October 17, 2018 / 7:00 AM / a month ago

China's state planner approves $5.3 bln railway project

BEIJING, Oct 17 (Reuters) - China’s state planner said on Wednesday it has approved a high-speed railway project worth 36.8 billion yuan ($5.3 billion) in eastern China.

The new railway, starting from Shanghai, will run through Suzhou city in Jiangsu province to Huzhou city in Zhejiang province, the state planner said in a statement.

China resumed approval of new railway projects or restarted previously suspended projects in the second half of 2018 as policymakers sought to speed up infrastructure spending to spur slowing growth in the world’s second biggest economy. ($1 = 6.9215 Chinese yuan renminbi) (Reporting by Hong Kong newsroom; Editing by Simon Cameron-Moore)

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