Rural areas to get billions to fix infrastructure
China will invest $495 billion (3.4 trillion yuan) over the next four years to improve infrastructure in rural areas, including water and power supplies and roads as the government seeks to boost incomes and encourage startups.
Tang Renjian, deputy director of the Central Rural Work Leading Group, the top rural affairs decision-making agency, said that the central government’s only option is to increase investment in the agricultural sector and rural areas in the face of an ongoing economic slowdown.
Tang said the cost of road maintenance in rural areas alone could reach 340 billion yuan in the next four years, and so far, authorities have allocated only one-third of that. To solve the shortage, he said the government will try to raise funds through public-private partnerships and subsidized loans.