By Emir Yildirim
ISTANBUL (AA) - China’s urban infrastructure projects for the next five years may cost up to $551 billion, as the key areas of cities’ infrastructure require repairs, such as underground pipelines transferring gas and more.
Urban underground pipelines, which are dubbed the “hidden infrastructure,” form a critical part of cities, the South China Morning Post reported on Wednesday.
Zhao Chengfeng, deputy director of the investment department at the Chinese National Development and Reform Commission (NDRC), told the Xinhua news agency that the country boasts significant potential in technological innovation investments and industrial upgrades, namely in quantum technology, artificial intelligence (AI), and both low-altitude economies and the quickly growing industries.
The Chinese economy has been plagued by continuing issues in its real estate market, as well as slowing economic growth and weakening consumer demands. China’s new urban infrastructure projects could create jobs and support the country’s economic stability.
Noting that China allotted around $825.3 billion in government investment funds in 2024, “China’s investment potential remains significant (…) from the perspective of building a modern industrial system, improving infrastructure and public services, and meeting the growing needs of the people for a better life,” said Zhao.
China also aims to increase efforts in developing new infrastructure in the digital economy, such as establishing cloud-computing systems and data centers, the South China Morning Post reported.