Business / Economy

China's top economic planner approves highway project

(Xinhua) Updated: 2016-08-19 13:39

BEIJING - China's top economic planning body said on Friday that it had given approval for an expressway in Northwest China's Gansu province, which will improve public transportation infrastructure.

The expressway will start from Jingtai county in the city of Baiyin, and end at Lanzhou Zhongchuan International Airport, stretching for 124 kilometers in total, according to a statement on the website of the National Development and Reform Commission.

The project is expected to cost around 7.93 billion yuan (about $1.2 billion).

Central and local governments will be responsible for around 35 percent of the capital need for the project, while bank loans will cover the remainder.

The project is in line with the country's Belt and Road Initiative and will help promote local economic and social development, the statement said.

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