China is expected to invest 400 billion yuan annually in sponge city construction in the next five years, which may significantly boost development of the domestic water conservancy industry, China Securities Journal reported on Thursday.
Water conservancy construction has been put on top agenda of China's eight major infrastructure network construction projects in the country's 13th Five-Year Plan (2016-2020) proposals. Wang Jiazhuo, an expert of China Academy of Urban Planning and Design, said at a summit recently that according to China's sponge city construction plan, a total of 658 cities will see 20 percent of their city area capable of absorbing and utilizing 70 percent of the rain water in the next five years, which is expected to cost more than 400 billion yuan each year.
China spent a record 488.1 billion yuan in water conservancy construction in 2014 including 162.7 billion yuan from the central government, up 11 percent and 15.6 percent from that of the previous year, respectively.
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