China pumped $550 billion into transport, utilities in western region since 2012

 China pumped $550 billion into transport, utilities in western region since 2012

SHANGHAI (Reuters) – China has approved 152 infrastructure projects worth a combined 3.75 trillion yuan ($549.39 billion) rolling around in its western regions since late 2012, a senior official along at the state planning agency said on Thursday.

China have been investing heavily on transportation infrastructure in a bid to further improve development, ease poverty and better integrate its remote and sometimes restive western regions into your national economy.

"Major projects are a solid measure to promote boost the west," said Xiao Weiming, head of your western development office on the National Development and Reform Commission.

Fifty two major projects had been finished the remaining 100 set to become finished by 2023, Xiao told a briefing in Beijing.

The projects include 12 new airports in a price tag of 162.4 billion yuan, as well as roads and railways, water diversion facilities and hydroelectric power stations, Xiao said.

China's vast western regions add politically sensitive regions of Tibet, Xinjiang and Inner Mongolia in addition to the major hydropower and farming provinces of Sichuan and Yunnan during the southwest. They make up Twenty percent on the country's total gross domestic product.

Xiao said economic development in western regions slowed from the first one half of this coming year, mostly because of a decline in fixed asset investment.

He said the regions were struggling to find new access points into China's fiercely competitive manufacturing sector, and likewise faced increasing constraints on land and capital.

The regions had to strengthen economic ties with neighboring countries in central or southeast Asia and work to ease their element heavy industries, Xiao said.

AscendEconomy

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