5-Year Infrastructure Spending $1.3 Trillion. 230 million jobs will be created from infrastructure spending over the next five years,” Auyang said in a presentation to reporters. 130 million of the jobs will be directly involved in infrastructure construction, and spending on these projects will generate opportunities for equipment, construction and related industries, he said.
Five-Year Infrastructure Spending May Be $1.3 Trillion
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By Kyunghee Park
Jan. 15 (Bloomberg) -- China’s spending on building and expanding railways, highways, ports and airports may more than double to about $1.3 trillion in the next five years as it makes efforts to boost the economy and create new jobs.
Of the money, about $150 billion to $300 billion will come from private and foreign investors in the five years until 2013, McKinsey & Co. Associate Partner Evan Auyang said today in Hong Kong. That’s more than the $70 billion spent in 2004-08, he said.
China needs growth of at least 8 percent to create enough jobs for the 20 million workers entering the urban workforce annually to ensure social stability. Premier Wen Jiabao pledged on Jan. 11 to increase a planned 4 trillion yuan ($585 billion) stimulus package as necessary to create employment.
“About 230 million jobs will be created from infrastructure spending over the next five years,” Auyang said in a presentation to reporters. 130 million of the jobs will be directly involved in infrastructure construction, and spending on these projects will generate opportunities for equipment, construction and related industries, he said.
To contact the reporter on this story: Kyunghee Park in Hong Kong at kpark3@bloomberg.net
Last Updated: January 15, 2009 04:15 EST |
