China

China allocates 20 bln yuan for 2010 reconstruction of quake-hit regions

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BEIJING, Dec 28, 2009 (Xinhua via COMTEX) -- Chinese government has allocated 20 billion yuan (2.93 billion U.S. dollars) in advance from the central budget to reconstruction in quake-battered Sichuan, Gansu and Shaanxi provinces in 2010, the Ministry of Finance said Monday.

Sichuan will get 17 billion yuan and Gansu will receive two billion yuan. Another one billion yuan will go to Shaanxi, the statement said.

The fund will be used to finance projects in infrastructure, environment, damage prevention and relief and reconstruction of industries, according to the statement.

China had stepped up allocation of reconstruction funds in line with the government policy to accelerate rebuilding quake-hit region and boost domestic demand, the statement said. The 130 billion from the central budget planned for reconstruction this year had been allocated, it added.

The Ministry of Finance will continue to step up fund allocation in an attempt to complete all work within two years instead of three years set previously.