The Guangzhou government is expected to invite private investors to participate in 128 major projects covering infrastructure, industry and development, according to AAStocks.com Ltd.

The projects, awaiting approval, are worth nearly an estimated 300 billion yuan ($48.4 billion).

Pan Jianguo, director of Guangzhou Municipal Development and Reform Department, said the investment for subway construction, which used to depend entirely on government loans or enterprise bonds, needs to be boosted.

He said it is feasible for the local government to develop major projects with the participation and operation by private investors.