Scenic City in E. China Gets Huge Loan for Key Projects

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Last updated at: (Beijing Time) Tuesday, August 05, 2003

Scenic City in E. China Gets Huge Loan for Key Projects

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Hangzhou city, capital of east China's Zhejiang province, has received loans totaling 3.35 billion yuan (403 million US dollars) from various banks for the development of key projects in the first half of this year, according to the city's development and planning committee.

The loans will be used to finance projects in the sectors of infrastructure facilities, transport, commerce and tourism, industrial parks and zones for universities and colleges, said officials with the committee.

Some 1.75 billion yuan (210 million US dollars) will be channeled into the construction of urban infrastructure facilities,and 750 million yuan (90 million US dollars) will be invested in the city's transport facilities, mainly on the construction of expressways.

Another 750 million yuan (90.3 million US dollars) will be put into the development of commerce and tourism, including 500 million yuan (60.2 million US dollars) on the comprehensive renovation of the famous West Lake.

In addition, some 200 million yuan (24 million US dollars) and 20 million yuan (2.4 million US dollars) will be used respectivelyfor the development of the city's industrial park and college zones.

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