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Development

China to Direct 18 Bln Dlrs of Bonds into Developing Western Region

[WTN-L World Tibet Network News. Published by The Canada Tibet Committee. Issue ID: 02/04/11; April 11, 2002.]

BEIJING, April 9 (AFP) - The Chinese government will put 40 percent of this year's 150 billion yuan (18 billion dollars) in special treasury bonds into development projects in the country's impoverished western regions, state press announced Tuesday.

The decision on how to divide up the funds was reached by the State Developmental Planning Commission and has been approved by China's cabinet, the State Council, the official mouthpiece People's Daily reported.

This will be the third year running that China has issued 150 billion yuan in special treasury bonds as part of an ongoing expanding fiscal policy aimed at pump priming the economy and stimulating domestic demand.

Of the bonds, 46 billion yuan would be spent on the Qinghai-Tibet railway, county roads in western and impoverished regions and bringing electricity to backward rural ares, the paper said.

Eighteen billion would also go on other projects in China's west, the report said.

Elsewhere, 38 billion yuan would be spent on water conservancy and forestry projects, including strengthening dikes on the lower Yangtze and protecting and planting forests.

China would spend 17 billion yuan on urban environmental projects, urban infrastructure projects and new granaries for the central grain reserve, it said.

For other projects involving education, sanitation, tourism and law and judicial projects, the government earmarked 13 billion yuan, it said, with the remainder of the 150 billion going on other schemes.


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