SHANGHAI (Reuters) - China’s top planning body has approved 25 rail projects that could be worth more than 69.3 billion pounds, the official China Securities Journal reported on Thursday, the latest measure to stimulate the country’s slowing economy.
The National Development and Reform Commission (NDRC) has approved project plans and feasibility studies for the 25 projects in cities such as Suzhou, Hangzhou, Chengdu, Shenzhen, Changchun and Tianjin, the paper reported, quoting the NDRC’s website.
It estimated the investment amount, excluding two inter-city railways, would be more than 700 billion yuan.
This week, China rolled out a series of plans for infrastructure spending, notably from the Ministry of Railroads, aiming to boost confidence that the government is committed to keeping economic growth from sagging further.
A source close to the NDRC told the paper it is unlikely there will be a large number of approvals in the fourth quarter.
Reporting by Melanie Lee; Editing by Paul Tait