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China says to spend US$40b on weakest parts of economy

[BEIJING] China's government plans to spend 250 billion yuan (S$54.5 billion) to foster growth in areas of the economy most in need of support, the Chinese cabinet said on Wednesday.

The State Council said after a weekly meeting that authorities will also accelerate construction of big public services projects, such as the building of roads and water conservancy facilities.

The cabinet did not comment on China's plunging stock market, which has slumped nearly one-third since mid-June, after having more than doubled before the sell-off.