China approves $157-billion infrastructure spending to pump flagging economy |
| The Globe and Mail - Sep 7, 2012 |
China has given the green light for 60 infrastructure projects worth more than $150-billion as it looks to energize an economy mired in its worst slowdown in three years, fuelling hopes the world’s growth engine may get a lift from the fourth quarter.
Shares and steel futures contract prices jumped on the plans to build highways, ports and airport runways which are among the most ambitious unveiled in China this year.
The move signals the government’s growing intent to bolster economic growth as the country’s once-a-decade leadership change looms, analysts said.
China’s powerful economic planning body, the National Development and Reform Commission, announced approvals for projects that analysts estimate total more than 1-trillion yuan ($157-billion), roughly a quarter of the total size of the massive stimulus package unleashed in response to the global financial crisis in 2008.
The announcement comes just before a deluge of Chinese economic data due on Sunday that could confirm investors’ worst fears that a downswing in the world’s second-biggest economy has stretched into a seventh straight quarter.
Read Full Article from The Globe and Mail
- Posted: 2012-09-07 16:17:05
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