China approved 1 trillion yuan in stimulus spending in under a week
The Chinese government has approved a raft of new infrastructure and rail projects this week in a concerted effort to boost its slowing economy.
The China Securities Journal reports that China's National Development and Reform Commission (NDRC), one of the country's top decision-making bodies, approved 25 urban rail projects worth a total of 800 million yuan (USD$127 million) on Wednesday.
According to the Wall Street Journal's MarketWatch the NDRC approved between 20 and 30 highway and infrastructure projects on Thursday, leading analysts to peg the total amount of stimulus spending at the 1 trillion yuan mark ($USD157 billion).
Analysts have applauded the move, with Nomura economists saying stimulus benefits could be seen as early as the fourth quarter, and Merill Lynch's Ting Lu stating that the new approach of adding housing supply and upgrading urban infrastructure is a move "in the right direction."
Image of passenger on train to Tibet by Nao Iizuka