Projects Worth $51 Billion Approved as China Changes Track on Urban Rail Investment
China’s top economic planner has approved urban rail projects in two wealthy eastern cities worth a combined 354 billion yuan ($51.3 billion), as Beijing relaxes rules on infrastructure development to counteract slowing economic growth.
Shanghai will get six new subway lines and 286 kilometers (178 miles) of new rail, costing a planned total of 298.35 billion yuan, the National Development and Reform Commission said in statement (link in Chinese) on Wednesday. The projects are expected to be completed by 2023.
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