China has approved new rail projects worth more than $125bn in the past month as it steps up fiscal spending to counteract a slowdown in its economy, a move that could give Beijing more breathing space in its trade confrontation with Washington.
The National Development and Reform Commission, China’s top planning agency, has approved urban rail projects in eight cities and regions worth a total of Rmb860bn ($125.3bn) since December 5, according to official statements.
The investment drive highlights Beijing’s fears about slowing growth, with official data last week showing the first monthly contraction in manufacturing activity since 2016, and China’s central bank issuing its largest cut to bank reserve requirements in over a year.
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