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China planner approves 1.36 trillion yuan in new projects

Date:04/01/2015   View: 969   Tags: China; New projects; Development
China's National Development and Reform Commission (NDRC) has approved a total of 1.36 trillion yuan ($221.5 billion) of new projects since October, involving airports, railways and roads, state media reported.

The NDRC approved over 25 billion yuan of new bridge and road construction projects on December 23, following project approvals worth 209 billion yuan a day ago, as Beijing tries to reinvigorate economic growth through direct investment.

These projects may boost orders to the sluggish steel market, analysts pointed out, although the volume of steel has not been calculated yet.

However, it’s difficult to let all the steel enterprises across the country benefit from these investments, due to diverse product species and plants’ locations.

Over January-November this year, China produced a total 748.67 million tonnes of crude steel, 1.9% higher than the year-ago level, showed data from the National Bureau of Statistic (NBS).

Meanwhile, total output of steel products rose 4.5% year on year to 1,026.58 million tonnes, said the NBS.

The construction of railways is in the greatest demand of steel and it involves a large range of steel species, analysts said. These approved railway projects would help shore up the weak steel market in the long run and ease the sales burden of steel makers.

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