In the January-July period of this year, fixed asset investment (FAI) in roads and waterways in China totaled RMB 1.20705 trillion ($171.5 billion), increasing by 3.8 percent year on year, as announced by China’s Ministry of Transportation (MOT). In the same period last year, the growth rate was just 0.8 percent, SteelOrbis understands.
In particular, in the given period FAI in roads construction and coastal construction in China amounted to RMB 1.14294 trillion ($162.4 billion) and RMB 29.29 billion ($4.2 billion), increasing by 4.0 percent and 4.4 percent year on year, respectively.
FAI in roads and waterways in China maintained a steady growth in the January-July period of this year, completing 66.7 percent of the annual target of RMB 1.8 trillion ($0.26 trillion), thereby making important contributions to the steady and sound development of the macro-economy.
Meanwhile, the MOT stated that China has accelerated the cancellation of highway provincial toll stations, the improvement of comprehensive transportation network efficiency, the reduction of logistics costs and ensuring that villages are connected with hard-surface roads, achieving positive results and providing support for demand for steel in China.