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China economic planner approves 70b yuan worth of railway projects

China's policymakers think they can stem a rapid rundown of their foreign exchange reserves and ease pressure on the currency by pump-priming the economy to meet this year's growth target, sources involved in policy discussions said.

[BEIJING] China's top economic planner on Tuesday approved two railway projects with a total value of nearly 70 billion yuan (S$15.7 billion), the latest move to hasten infrastructure projects to boost growth in the world's second largest economy.

One involves a 51.6-billion-yuan plan to build a railway in southwestern Yunnan province, while another will see 18.1 billion yuan invested on a high-speed railway linking the northern provinces of Hebei and Shanxi, the National Development and Reform Commission (NDRC) said on its website.

The NDRC approved another 77 billion yuan worth of highway and bridge projects on Monday.


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