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Infrastructure investment in Q3 exceeds 5 trillion yuan


08:32, September 27, 2012

Chinese investment in infrastructure projects exceeded five trillion yuan ($794 billion) in the third quarter of the year, according to data from the country's top economic planner.

Social financing, a measure of overall new credit, is expected to surge in the fourth quarter, as there is a lag time of three to six months between project approval and the allocation of funds.

Earlier this month, the National Development and Reform Commission announced the approval of dozens of infrastructure projects worth more than one trillion yuan, including highways, ports, railways, sewage networks and waste treatment plants.

The actual approval dates for the projects were spread out over the April-August period, the China Securities Journal reported Wednesday.

About 25 to 50 percent of the money needed for the projects will come from local governments. Other sources include bank loans, corporate debt, corporate bonds, intercompany lending and trust lending.

If inflation is checked, new lending will exceed 1.6 trillion yuan in the fourth quarter and surpass eight trillion yuan for the entire year, analysts said.

In addition, off-balance-sheet entrusted loans increased during the third quarter, with 104.6 billion yuan added in August - the greatest amount since January.

Direct financing is expected to continue expanding in the fourth quarter.


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