BEIJING, Dec. 31 (Xinhua) -- China's top economic planner has approved several urban rail transit projects in northeast China's Jilin Province.
With a total investment of 71.14 billion yuan (around 10.37 billion U.S. dollars), Changchun, Jilin's capital city, will build and expand seven lines in the next six years, bringing its rail transit system to a total of 460 km.
The projects will help ease traffic jams, improve the local transport system, and support the development of new districts, according to the National Development and Reform Commission (NDRC).
Around 40 percent of the investment, or 28.45 billion yuan, will come from the government budget, with the remainder expected to be raised from banks or via other financing channels.
The NDRC stressed the supervision over investment sources and the prevention of government debt risks, saying the local government is forbidden to disguise borrowed money as their own funds, adding that it will launch a special inspection on the investment.
The projects come as China accelerates approval of infrastructure projects to stabilize investment and bolster the economy.
China's fixed-asset investment rose 5.9 percent year on year to 60.93 trillion yuan in the first 11 months, picking up the pace for a third straight month.
