China to spend $140 billion on public projects including flood control, disaster relief programs – LSB

Garima
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China’s top planning agency said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programs, under a bond issue and investment plan announced in October to boost the economy.

With the latest step, China has now allocated more than 800 billion yuan of its 1 trillion yuan (USD 140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal measures to shore up the flagging economy.

The National Development and Reform Commission (NDRC) said in a statement on Saturday that it had identified 9,600 projects with a planned investment of more than 560 billion yuan.

China’s economy, the world’s second largest, is struggling to regain its footing after Covid-19 as policymakers grapple with weak consumer demand, weak exports, a drop in foreign investment and a real estate crisis.

The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio from 3 percent to about 3.8 percent, state news agency Xinhua reported.

“The construction of the projects will improve China’s flood control system, emergency response system and disaster relief capacity and better protect people’s lives and property, so it is very significant,” the NDRC said.

The agency said it will coordinate with other government agencies to ensure that funds are allocated expeditiously for investment and that high standards are maintained in project construction.


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