Economy

China earmarks $5b for transportation projects

(Xinhua)
Updated: 2011-06-10 17:20

BEIJING -- The Chinese central government has allocated 32.06 billion yuan ($4.9 billion) to set up a special fund to support major transportation projects across the country, the Ministry of Finance (MOF) said Friday.

Related readings:  MOR gears up to help ease power shortage  China to invest 6.2t yuan in transportation  China to promote rail-and-waterway transportation network

The fund will be earmarked to support the construction of roads, transport hub facilities and waterways, said a statement on the MOF's website.

The 32.06 billion yuan in funding came from vehicle purchase taxes, according to the MOF.