China to invest US$6.25b on construction
(Xinhua)
Updated: 2006-07-05 14:29
China's central government has budgeted more than 50 billion yuan (6.25
billion U.S.) to finance rural construction and development this year, says an
official investment guidebook released here on Tuesday.
The document released by the National Development and Reform Commission said
that about 31 billion yuan would be used to support grain production,
infrastructure development, education, sanitation, poverty alleviation and the
development of grass-roots democracy.
Over the past five years government financing of these types of projects
reach 25 billion yuan a year. Investment in water supply facilities are budgeted
at 4 billion yuan, an increase of 100 percent from a year earlier.
The central government is expected to spend 2.5 billion yuan in the
development of marsh gas projects, an increase of 150 percent from the previous
year.
Another 19 billion yuan has been budgeted for environmental protection,
development of large grain production bases and the country's off-shore fishery.
The document said the increased expenditures were designed to "shift the
focus of the country's infrastructure construction to the rural area".
According to the guidebook, better budget management and improved spending
efficiency are high priorities.
Starting this year the commission will provide details on which sectors need
capital support in rural China and make them public to better guide investment
from local governments.
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