China approves around $20 billion in urban rail projects

MarketsReuters

China's state planner has approved urban rail plans costing 133.9 billion yuan ($20.08 billion) in the cities of Urumqi and Xiamen, according to statements published on the National Development and Reform Commission website.

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The projects were a 33.8 billion yuan plan for 41.8 kilometers (26 miles) of subway lines in the northwestern city of Urumqi, as well as a 100.1 billion yuan scheme for 224 kilometres of lines in the coastal city of Xiamen.

(Reporting by Brenda Goh)