$ 24.5 billion rail and airport move from China: Projects worth 150 billion yuan ($ 24.5 billion) have been approved for airport and railway construction in China.
According to the announcement made by the economic planning agency in China, projects worth 150 billion yuan ($ 24.5 billion) have been approved for airport and railway construction, as the last step of the infrastructure investments planned to support growth in the country.
As the Chinese economy grew at its slowest rate since the global financial crisis in September, concerns are growing that this situation will also bring down global growth.
According to Reuters, railway and airport constructions are thought to be the driving force for the second largest economy in the world by increasing investments after the softening in the manufacturing industry sector and the softening in the housing market.
According to the National Development and Reform Commission, eight projects, including the railway between Zhengzhou, one of the central cities in Henan province, and Wanzhou, one of the western cities in Chongqing, will be realized at a cost of 97.4 billion yuan.
The commission also approved five airports to be built in Qinghai, Inner Mongolia, Yunnan, Jilin and Guizhou.
Lastly, the Commission approved the construction of three railroads last week with a cost of 95.9 billion yuan.