China has approved construction of two city subway projects worth 49 billion yuan (US$7.87 billion), adding to the list of recent railway project approvals aimed at boosting growth in the world\'s second biggest economy.
The National Development and Reform Commission (NDRC), China\'s state planning agency, also approved a feasibility study on an inter-city rail line between Fuzhou and Pingtan, an island off the coast of Fujian, worth a further 26 billion yuan, the official Shanghai Securities News reported.
The projects appear aimed at shoring up growth in China\'s economy, which has slowed for seven consecutive quarters, most recently posting 7.4 per cent annual growth for the third quarter.
More recent data, however, has shown signs of a recovery, with fixed-asset investment, factory output, and retail sales all beating expectations in October.
The National Development and Reform Commission (NDRC), China\'s state planning agency, also approved a feasibility study on an inter-city rail line between Fuzhou and Pingtan, an island off the coast of Fujian, worth a further 26 billion yuan, the official Shanghai Securities News reported.
The projects appear aimed at shoring up growth in China\'s economy, which has slowed for seven consecutive quarters, most recently posting 7.4 per cent annual growth for the third quarter.
More recent data, however, has shown signs of a recovery, with fixed-asset investment, factory output, and retail sales all beating expectations in October.