China ready to splash cash on infrastructure projects
Ding Xiangyang, chairman of the Beijing Development and Reform Committee, told attendees of the Beijing Infrastructure Construction International Forum that China would spend RMB 184 billion ($22.23 billion) over the next three years to upgrade its transportation network. The country would rebuild or expand 1'230 km of highway and add 900 km of city roads. In addition, the country's railway network will be extended by 132 km. The government also plans to invest RMB 50 billion in energy infrastructure. This investment will come in the form of 2'100 additional kilometers of gas pipelines, 60'000 additional tons of gas storage capability and 2'300 additional megawatts of heating capacity. Furthermore, RMB 18 billion will go towards the construction of waterworks, including an additional 400 kilometers of water pipelines. The overall investment in 860 key infrastructure projects will reach RMB 320 billion.