The Chinese government will invest 50 billion yuan (US$6.0 billion) in rural infrastructure construction this year, according to the State Development and Reform Commission.

 

The figure was released Monday at a working meeting on the rural economy attended by representatives from development and reform offices.

 

Although the central government has cut treasury bond investment this year, 30 percent of the bond, or 40 billion yuan (US$4.8 billion), has been earmarked for agriculture-related infrastructure construction, up about five percentage points from the previous year.

 

Together with funds from the central government, total projected investment adds up to 50 billion yuan (US$6.0 billion), said deputy director Liu Jiang of the State Development and Reform Commission.

 

The money will be used mainly on projects such as transportation, irrigation and electrical power systems in the countryside. Priority will be given to the western areas and major grain production centers.

 

(Xinhua News Agency April 13, 2004)