China's water conservancy investment hits historic high

BEIJING, Dec. 14 (Xinhua) -- China's investment in water conservancy projects surpassed 1 trillion yuan (about 143.8 billion U.S. dollars) in the January-November period of 2022, already a record annual high since 1949, the Ministry of Water Resources said Wednesday.

Investment increased by 33 percent during this period in comparison with the figure registered for the entire 2021, data from the ministry showed.

Some 25,000 new water conservancy projects commenced nationwide in this period, 3,767 more than last year.

The majority of this investment flowed to flood prevention, water transfer programs and water ecological restoration, according to the ministry.

While maintaining a focus on these areas, the ministry will also step up efforts to modernize irrigation facilities, improve rural water supply and promote the utilization of intelligent technologies in 2023, said Vice Minister of Water Resources Liu Weiping.

For new projects -- especially those having received fiscal support front-loaded from a 2023 central budget fund regarding water conservancy development -- the ministry will expedite the process of approval, bidding and preparation, so that they can begin construction as early as possible, Liu said.