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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Planned China provincial investments exceed $1.4T AP - 1 hour 17 minutes ago BEIJING - China's provincial governments have proposed more than 10 trillion yuan ($1.4 trillion) in infrastructure spending, state television reported Sunday, following Beijing's launch of a massive stimulus plan to revive slowing economic growth. China is trying to boost domestic consumer spending by injecting money into the economy in hopes of insulating it from a sharp drop in global demand for its exports. The biggest proposal came from Yunnan province in the southwest, which plans to invest 3 trillion yuan ($439 billion) over the next five years, Chinese state television said. There was no indication in the report how much of the provincial spending, if any, was new, or whether officials were re-announcing earlier plans in an effort to reassure the public and investors that the government was taking action. "Within a week, the governments of various provinces announced massive-scale investment blueprints," the CCTV report said. "Based on a rough calculation, the current total investment by all the provinces and cities has already exceeded 10 trillion yuan." China's economic growth slowed in the latest quarter to 9 percent, down from last year's 11.9 percent. That prompted Beijing to launch a stimulus package Nov. 9 that aims to boost growth through heavy spending over the next two years on construction, tax cuts and aid to the poor and farmers. Beijing puts the total value of its plan at 4 trillion yuan ($586 billion), but only 1.2 trillion yuan is coming from the central government. The rest is expected to come from local governments and state companies. The plan also includes previously announced projects. Many local governments may be trying to win central government approval or financing for previously proposed projects by publicizing them after the launch of the stimulus plan, which calls for higher spending on airports, highways and other infrastructure. Beijing's stimulus package represents a drastic step away from lending curbs and other anti-inflation measures it imposed over the past three years but has been rolling back since mid-2008 as growth slowed. Zhang Liqun, a researcher at a think tank attached to the Cabinet's planning agency, said the provinces' planned spending is mainly focused on projects involving rail, road, port and low-income housing construction, according to the CCTV report. "It will have quite an obvious effect on the country's medium- and long-term economic development," Zhang said. He cautioned that the country should also watch out for possible signs of overheating in investment next year if the economy improves. CCTV gave no indication of whether the provinces would get financial support from the central government. But according to a report Friday by the 21st Century Business Herald, a major Chinese business newspaper, much of the proposed provincial spending is still awaiting approval by Beijing. The newspaper said few investments announced by the provinces were new. Most are either already under construction, have been under discussion for some time or had been planned but not begun due to lack of money, it said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Planned China provincial investments exceed $1.4TAP - 1 hour 17 minutes ago Japan seeks China's contribution to IMFAFP - Sunday, November 23 Taiwan's 2009 per capita GNP to drop below 18,000 US dollars: reportAFP - Sunday, November 23 Japan ready to take more stimulus measures: ministerAFP - Sunday, November 23 Related Articles: Business TOPWRAP 1-Obama picks point men for crisis fight backReuters - 37 minutes ago FACTBOX-Fiscal stimulus plans to tackle the crisisReuters - 44 minutes ago Curtain call for Bush as APEC trade summit wraps upAFP - 1 hour 17 minutes ago Planned China provincial investments exceed $1.4TAP - 1 hour 17 minutes ago Report: Swiss regulator says more UBS aid possibleAP - 1 hour 46 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Merkel warns 2009 will be 'year of bad news' for economy Over 200 narwhal trapped in Canadian ice New strain of deadly Ebola virus discovered Wall Street plunges again as panic spreads Aussie mayor wins sexist 'award' for inviting ugly women to town View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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