NDRC announces six rail projects worth almost RMB250bn

The National Development and Reform Commission announced approval of six rail projects worth nearly RMB250 billion (US$40.26 billion), Reuters reported, citing a statement on the commission’s website. Among the projects were a RMB46.7 billion subway system in Chengdu, an RMB60 billion railway connecting Qingdao and Jinan, and two new rail connections between cities in Inner Mongolia and the existing Beijing-Shenyang high-speed railway that will cost a combined RMB42.5 billion. The quickening project approvals coincide with a 33.2% jump in fiscal spending in April, jumping sharply from the 4.4% rise seen in March, according to data from the Ministry of Finance.