Shenzhen Plans Huge Investment in Major Projects

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Last updated at: (Beijing Time) Saturday, August 09, 2003

Shenzhen Plans Huge Investment in Major Projects

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South China's Shenzhen city, the boomtown bordering Hong Kong, plans to invest at least 256.3 billion yuan (31.2 billion US dollars) 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 (four billion US dollars) in investment; 21 are road projects with a total investment of 24.1 billion yuan (2.9 billion US dollars); seven power projects with an investment of 21.1 billion yuan (2.57 billion US dollars); two subway projects with a combined investment of 58.6 billion yuan (7.1 billion US dollars); and the rest high-tech and advanced manufacturing projects with an overall investment of 54.9 billion yuan (6.69 billion US dollars).

The city also plans to invest 28.3 billion yuan (3.45 billion US dollars) in 44 logistics and commerce projects, and 52 public projects, including environmental protection, which involve an overall investment of 36.4 billion yuan (4.43 billion US dollars).

The spokesperson said 96 of the projects should be completed before 2005.

The projects are anticipated to add 159.6 billion yuan (19.4 billion US dollars) to Shenzhen's annual gross domestic product (GDP), said the spokesperson.

Shenzhen has the Chinese mainland's highest per capita GDP at 5,561 US dollars.

Li Decheng, executive deputy mayor of Shenzhen, said Shenzhen would explore more ways to raise capital for the projects, including government and corporate bonds.

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