Apr. 27 – As part of the next phase of its stimulus plan, Beijing is set to spend RMB70 billion or US$10.3 billion to be used mostly for infrastructure projects.

The amount is part of the total RMB4 trillion yuan stimulus package announced by Beijing last November to help the economy cope with the global credit crisis. So far, RMB230 billion of the money has been used in batches of RMB100 billion and RMb130 billion released during the later part of last year.

Last week, Chinese Premier Wen Jiabao said that the stimulus package was working and the economy was performing better than expected although he tempered this by saying full recovery will still take longer because of the effects of the international financial crisis.