A worker carries a steel bar at a construction site in Huzhou, China. Photo: Reuters/Stringer
A worker carries a steel bar at a construction site in Huzhou, China. Photo: Reuters/Stringer

There were 13,554 projects nationwide in China as of the end of June, with an investment totaling US$2.4 trillion, Xinhua news agency reported (link in Chinese) Sunday. More than 34% of the projects have now reached the implementation phase.

China’s public-private partnership project construction has entered the “fast lane,” Wang Yiming of the State Council Development Research Center was quoted by Xinhua as saying.

The push to tap private funds comes as the government tightens controls on new local government debt after a borrowing binge that followed the financial crisis.