China will spend $22.3 billion to refurbish its $16 billion infrastructure project, according to the country’s Ministry of National Infrastructure.
The country’s top officials have said the plan would be the biggest infrastructure project in the country in years, according with an official report on Monday.
The project is one of the most ambitious in history, the report said, citing the plan announced by President Xi Jinping on Monday that the plan will boost the nation’s infrastructure by building more than 600 miles of roads, railways, highways, and ports.
It also aims to upgrade and modernize the nation�s water and sewage systems.
The new project, the Ministry said, will improve China�s national transportation network and reduce the country�s reliance on coal-fired power plants.
The plan would boost the countrys GDP by more than $1 trillion, with the infrastructure spending expected to generate at least 1 trillion yuan ($230 billion) in economic output and boost China�ll have to spend a little less than $3.6 trillion to meet the debt, according the report.
The ministry also said the project would be one of China�zmost ambitious in the history, with it expected to cost more than the country currently spends annually on its infrastructure.
The plans, if approved by the central government, would require approval by the National People�s Congress, the country��s legislature.
The projects, which were originally expected to be completed by 2019, would cost the government about $2 billion per mile of new roads, the ministry said.
The cost of the projects, however, is expected to climb as China continues to expand its coal-burning power plants and boost its coal consumption.
China�s economic slowdown has pushed its debt-to-GDP ratio down from a peak of about 130 percent in 2016 to around 100 percent this year.
The country is also in the midst of an ambitious environmental plan, which is expected by 2020 to raise its total carbon emission to 10 percent below the 1990 levels by 2050, the Beijing Times reported last month.