China plans to spend CNY1.3tr ($201bn) on 300 infrastructure projects in Beijing, according to the city’s Municipal Commission of Development and Reform. The planned investments will focus on constructing major infrastructure, improving livelihood, and implementing high-tech industrial projects.
The projects will focus on green development and improvement in services to the public, the commission indicated. Infrastructure projects include strengthening the transportation and energy industries, among other relevant sectors, livelihood includes setting up schools and medical facilities, and the tech projects include implementing science technology innovation districts.
Beijing seeks to support and build a digital economy center that supports integrated circuits, financial industries, biomedicine, and more in its downtown area.
The plan was originally unveiled in February 2019 with an outlay of CNY235bn. However, their implementation was delayed due to the COVID-19 pandemic. As a result, the commission plans to resume them after revising and expanding their scope, according to media reports. The projects are slated to begin in 2021 and may roll over into 2022.