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BEIJING (Reuters) - China will cut fees on a large scale to
stimulate private-sector investment and also accelerate the
development of "new infrastructure" to help spur the economy,
Chinese government officials said on Saturday.
China will further develop 5G, construct more data centers and
build smart cities as part of the new infrastructure push, Zheng
Jian, an official at the National Development and Reform
Commission (NDRC), said at a briefing.
Another NDRC official, Hong Ou, said 89.1% of major
infrastructure and natural resources projects had resumed
operation as of March 20, excluding Hubei province, the
epicenter of the country's coronavirus outbreak.
A total of 1.848 trillion yuan ($260.47 billion) of local
government bonds have been front-loaded so far in 2020,
including 1.29 trillion yuan of special bonds, used by local
governments to finance infrastructure development, Song Qiuling,
an official at the finance ministry, said at the briefing.
(Reporting by Min Zhang, Yilei Sun and Ryan Woo. Editing by
Gerry Doyle)
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