Over 12 percent economic growth rate forecast for Tibet

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Last updated at: (Beijing Time) Saturday, November 01, 2003

Over 12 percent economic growth rate forecast for Tibet

Driven by fast growth in fixed assets investment, Tibet Autonomous Region government is predicting a growth rate of more than 12 percent this year.

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Driven by fast growth in fixed assets investment, Tibet Autonomous Region government is predicting a growth rate of more than 12 percent this year.

To realize its goal of fast economic growth, Tibet, southwest China, launched 109 key infrastructure projects this year, with a combined investment estimated at 12 billion yuan (1.45 billion US dollars).

The 109 projects included 78 of the 117 aid-Tibet projects which are funded by other Chinese provinces and autonomous regions.

Construction on major projects such as the section of the Qinghai-Tibet railway in the region, the Lhasa cement plant, Nyingchi airport and the renovation of buildings at Tibet University are progressing smoothly.

By the end of September, Tibet had used 8.792 billion yuan (1.06 billion US dollars) in infrastructure construction, up 35.42 percent over the corresponding period last year.

Xu Mingyang, vice-chairman of the regional government, said infrastructure construction played a vital role in stimulating domestic demand and increasing the incomes of farmers and herdsmen.

Tibet has maintained an annual economic growth rate of over 12 percent since 1994.

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