China to invest over $58bn in telecom sector this year

China will invest over CNY370 billion ($58.5 billion) in its telecommunication sector this year, up over 10% from last year, state radio reported Friday, citing an official with the Ministry of Industry and Information Technology.

"This year will see a fresh round of investment in our country's telecommunications infrastructure," Vice Minister Shang Bing was cited as saying.

Beijing is seeking to boost its slowing economic growth by expanding investment in projects such as infrastructure construction.

China's State Council, or cabinet, on Wednesday revealed fresh plans to spur economic growth, including faster construction of existing large infrastructure projects.

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