China Shandong province to spend $145 billion by year-end to speed key projects

BEIJING (Reuters) - Shandong, China’s third-biggest province by economic output, aims to invest more than 1 trillion yuan ($145 billion) by year-end to speed up the construction of major projects, the official Xinhua news agency reported, citing local authorities.

The province has been lagging its 2019 economic growth target of around 6.5%. In the first half, growth was 5.4% from a year earlier, compared with full-year expansion of 6.6% in 2018.

Shandong will focus on implementing 120 provincial projects and 500 others related to replacing old economic growth drivers with new ones, Xinhua said on Friday.

The province will also accelerate construction of 10 railways, 27 highways and four airports, as well as 5G base stations in three cities.

Reporting by Ryan Woo and Stella Qiu; Editing by Richard Borsuk