South China's Shenzhen city, the boomtown bordering Hong Kong, plans to invest at least 256.3 billion yuan (US$31.2 billion) in 222 major projects involving infrastructure, manufacturing and logistics sectors in the coming years.
A spokesperson for the Development Planning Bureau of Shenzhen municipal government said the projects were of great importance for Shenzhen to realize its ambitious goal of becoming a metropolis of international standards in south China.
Twelve projects relate to the development of the harbor, involving 32.9 billion yuan (US$4 billion) in investment; 21 are road projects with a total investment of 24.1 billion yuan (US$2.9 billion); seven power projects with an investment of 21.1 billion yuan (US$2.57 billion); two subway projects with a combined investment of 58.6 billion yuan (US$7.1 billion); and the rest high-tech and advanced manufacturing projects with an overall investment of 54.9 billion yuan (US$6.69 billion).
The city also plans to invest 28.3 billion yuan (US$3.45 billion) in 44 logistics and commerce projects, and 52 public projects, including environmental protection, which involve an overall investment of 36.4 billion yuan (US$4.43 billion).
The spokesperson said 96 of the projects should be completed before 2005.
The projects are anticipated to add 159.6 billion yuan (US$19.4 billion) to Shenzhen's annual gross domestic product (GDP), said the spokesperson.
Shenzhen has the Chinese mainland's highest per capita GDP at US$5,561.
Li Decheng, executive deputy mayor of Shenzhen, said Shenzhen would explore more ways to raise capital for the projects, including government and corporate bonds.
(Xinhua News Agency August 9, 2003)
