China spends $113bn in three-week infrastructure binge

China’s National Development and Reform Commission, the country’s main planning agency, has announced that it has approved infrastructure projects worth $113bn in the past three weeks. Officials hope the funding will boost the slowing pace of economic growth in the Chinese economy. 

The commission approved 21 infrastructure investment projects, including 16 railway and five airport developments, between 16 October and 5 November. 

China’s annual growth has declined to 7.3% this quarter, the lowest since the financial crisis in 2007. A slump in the real estate and property markets has contributed to the fall in growth. 

Law firm Pinsent Masons have recently predicted that China will invest $169bn in UK infrastructure between now and 2025. China will also spend billions on rail projects across the world.