April 28, 2019 / 7:04 AM / a month ago

China spends $73 billion on transport infrastructure in March quarter: ministry

FILE PHOTO: Workers inspect railway tracks, which serve as a part of the Belt and Road freight rail route linking Chongqing to Duisburg, at the Dazhou railway station in Sichuan province, China March 14, 2019. REUTERS/Stringer/File Photo

SINGAPORE (Reuters) - China’s total fixed-asset investment in transport infrastructure hit 488.9 billion yuan ($72.66 billion) from January to March this year, up 4.8 percent from a year earlier, according to official data published on Sunday.

China’s spending on railways rose 10 percent to 101.2 billion yuan for the quarter, while its investment in high-speed highways reached 191.5 billion yuan, up 12.6 percent on-year, according to an online statement published by the Ministry of Transport.

China is ramping up infrastructure investment to boost its slowing economy. The state planner approved 370.3 billion yuan worth of fixed-asset investment projects in the first quarter, mainly in energy, transportation and high-tech sectors.

Reporting By Shu Zhang and Jenny Su; editing by Richard Pullin

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