| Last updated at: (Beijing Time) Friday, November 16, 2001 |
Bond-Aided Technical Upgrading Projects Spur China's Economic Growth |
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The key projects of technological upgrading for which China earmarked special treasury bonds will give huge development momentum to the national economy, said a senior official.
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The key projects of technological upgrading for which China earmarked special treasury bonds will give huge development momentum to the national economy, said a senior official.
Gan Zhihe, director of the Investment and Planning Department under the State Economic and Trade Commission (SETC) said that to further expand domestic demand, China decided in 1999 to issue more treasury bonds to support technological upgrading of its key enterprises.
In the past three years, a total of 26.54 billion yuan of from the revenue of treasury bonds has been allocated to key industries including metallurgy, textiles, petrochemistry, non-ferrous metals, machine-building, electronics, information technology, and paper making.
Notable achievements have been made in these industries, now that their structures have been adjusted, key enterprises developed and new products launched, he said.
By the end of 2000, the SETC had approved 880 projects of technological remolding with an investment of 237.5 billion yuan. So far, 604 projects have been started, the investment for which amounts to 156.8 billion yuan, including 17.62 billion yuan of T-bond proceedings.
He said as of the end of October 2001, 164 projects had gone into production, and another 125 projects are expected to be operational by the end of this year. By then the 289 projects will be able to create profits of 15.8 billion yuan and generate tax revenue of 8.8 billion yuan.
This year, the SETC has named another 338 upgrading projects to get funding of 43.5 billion yuan for implementation next year, he said.
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