China plans US$440 bil. investment in Sichuan

Updated Saturday, November 22, 2008 12:02 am TWN, AFP

China plans US$440 bil. investment in Sichuan

BEIJING -- China is to spend nearly 440 billion dollars by 2010 on rebuilding the quake-hit southwestern province of Sichuan and helping it cope with the global economic crisis, an official said Friday.

Total investment in the province, funded by the government, banks and the private sector, will exceed three trillion yuan (US$438.9 billion) by 2010, said Wei Hong, vice governor of Sichuan.

The cash injection is part of Beijing’s plan to expand domestic demand and boost economic growth, Wei told reporters at a briefing in the capital. The investment will be 790 billion yuan for this year and 1.2 trillion yuan next year, he added.

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