China’s $2.3 Trillion Infrastructure Plan Puts America’s to Shame

With coronavirus lockdowns, a real estate downturn, and surging oil prices stemming from Russia’s invasion of Ukraine, Chinese President Xi Jinping is turning to reliable allies to keep his ambitious economic growth target in reach: the country’s more than 50 million construction workers.

At Beijing’s behest, local governments have drawn up lists of thousands of “major projects,” which they’re being put under intense pressure to see through. Planned investment this year amounts to at least 14.8 trillion yuan ($2.3 trillion), according to a Bloomberg analysis. That’s more than double the new spending in the infrastructure package the U.S. Congress approved last year, which totals $1.1 trillion spread over five years.