Beijing to invest 235 billion yuan in key 2019 projects

Beijing will invest 235.4 billion yuan ($35.2 billion) in 300 key projects focusing on infrastructure construction, improvement of people's livelihoods and high-tech industries this year, director of the city's Development and Reform Commission Tan Xuxiang said at a working conference yesterday, Beijing Business Today reported.

Among these projects, construction and installation investment is estimated to reach 124.3 billion yuan, the director added.

177 key infrastructure construction projects, including those related to the city's sub-center in East Beijing's Tongzhou district and the improvement of the southern city, will take 82 percent of total construction investment, around 101.4 billion yuan.

The total number of projects for the improvement of residents' livelihoods, such as hospitals and affordable housing, doubled from 57 in 2018 to 100 this year.

The city will also build 10 demonstration business streets, breed 100 chain enterprises, and create 1,000 service outlets for residents this year, according to the project list.

Moreover, construction of the Beijing Daxing International Airport, subway lines 3, 12 and 16 and interurban railways connecting Beijing and the Xiong'an New Area are also underway.

The ongoing national laboratory of cyberspace, Beijing Institute of Quantum Information Science, Science City in Northeast Beijing's Huairou district will pull the city into the fast lane in science and technology.

"Investment contributes around 30 percent to the city's economic development," the director said, adding social capital, or capital raised by society rather than the government, has taken up over 90 percent of last year's 334.6 billion construction investment.

"Social capital is welcomed at key projects investment this year as well, aimed at taking up at least 50 percent of projects and 70 percent of investment," Tan said.