Guangdong Emphasizes Key Projects to Boost Economy

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Last updated at: (Beijing Time) Tuesday, June 17, 2003

Guangdong Emphasizes Key Projects to Boost Economy

Although the severe acute respiratory syndrome (SARS) has had a serious affect on some businesses in south China��s Guangdong Province, ten key construction projects, involving125 separate items, will begin on schedule within the year, according to a local official.

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Although the severe acute respiratory syndrome (SARS) has had a serious affect on some businesses in south China's Guangdong Province, ten key construction projects, involving125 separate items, will begin on schedule within the year, according to a local official.

The project is jointly operated by China National Offshore Oil Corporation (CNOOC) and the Royal-Dutch/Shell Group. It is the largest Sino-foreign joint project in the country and one of the leading petrochemical projects in the world. The project is expected to begin operation in 2005.

This petrochemical project is just an archetype, and all planned projects in Guangdong Province have not been stopped by the negative impact of SARS. Ten key construction projects involving 125 items must be initiated within the year on schedule, and most of them should be completed before 2005 and all the projects are to be finished before 2006, according to the official from Guangdong provincial government.

The latest statistical data shows that, by the end of April, 60 items went into construction, accounting for 48 percent of the total 125 items. These items have fulfilled a 4.62 billion yuan (US$556.6 million) investment, accounting for 25.6 percent of the annual plan. Among the reminder 65 items that have not been initiated, 26 items' feasible market investigation reports have been approved; 27 items' written proposals have been warranted, and the remainder 12 items' proposals have also been offered.

All of the 125 items of the ten construction projects will be started this year. A construction climax will come in the next two years.

Affected by SARS, export and consumption have slowed down. However, an active trend that was brought by the investment is emerging. In the short term, a total investment of 210.2 billion yuan (US$25.3 billion), involving the ten key construction projects will act as a strong impetus to speed up the healthy development of Guangdong's economy. In the long term, the ten projects will also play a strategic role in enhancing its after effect in Guangdong's social development.

These ten projects are involved in infrastructure facilities, basic industry, education and cultural structures. The projects will make up the future framework of the development in transportation, energy and industry fields, so as to fortify Guangdong's status as an economic powerhouse in China, and as one of the world's most economically active regions.

With regard to the construction of transportation and energy projects, profit and configuration have been stressed for the province's future development. The newly started expressway projects �� the Guangzhou-Zhuhai section of the Beijing-Zhuhai Expressway, the Zhanjiang-Gaungxi section of the Zhanjiang-Chongqing Expressway, will expand Guangdong's hinterland development.

For energy projects, a new power plant with 7.15 million kW output will be built up by utilizing clean natural gas, which will make sense of energy framework adjustments.

For projects involving second industries, petrochemical projects, auto and new and high-technology projects will realize the upgrading of Guangdong's industrial resources. The establishment of the two ethylene projects and two oil refining projects will provide an output of 40 million tons of oil and 2 million tons of ethylene, which will change the unbalanced situation between heavy and light industries.

For the auto industry, three complete automobile production projects and a group of vehicle accessory factories will be set up and expanded in the next three years, which will realize a production of 300,000 vehicles annually.

By 2005, the annual output of automobiles in Guangdong will be more than 500,000, with a production value of over 100 billion yuan (US$12 billion). The automobile industry will be the new backbone of the provincial economy.

A number of 61 new and high-technology items represented by software and extensive integrate circuitry will all be started this year, which will step up the province's international competitive ability.

A total sum of 3 billion yuan (US$361 million) will be earmarked for 26 environment items for the sustainable development of Guangdong's economy. By 2005, four new sewage disposal plants will be built up in Guangdong Province. Completion of the projects will bring the city a daily sewage treatment capacity of 2.2 million tons. (China.org.cn)

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