China’s investment in water conservancy projects jumped 60% on year in first half to stabilize economy
China’s investment in water conservancy projects jumped 60% on year in first half to stabilize economy

China’s investment in water conservancy projects jumped 60% on year in first half to stabilize economy

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s investment in water conservancy projects surged by nearly 60% on year in the first half, becoming a major driving force of the country’s latest infrastructure push to boost economic growth.

In the first six months, China newly started about 14,000 water conservancy projects with a total of 609.5 billion yuan of investment, and of that, 22 were large-sized key projects with a total investment of 176.9 billion yuan, said Wei Shanzhong, Vice Ministry of Water Resources, at a press conference.

In the period, the country completed 444.9 billion yuan of investment in water conservancy project construction, a surge of 59.5% from the same period last year, said Wei.

In particular, investment in the field accelerated significantly in the second quarter, with monthly investment in April, May and June amounting to 88.1 billion yuan, 115 billion yuan and 134.1 billion yuan, respectively, said Wei.

The total investment in water conservancy projects totaled 337.2 billion yuan in the second quarter of the year, three times that in the first quarter, showed official data.

In China’s previous rounds of infrastructure push, energy and transportation projects were positioned as major driving forces.

In March this year, the State Council, China’s cabinet, held a meeting studying how to expand effective investment in water project construction and pledged to complete about 800 billion yuan of investment in the field in 2022. After that, water projects were included in the package of economic stimulus measures announced by the State Council in May.