Govt to inject $927b into high-tech, infrastructure

China Railway Erju Co Ltd's workers construct a railway project in Yuncheng, Shanxi province. [Photo/Xinhua]

China will invest more in the country's high-tech research and development, as well as infrastructure development, including railway, fixed assets, water conservancy projects, the Securities Daily reported on Thursday.

Total investment is estimated to exceed 6 trillion yuan ($926.6 billion) this year, half of which will be special funds targeting projects such as transportation, environment protection, urban planning, and tourism.

Meanwhile, fixed-asset investment is likely to reach 500 billion yuan in 2016, said the newspaper, if the country's economic planner continues its financial support with the same zeal in rest of the year.

The National Development and Reform Commission approved 36 fixed-asset projects in January-February, with an investment of 88.2 billion yuan.

Other funds may go to projects including railway and water conservancy construction, high technology research and development, western development, and so on.

Sheng Guangzu, general manager of China Railway Corp, the country's railway service provider, said in January that more than 800 billion yuan will be injected into railway construction this year.

Another 800 billion yuan or above will be invested into major water conservancy projects, said the newspaper.

The country's economic growth dipped to 25-year low of 6.9 percent last year amid restructuring, and is projected to see further slowdown in 2016.

Premier Li Keqiang said in the annual government work report on March 5 that the country's GDP growth will be kept at the reasonable range of 6.5 to 7 percent this year.