China Revises Key Policy to Rein in Subway Boom

By Dong Jing, Sun Lizhao and Denise Jia

China’s top economic planning authority is revising the State Council’s 2003 subway development policy to raise the bar for local subway proposals amid growing central government concerns over a debt-driven infrastructure boom.

Sources close to the matter told Caixin that the National Development and Reform Commission is soliciting internal comments on a draft revision to the 2003 policy. The commission proposes to tighten scrutiny of population, GDP and fiscal conditions of the cities that want to build subways.

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