China: Sichuan to introduce 600 bln yuan for reconstruction

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CHENGDU, Oct 27, 2008 (Xinhua via COMTEX News Network) -- Southwest China's Sichuan Province plans to introduce 600 billion yuan worth of investment for reconstruction work in quake-stricken areas.

According to Huang Xiaoxiang, deputy governor of Sichuan Province, 685 projects for reconstruction will require domestic and overseas investment of 601.7 billion yuan.

Speaking at the International Cooperation Meeting for Reconstruction Projects in Sichuan Province, Huang said that the investment is scheduled for infrastructure construction as well as cultural and tourism projects.

It's estimated that reconstruction of the quake-stricken areas needs 1000 billion yuan.

China's central government will offer 30 percent of the reconstruction fund, or 300 billion yuan, for the reconstruction work, and the other 70 percent will come from local governments, assistance from other parts of the country, investment at home and overseas as well as financing from financial institutions.

At present, 70 billion yuan from the central government have been put into use, according to Yang Weimin, deputy secretary-general of China's National Development and Reform Commission.

The meeting attracted business and embassy representatives from more than 20 countries.