Massive Investment Promised to Western China

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Last updated at: (Beijing Time) Saturday, September 06, 2003

Massive Investment Promised to Western China

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The central government will put 130 billion yuan (15.7 billion US dollars) of investment into the country's western region this year to initiate 14 key projects there, according to a high-ranking official.

Wang Zhibao, deputy-director of the western development leadinggroup under the State Council, was quoted in Friday's edition of the Economic Information Daily as saying that during the past three years, 36 key projects have got started in China's economically underdeveloped west under the country's ambitious western development strategy.

The projects have used up 200 billion yuan (24 billion US dollars) of capital, or one third of the planned total, Wang said.

In the first half of the year, China's western region realized a year-on-year GDP growth of 10.7 percent and the input in fixed assets registered a considerable hike of 40.8 percent compared with the same period of last year.

Statistics show that from 2000 to 2002, the region's economy witnessed steady progress with the GDP reporting a rise of 8.5 percent, 8.7 percent and 9.9 percent respectively.

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