China nears full allocation of 755b yuan central budget investment

Nearly all of the 755 billion yuan ($111.76 billion) in central budget investment earmarked for this year has been allocated, the National Development and Reform Commission said on Friday.

The investments cover both physical assets such as infrastructure and machinery, as well as human capital, scaling up government spending on people's all-round development and well-being, a spokesperson said at a regular media conference.

Since the start of this year's flood season, the NDRC has disbursed 14 batches of emergency central budget investment totaling 750 million yuan to support affected regions in restoring infrastructure and public service facilities.

Under work-relief programs, a total of 39.5 billion yuan in funds has been allocated this year to launch over 7,800 projects. The initiatives have created jobs for 1.5 million people, boosting participant's incomes by more than 10,000 yuan on average. The programs have delivered comprehensive benefits in job creation, income growth and public well-being improvement, the spokesperson said.

Moreover, the 109 major projects outlined in the 15th Five-Year Plan (2026-30) are being accelerated at a faster pace, the spokesperson said.

Several landmark projects have broken ground this year, including the Three Gorges new waterway project, Guangzhou's new airport in Guangdong province, and the Shangbaishi water conservancy hub in Fujian province.

Preparatory work is also advancing for major projects, including the eastern and western sections of the Xinjiang-Xizang railway and the modernization of the Dujiangyan irrigation system in Sichuan province, with efforts underway to kick off construction and generate tangible physical workloads as early as possible.