China approves 25 urban rail projects to boost economy
Xinhua reported that China top economic planning agency has approved 25 urban rail projects that could be worth more than CNY 800 billion.
The National Development and Reform Commission recently announced the approvals of project plans and feasibility reports for the 25 projects in cities including Shijiazhuang, Taiyuan, Lanzhou, Guangzhou and Xiamen, according to the NDRC's website.
The move marks the government latest effort to stabilize economic growth when external demand remains weak as the US economy has been struggling to gain traction and Europe is slipping toward a recession, Mr Xu Changle, professor of regional economics at the East China Normal University.
Official data shows that China economy grew by 7.6%YoY in the second quarter of 2012, its slowest pace in three years.
According to the China Association of Metros an organization under the direct supervision of the NDRC, forty Chinese cities will have subway systems by 2020, bringing the total track length to 7,000 kilometers, 4.3 times the current length.
Source - Xinhua