China's Changsha unveils US$130bn investment plan to boost economy


Changsha, capital of central China's Hunan Province, unveiled a package of infrastructure and industry projects Thursday that would require total investments of 829.2 billion yuan ($130.2 billion), a move to stimulate local economic growth, Global Times reported.

The Changsha city government unveiled 195 projects, including an airport expansion, road construction, waste treatment facilities and redevelopment of 10 older areas in the city, according to a statement posted on the government's website.

Such projects will require a total investment of 829.2 billion yuan, equivalent to 147 percent of the city's GDP in 2011. The amount of investment is also 200 billion yuan higher than a batch of projects unveiled in 2009 after the global financial crisis broke out, the newspaper reported, citing the statement.

"Although Changsha's economic situation remains very good, we can't ignore the pressures and we must encourage stable and healthy growth through investment," Chen Run'er, secretary of the Changsha Committee of the CPC, said in the statement. The city's GDP grew by 12.9 percent year-on-year in the first half of 2012, the newspaper said.