China plans to allocate US$61.4b for first batch of key projects

[BEIJING] China's economic planning commission plans to allocate 400 billion yuan (US$61.42 billion) to fund local governments' infrastructure projects, with the release of its first batch of funds to support growth this year, a local branch of the planner said.

The Shaanxi Provincial Development and Reform Commision said the western province had been offered 15.6 billion yuan from the special fund, according to a statement posted on its website before the Lunar New Year break.

The National Development and Reform Commission (NDRC) launched the 800 billion yuan special fund scheme last year, as part of government efforts to fast-track infrastructure projects and spur a slowing economy.

The NDRC approved 280 fixed asset investment projects worth 2.52 trillion yuan (US$383.44 billion) in 2015.

REUTERS