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Guangzhou to invest $11.7b in 82 projects this year

By Zhan Lisheng (China Daily)
Updated: 2009-02-24 06:51

The capital of Guangdong province will pump in an investment of 80.65 billion yuan ($11.7 billion) for 82 key projects this year, Mayor Zhang Guangning said yesterday.

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"Apart from infrastructural projects for the 16th Asian Games to be held in Guangzhou next year, the money will be used for improving roads and traffic, the living standard of our residents, and building modern industries," the mayor announced while opening the annual session of the people's congress of Guangzhou.

Zhang said the city government will pool in a capital of "350 billion yuan in the next two years for construction projects, which will stimulate a fixed assets investment of about 500 billion yuan".

Of the 82 projects set aside for 2009, 24 are for improving the city's traffic infrastructure, with a budget of 23.5 billion yuan, six are related to environmental protection (28.12 billion yuan), while five of them are projects for the 2010 Asian Games, budgeting more than 7 billion yuan, he said.

"The city government will also invest 4.34 billion yuan in 11 high-tech modern industrial projects, 10.19 billion yuan in 20 pillar and basic industrial projects, and 2.4 billion yuan in six service industrial projects," he said.

The remaining 10 projects, which aim to improve the standard of living for the local residents, include building better medical facilities, an opera house, libraries and low-rent houses.

"The investments are expected to further boost the economic development and improve people's quality of life," Zhang said.

Li Qingqing, an associate professor of economics with the South China Normal University, said that the "massive investment is necessary" to boost domestic consumption and maintain stable economic growth amid the global financial crisis.

"Guangzhou is aiming to become the leading city of Guangdong province. It must set an economic growth target higher than what the province and country have set," she said, adding, "Massive investments in fixed assets are important to achieve the target."

The city invested a total of 55.19 billion yuan in 76 key projects in 2008.

According to the mayor, Guangzhou is aiming for a 10 percent GDP growth this year, as compared to 8.5 percent set by Guangdong and 8 percent set by the State.

The GDP per capita is set to grow by 8.5 percent this year, investment in fixed assets by 12.5 percent, and retail volume of social consumables by 13 percent, he said.

According to the mayor's government work report submitted to the people's congress of Guangzhou yesterday, Guangzhou will step up efforts to improve the quality of water and air, accelerate development of rural areas, cut governmental expenses, and expand coverage of social pension, medical services and social welfare.