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BIZCHINA / Top Biz News |
Urban rail lines get 1b yuan from social security fund(Xinhua)
Updated: 2007-09-10 10:29 China's National Council for Social Security Fund (NSSF) has agreed to invest 1 billion yuan (US$131.6 million) to finance construction of two urban rail transit lines in Beijing. NSSF has entrusted China Pingan Trust and Investment Co Ltd (PATIC) to manage the investment, according to an agreement signed by NSSF, PATIC and Beijing Infrastructure Investment Co Ltd last Thursday. The money will be used to fund the construction of Beijing's No. 5 urban rail line and another line leading to the Beijing Capital International Airport. The length of rail transit lines will reach 561.5 kilometers by 2020, up from the present 114 kilometers in operation, to meet the city's fast urbanization, according earlier news reports. An official with NSSF said the investment will help to supplement its pension accounts because urban rail transit projects in Beijing could bring good returns. Key infrastructure projects are safer as they are backed by the government, said the official. NSSF said on its website that as the host city of the 2008 Olympic Games, Beijing will start many other big projects which provides investors with good opportunities. It will continue to fiance construction of key infrastructure projects and reform of State-owned enterprises in the city.
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