China's Xi urges infrastructure spending as Covid lockdowns hit...

China's Xi urges infrastructure spending as Covid lockdowns hit - CNN

China is about to embark on a new infrastructure spending spree in a bid to fix an economy nearing breaking point because of Covid lockdowns. President Xi Jinping told a meeting of senior economic officials Tuesday that "all out efforts" must be made to boost construction to increase domestic demand and promote growth.

He said that the nation's infrastructure was still "incompatible" with the needs of national development and security, according to state-run Xinhua News Agency. Xi called for more projects in transportation, energy and water conservancy, as well as new facilities for supercomputing, cloud computing and artificial intelligence.

Planned investment this year amounts to at least 14.8 trillion yuan ($2.3 trillion), according to a Bloomberg analysis.