BEIJING, Nov 5 (Reuters) - China plans to invest 5 trillion yuan ($732 billion) on roads, waterways and ports in the next three to five years, massively expanding its original budget, to cushion the impact of the global financial crisis, the China Business News reported on Wednesday.

The semi-official newspaper cited an unidentified source as saying the spending would be over 2 trillion yuan ($293 billion) more than the transport ministry's initial investment plan.

'It will not only help China complete the original plan ahead of time but will also spur domestic demand through the additional investment. After all, such infrastructure investment will achieve instant results,' the source said.

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Posted by boyang at November 5, 2008 10:37 PM