Chinese Provinces to Combine Investment for Infrastructure and other Projects
There are fourteen Chinese provinces that are joining together and planning to invest a combined 15 trillion yuan for infrastructure and other projects that will be started this year. In part of their effort to help set a bottom on the slowdown of the economy.
In Sichuan the most populous of the 14 provinces is the latest one to announce their investment plan that is aimed to spend almost 3 trillion yuan to help boost their industrial and other expansion. Meanwhile the province of Fujian is investing 3 trillion of their own infrastructure projects and environmental protection. Other spenders includes Hubei which will be investing 2.9 trillion, Henan around 1.5 trillion and Hunan of around 1 trillion yuan.
Spending is set to start in 2015 but not all of the funds are dedicated to all for the projects will be spent on the first year. In which projects that are planned will only costs 418 billion yuan. The economy is at its slowest in 24 years as property prices cooled down and companies struggled heavily in debts and kept pressure on the Central government to create steps to avoid sharp downturns.
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