Beijing okays 7 trillion yuan projects for this year

Beijing

CHINA is accelerating 300 infrastructure projects valued at seven trillion yuan (S$1.5 trillion) this year as policymakers seek to shore up growth that's in danger of slipping below 7 per cent.

Premier Li Keqiang's government approved the projects as part of a broader 400-venture, 10 trillion yuan plan to run from late 2014 through 2016, said people familiar with the matter who asked not to be identified as the decision wasn't public. The National Development and Reform Commission (NDRC), which will oversee the projects, didn't respond to a faxed request for comment.

The move illustrates concern among officials that China's planned shift to a domestic consumption-driven economy has yet to produce enough growth momentum. The yuan rose, halting a two-day decline, and Australia's dollar …