China approves infrastructure projects worth $72b

BEIJING - China's top economic planner has approved construction of seven infrastructure projects with a total investment of 485 billion yuan ($72 billion) this year, according to Securities Daily.

The National Development and Reform Commission (NDRC) authorized plans to build infrastructure projects in transportation, water conservancy and energy, the paper reported.

The projects include several rail transit projects in the city of Wuhan, construction of a hydroelectric station at the Jinsha River and airports in the cities of Lianyungang, Hohhot and Xianyang.

The most costly of the projects would be the inter-city railroads in Jiangsu province, expected to require 231.7 billion yuan.

China has accelerated approval of infrastructure projects to stabilize investment and bolster the economy, said Pan Yuzhang, a researcher with Xiangcai Securities.

The country's fixed-asset investment rose 5.9 percent year-on-year to 60.93 trillion yuan in the first 11 months of 2018, an encouraging sign amid increasing downward pressures on the wider economy.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.