BUSINESS Beijing announces massive investment package for infrastructure, housing

BUSINESS

Beijing announces massive investment package for infrastructure, housing

Xinhua

12:45, February 23, 2020

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File photo: IC

The Chinese capital has announced to push forward 300 urban projects in 2020, involving 252.3 billion yuan (around 35.9 billion U.S. dollars) in investment.

The projects will include 100 infrastructure projects, 100 livelihood improvement projects and 100 high-tech industrial projects, according to Beijing's development and reform commission.

Under the blueprint, the city will this year start or continue building 16 urban rail projects, including Line 22, a subway line that will extend to the city's northeastern suburban district of Pinggu.

The infrastructure package also includes 28 road projects, 11 waterway projects and six waste transportation and treatment projects.

The 100 livelihood improvement projects, with 130.9 billion yuan in planned investment, will push for the completion of 90,000 subsidized houses this year. Also on the construction list are a number of new university campuses, hospitals, old-age and other facilities.

Projects in the high-tech category include experimental devices for extreme conditions, an integrated circuit production line and 5G facilities, according to the commission.

The city government said a special team would be set up to ensure the construction of the key projects and would not be affected by the ongoing coronavirus epidemic.

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