Guangzhou will invest 118.40 billion yuan (US$14.26 billion) in 30 key projects in the coming years.
Gan Xin, director-general of Guangzhou Development Planning Commission, told a press conference announcing the official launch of the projects yesterday that budgeted investment for this year will total 11.50 billion yuan (US$1.39 billion).
He said that capital for the projects will come from three major sources - banks' credits, funds owned by enterprises involved and the municipal government's financial revenues.
Of them, 12 are related to the city's urban traffic infrastructure development, involving a cumulative investment of 90.10 billion yuan (US$10.86 billion), and making up 76 per cent of total investment in the city's key projects.
The infrastructure projects, ranging from new metro lines, cross-city light rail system in the Pearl River Delta region, the remaining project of Guangzhou New Baiyun International Airport, to urban expressways, are expected to fortify the position of Guangzhou as a regional traffic center in South China, he said.
And the four water disposal projects including Xilang Wastewater Disposal System, the second phase work of the Liede Wastewater Disposal Plant, the third phase of Datansha Wastewater Disposal System and the initial project of Lijiao Wastewater Disposal System, and together with Likeng Rubbish Combustion Power Plant, are expected to greatly improve the city's ecological environment.
According to the official, Guangzhou's key projects also include those related to the city's automobile industry as well as high and new-tech industry, which are the city's core industries.
The city's total investment for the automobile projects will reach 5 billion yuan (US$602.41 million) and the city will make much a point of improving and setting up a large number of car component manufacturers to strengthen the city's car industry.
Guangzhou is already the host to Honda and Nissan plants.
He said that construction will begin later this year of a plant in Guangzhou producing Hondas for export to the European and Asian markets.
He said that Guangzhou will set aside an investment of 1.22 billion yuan (US$146.99 million) for three new and high-tech projects, improving the industrial base and information infrastructure for faster development of new and high-tech industries.
(China Daily April 23, 2003)
