China Infrastructure Approvals Already 70% of Last Year’s Total
- Beijing is accelerating investment to help boost economy
- NDRC to address risks Covid poses to supply chain stability
Gantry cranes and shipping containers at the Yangshan Deepwater Port in Shanghai, on Jan. 11.
Photographer: Qilai Shen/BloombergChina’s government has given the green-light to investment in projects that’s worth nearly 70% of what was allowed for the whole of last year, another sign that Beijing is accelerating infrastructure spending to bolster an economy hit hard by Covid.
The National Development and Reform Commission approved 32 projects worth a combined 520 billion yuan ($81.6 billion) so far this year in sectors including transportation, energy, and high-tech, Ou Hong, head of the top economic-planning agency’s investment department, said at a briefing Friday. That compared with a total of 775.4 billion yuan of investment in 90 projects the NDRC approved for the whole of last year.