CRI听力:China Gives Nod to $40bln for Six Infrastructure Projects

The National Development and Reform Commission said it had approved six railway projects, including four new high-speed lines in eastern provinces of Shandong and Jiangsu, and in northeastern province of Liaoning.

Luo Guosan, deputy director of the investment department of NDRC, says the move is an addition and adjustment to the country's major infrastructure construction plan.

"We will continuously improve the infrastructure construction according to the actual needs and bring some qualified projects into the plan. NDRC has been working with relevant government departments, local authorities and enterprises recently."

According to NDRC, two urban rail transits in the cities of Chengdu and Nanning are also in the plan.

Statistics released by China Railway Corporation shows the company's fixed assets investment has reached 132 billion yuan, a 22% increase year-on-year.

Qu Hongbin, HSBC's Chief Economist for Greater China, says compared with property and industrial investments, infrastructure investment has a better performance in boosting the economy.

"In terms of investment, industrial investment continued to slow down due to a short of orders in a deflationary environment. Infrastructure is a highlight to support the economic growth."

The economist reckons more money should be put into this sector.

"China should put more investment in its infrastructure to stabilize the economic growth. Only by this way the overall investment and economy can remain in a right pace."

Last year, the NDRC approved projects worth 34 billion yuan for transportation infrastructure including railways, roads, airports and waterways.

For CRI, I'm Tu Yun.