China opens purse strings to boost Internet usage

China vowed on Wednesday to invest hundreds of billions of yuan in the coming years to increase Internet speed and expand broadband access in rural regions.

The country plans to spend more than 430 billion yuan ($70.4 billion) this year and more than 700 billion yuan in 2016 and 2017 on Internet infrastructure, according to a guideline issued by the State Council.

It said China will accelerate building of high-speed broadband networks and improve Internet access in more than 14,000 villages by the end of 2015.