BEIJING (Reuters) - China approved more than $100 billion worth of infrastructure projects in late October and early November, state media said on Saturday, in a bid to bolster slowing growth in the world’s second largest economy.
China’s top economic planning body, the National Development and Reform Commission (NDRC), approved 21 infrastructure investment projects between Oct. 16 and Nov. 5 with a total investment value of 693.3 billion yuan ($113.24 billion), the official Xinhua news agency said on Saturday, citing state radio.
The projects included 16 railways and five airports, with the aim of propping up a decline in real estate investment, Xinhua said.
Annual growth slowed to 7.3 percent in the third quarter - the weakest since the height of the global financial crisis - as a cooling property sector weighed on domestic demand.
Annual growth in China’s exports and imports also slowed in October, data showed on Saturday, reinforcing signs of fragility that could prompt policymakers to roll out more stimulus measures.
(1 US dollar = 6.1225 Chinese yuan)
Reporting by Paul Carsten and Ben Blanchard