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China Approves Projects Worth Over $1 Trillion to Boost Economic Growth

© Flickr / [Jim]The Chinese government is moving ahead with 300 infrastructure projects in 2015 worth 7 trillion yuan (some $1.1 trillion) in an effort to boost domestic economic growth
The Chinese government is moving ahead with 300 infrastructure projects in 2015 worth 7 trillion yuan (some $1.1 trillion) in an effort to boost domestic economic growth - Sputnik International
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The Chinese government is moving ahead with 300 infrastructure projects in 2015 worth 7 trillion yuan (some $1.1 trillion) in an effort to boost domestic economic growth, Bloomberg reported on Tuesday, citing people familiar with the matter.

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MOSCOW, January 6 (Sputnik) — According to the sources, the approval of these projects is part of the Chinese authorities' 400-project plan worth 10 trillion yuan expected to be implemented between late 2014 through 2016.

The National Development and Reform Commission (NDRC) are expected to oversee the projects.

The news agency said that the move was indicative of Chinese officials" concern that the country's intended shift to an economy driven by domestic consumption has not yet gained enough momentum to sustain economic growth.

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Sources referenced in the article categorized the move as an effort to redress the country's current weak output.

China's GDP grew in 2013 by 7.7 percent, as estimated by the World Bank, which matched the rate of growth for 2012. However, this figure is lower than those for 2011 and 2010 when China's economy expanded at 9.3 and 10.4 percent respectively.

According to the World Bank, China's GDP in 2013 amounted to $9.24 trillion, which made it the second most powerful economy behind the United States whose GDP in the same year stood at $16.77 trillion.

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