China's Sichuan province, which was hit by the massive earthquake in May, plans to set up an 80 billion yuan State-owned investment company to finance major infrastructure projects in the area.

The proposed Sichuan Development (Holding) Co Ltd will have an initial registered capital of 80 billion yuan, China Business News reported, citing a provincial circular issued on Dec 8.

The investment firm, which will serve as a financing platform to help fund infrastructure projects such as railway and other industries, may have as much as 100 billion yuan in registered capital, Sichuan Vice-Governor Li Chongxi said on Dec 2.

Several industry-specific investment firms, such as environment or agriculture-focused investment companies, will also be established under the planned Sichuan Development (Holding), according to the circular.

The company is to be officially inaugurated soon, the newspaper said, without giving a definite date.

(China Daily December 16, 2008)