On top of the green light being given for several rail and airport projects worth 250 billion yuan (US$40 billion) less than a month ago, China’s National Development and Reform Committee (NDRC) announced approval for seven more rail projects totaling 200 billion yuan (US$33 billion) on Nov. 5, signalling the resumption of the Chinese government’s aggressive fiscal policy, in a bid to bolster its slackening economy.
So far this year, China Railway Corporation (CRC) has received the go ahead for 64 rail projects, totaling 900 billion yuan (US$147 billion). All are expected to break ground by year end, Shanghai’s China Business News reported.