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NDRC: Total investment to surpass 18t yuan next year

(China Daily)
Updated: 2008-11-27 11:21

NDRC Nov 27 Press Conference

Related readings:  China to buy crops to protect farmers  350b yuan to pour into environmental industry  Total investment to surpass 18t yuan next year  Fuel tax scheme to be made public soon Economic planner unveils stimulus breakdown

China's total social investment is predicted to reach 18 trillion yuan ($2.64 trillion) in 2009, National Development and Reform Committee (NDRC), the country's top economic planner, announced in Beijing on Thursday.

"The 4 trillion ($586 billion) stimulus package is only part of the whole picture. China's total social investment exceeded 13 trillion yuan in 2007 and is expected to top 16 trillion yuan this year," said NDRC head Zhang Ping.

Zhang said the central stimulus package was roughly divided into seven parts, with 1.8 trillion yuan going towards large-scale infrastructure projects such as railways, roads, airports and the national grid.

One trillion yuan is for reconstruction in areas most affected by the May 12 earthquake in the southwestern Sichuan Province.

The rest of the stimulus money will be spent on an affordable housing project, rural well fare and infrastructure construction, medical and cultural development, environmental protection as well as industrial restructuring.

Next year's total social investment will have the same focus with the central plan which involves improving people's lives and promoting rural development, according to Zhang.