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Quake relief needs 1.3t yuan more

By Fu Jing, Si Tingting and Yu Chenkang (China Daily)
Updated: 2009-03-07 08:59

Quake-hit Sichuan province is still facing an investment shortfall of more than 1.3 trillion yuan (US$199 billion) out of a total of 1.7 trillion yuan that is needed to speed up recovery efforts by 2010, a senior provincial government official said on Friday.

That means more than 75 percent of the total post-quake recovery investment would have to come from non-governmental sources, Sichuan governor Jiang Jufeng told China Daily.

"Right now, we are facing a huge investment shortfall. So, we are designing effective mechanisms to attract more (investment)," Jiang said.

The central government has pledged 220.3 billion yuan for reconstruction efforts. It has set up a special post-recovery fund for that, Jiang said. Federal government aid and donations by State-owned enterprises and others in Sichuan have brought in just 350 billion yuan so far, he said.

The 0.7-trillion yuan expansion in the post-quake reconstruction budget was prompted by the addition of more counties to the recovery effort, Jiang said. In July last year, the central government had made an investment estimate of 1 trillion yuan for post-quake relief, estimating that only 39 quake-hit cities and counties would need the money.

However, further assessment revealed that a total of 142 counties would need more financing help to get back on their feet.

"That's why the investment should be expanded," Jiang explained.

He also clarified that the reconstruction would be completed a year ahead of schedule. "Nearly all the work will be completed by 2010," he said. The earlier estimate was that it would go on until 2011.

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The Sichuan government would encourage private entities to invest in energy, railways and tourism projects as part of the reconstruction package, Jiang said.

Banks and other investors too would also be roped in for financing recovery projects. "We are designing a mechanism which would help repay the lenders when the financial situation in Sichuan becomes better," said Jiang.

But Sichuan's economy would experience a downswing in the short-term, he cautioned. "We will face a very tight fiscal situation and great difficulty in increasing people's incomes," he warned.

Jiang, however, said he was confident that the crisis would be overcome with central government help, which had prioritized investment in post-quake recovery efforts.

"This is a new instruction from our highest leadership," said Jiang. "The aim is to rebuild Sichuan into an economic powerhouse in Western China."