More than a year after the United States imposed sanctions on Russia, China has come up with a way to bring the country’s booming economy back online.
The country’s new architecture firm, the Dalian Bauhaus, has unveiled a $250 million plan to revive the countrys construction industry in the wake of the sanctions, which has left the country on a long-term debt binge and forced the government to slash spending.
“I think it’s an enormous opportunity for the country to be able to grow again,” said Yang Jianli, vice chairman of the firm’s engineering group.
The project, to be built by a Shanghai firm called Zhejiang Zhongjiang, aims to revitalize the country by helping to build a new infrastructure.
The project is the latest effort by China to rebuild its construction industry after decades of stagnation.
Its government has slashed spending, slashed foreign investment and launched a massive push to revitalise the economy through social-welfare programs, including a scheme to help the country get the world’s third-largest economy off a debt binge.
Zhejiang has built several infrastructure projects, including the Shanghai metro and the construction of a new airport.
In May, it said it would build a $1.5 trillion metro system.
But with Russia’s economy in free fall and the economy in a deep slump, China is struggling to turn its attention back to building its own infrastructure.
That has created a vacuum for private firms.
Bauhaus said it is aiming to be China’s “biggest engineering partner” to help revive the economy, though it said the company’s plans for the project were far from concrete.
“It’s really about giving the Chinese people the opportunity to really enjoy what they are experiencing, as opposed to the current state of affairs,” Yang said.
“It’s a huge opportunity for us.”
In addition to Yang, the firm includes former construction workers and engineers from several countries including Japan, Brazil and Turkey.
The firm’s main clients are the government and private sectors.
The Dalian project, which is not yet complete, is not China’s first attempt at a new architecture-building strategy.
Zheijian plans to invest $1 billion in building a 1,000-hectare (400-acre) campus in Shanghai.
Last year, it launched a $4 billion project to revitalizing its construction sector.
But the new project has the advantage of being built in China, with the government already supporting it.
It has the backing of the Chinese government, which wants to promote construction as a way of cutting down on the country s debt burden and create jobs.
The government has promised to spend $15 billion over five years to finance the project, including $2.5 billion from the government, the biggest stimulus package ever given to China.
The state-owned China Construction Bank has also pledged to provide up to $2 billion of financing.
The new project will be a joint venture between Zheijing Zhongjing and a Chinese state-run construction company called CCC.
CCC has invested $6 billion in the project so far, while Zhejing Zhongwang will contribute $5 billion, according to an official with the company.
The Chinese government has pledged to help build the project by providing a loan of up to 50 percent of the total cost of the project.
Zhang said he believes the project will bring China’s building industry back to life.
“If it is successful, this will really help the Chinese economy to become competitive again,” he said.
The firm has already laid out a plan to improve infrastructure in the U.S. and Canada, and plans to build an office park and hotel in Vancouver and a shopping mall in Toronto.
Yang said he hopes the company can find more partners for the Dalyas project.
The U.K. has already invested in building projects in the past.
The government is planning to spend up to a billion pounds ($1.7 billion) over five decades on infrastructure projects.
But Yang said China would likely find its own partners to help with the project’s construction.
The company will be based in Shanghai, which sits at the center of the global financial hub.
Its aim is to attract foreign firms to China by building up its infrastructure.
Yang hopes that, once he gets to work, the company will find a way for the U, U.KS. and other countries to benefit from its investment.