China bets on $2tn high-tech infrastructure plan to spark economy

HONG KONG -- When Chinese Prime Minister Li Keqiang delivered his government's annual work report in Beijing recently, the so-called new infrastructure initiative was high up on the agenda. The phrase also cropped up when Huawei Technologies and Baidu talked about their business outlooks earlier this year. But what exactly is this initiative, which is expected to generate more than $2 trillion in investment over the next five years?