boost growth, Shanghai Securities News reported yesterday.
The projects are mostly infrastructure-related, with the southwestern province of Sichuan introducing nine highway projects worth 128.8 billion yuan. The Inner Mongolia Autonomous Region in the north unveiled 366 projects worth 739.6 billion yuan, including infrastructure, industrial parks and city planning.
The projects were unveiled as the National Development and Reform Commission, China’s top economic planner, urged faster approval procedures and vigorous implementation of projects under the country’s 13th Five-Year (2016-2020) Plan.
In the first eight months of this year, China’s infrastructure investment rose 19.7 percent year on year, gaining 0.1 percent from the January-July period, according to data from the National Bureau of Statistics.
“The 20 percent infrastructure investment growth is not enough to stabilize growth. The rate needs to be 22 or 23 percent,” said Lian Ping, chief economist at Bank of Communications.
The growth of infrastructure investment is likely to accelerate in the fourth quarter with implementation of major projects, faster approval by the NDRC and operation of public-private partnership projects, he said.
The NDRC introduced a new list of PPP projects with 2.14 trillion yuan in total investment on September 14 as part of its efforts to promote investment amid an economic slowdown.
It approved infrastructure projects worth more than 1 trillion yuan in the first eight months.
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