The Chinese government has allocated RMB270 billion ($40 billion; €28 billion) for infrastructure investment to date this year, according to news agency Xinhua.
The RMB270 billion is part of a planned total of RMB368 billion allocated to infrastructure investment in the central budget for 2009, the report said.
Taking into account RMB30 billion allocated to infrastructure investment from last year’s budget, China has already allocated RMB300 billion to infrastructure investment since the fourth quarter of 2009, Mu Hong, vice director of the National Development and Reform Commission (NDRC) told Xinhua.
The NDRC could not be reached for comment by press time.
The NDRC’s primary functions include formulating and implementing macroeconomic policies, guiding and promoting economic restructuring and monitoring and adjusting economic performance.
In the wake of the economic downturn, other governments in Asia are also stepping up infrastructure spending in order to stimulate growth.
This March, the Thai government announced plans to spend THB1.4 trillion ($41 billion; €29 billion) in infrastructure sectors such as education, transportation and public heath.
Singapore, which slid into recession in the last quarter of 2008, disclosed that it will invest between S$15 billion ($10 billion; €7 billon) and S$17 million annually in infrastructure projects in both 2010 and 2011.
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