The Chinese government will invest 50 billion yuan (US$6.0
billion) in rural infrastructure construction this year, according
to the State Development and Reform Commission.
The figure was released Monday at a working meeting on the rural
economy attended by representatives from development and reform
offices.
Although the central government has cut treasury bond investment
this year, 30 percent of the bond, or 40 billion yuan (US$4.8
billion), has been earmarked for agriculture-related infrastructure
construction, up about five percentage points from the previous
year.
Together with funds from the central government, total projected
investment adds up to 50 billion yuan (US$6.0 billion), said deputy
director Liu Jiang of the State Development and Reform
Commission.
The money will be used mainly on projects such as
transportation, irrigation and electrical power systems in the
countryside. Priority will be given to the western areas and major
grain production centers.
(Xinhua News Agency April 13, 2004)