China which are stepping up infrastructure investment to boost the slowing economy, have invested an additional 300 billion yuan in infrastructure projects.
According to the media, China provided such a huge amount of funds to various infrastructure projects as part of its economic support measures through three policy banks until the previous day.
Authorities came up with support measures in May to boost the economy hit by the spread of COVID-19.
In addition, additional measures were announced in August, including an increase of 300 billion yuan in policy loans.
According to the data, the Export-Import Bank of China provided 50 billion yuan in funds for 106 projects from additional loans.
The Agricultural Development Bank of China also lent 100 billion yuan to 73 infrastructure projects by September 17, and the National Development Bank lent 150 billion yuan to 421 infrastructure projects by September 20.
During the fourth quarter of October and December, China covered more than 500 billion yuan raised by special bonds issued by local governments earlier than 2019, and infrastructure investment is expected to increase by 10% this year from last year.
Earlier, the National Development Bank announced on the 22nd that it plans to provide a total of 360 billion yuan in funds for 800 infrastructure projects led by local governments.
Without mentioning the period, the National Development Bank said it will implement such huge infrastructure loans in a way that prioritizes the demand of large provinces.
However, the National Development Bank explained that it will preferentially finance infrastructure projects in important regions that can start construction as early as possible in the third quarter of July and September.
The infrastructure investment included 1.985 billion yuan in railway construction projects linking Guangzhou Baiyun International Airport and cities around Guangzhou, and 1 billion yuan in loans to irrigation projects in the Guangxi Autonomous Region.
Shanghai, China’s largest economic city, announced on the 20th that it will invest 1.8 trillion yuan in large-scale infrastructure construction projects in its jurisdiction as part of stimulus measures to cope with the economic slowdown.
The infrastructure projects promoted by Shanghai include transportation hubs in Pudong, urban railways and housing improvements, offshore wind power demonstration projects, and natural parks.