© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo
Exciting news from Shanghai! China’s top planning body has announced a second batch of public investment projects as part of its $140 billion spending plan. These projects include vital flood control and disaster relief programmes, and they are set to give a boost to the country’s economy.
This announcement comes as part of an effort to improve China’s economic outlook, which has been struggling post-COVID-19. With the focus on fiscal measures, China aims to address issues such as weak consumer demand, falling foreign investment, and a challenging real estate market.
The National Development and Reform Commission (NDRC) revealed that over 9,600 projects have been identified, with a planned investment of more than 560 billion yuan. This is an important step in enhancing China’s flood control system, emergency response mechanism, and disaster relief capabilities.
Moreover, the state-run Xinhua news agency has reported that the additional bond issuance will lead to an increase in China’s 2023 budget deficit ratio, signaling the government’s commitment to bolstering the economy.
The NDRC emphasized that the focus is not just on funding these projects, but also on ensuring that the investment phase is carried out swiftly and that high standards of quality are maintained throughout the construction process.
This is certainly a positive development for China, and it reflects a proactive approach to economic recovery. The announcement signals a strategic investment in infrastructure and disaster management, with the aim of providing better protection for the people and their property.
For more details, you can check out the full article here.
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