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China Plans 400 Billion Yuan in Special Building Projects

  • Top planning body backs infrastructure projects to spur growth
  • NDRC to allot more resources in coming quarters, people say
A Chinese worker makes his way along a b
Photographer: AFP via Getty Images

China’s chief planning agency is making more money available to local governments this year under a special bond program to fund infrastructure, according to people familiar with the matter.

The National Development and Reform Commission plans to offer 400 billion yuan ($61 billion) this quarter so local authorities can finance infrastructure and help spur investment growth, said the people, who asked not to be identified because the plans aren’t public. More resources will be allotted in subsequent quarters this year, and the total will be determined by economic conditions, they said.