These Are the Megaprojects in China’s $1 Trillion Infrastructure Plan
China is pumping trillions of yuan into infrastructure investment, stimulus that could benefit the world’s second-largest economy well beyond this year’s gloom of Covid lockdowns and property market turmoil. Beijing is making 6.8 trillion yuan (about $1 trillion) of government funds available for construction projects, according to Bloomberg calculations based on official announcements. Total spending could be even higher than that — three times that amount, by some estimates — once bank lending and corporate funds are added. In the near term, infrastructure investment could give a boost to employment, providing much-needed relief to millions of jobseekers hit by the downturn. Over the longer-term, the stimulus helps China’s ambition of becoming a more urbanized, high-income economy that’s better able to compete with the US in high-tech areas like semiconductors. Whether the projects are a success or end up as white elephants will help determine the outlook for China for years to come. Here’s a guide to where the funds are going.
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