The nation's top economic planner said Tuesday that it approved a railway project in East China's Fujian Province, one of many infrastructure projects planned as the country looks to avert a sharp economic slowdown.

The project, with a total investment value of 11.1 billion yuan ($1.69 billion), will involve the construction of a 162 kilometer railway and is expected to take 4.5 years, according to a statement on the National Development and Reform Commission's website.