Major Moves to Boost Economic Growth in Jiangsu Province

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Last updated at: (Beijing Time) Sunday, June 01, 2003

Major Moves to Boost Economic Growth in Jiangsu Province

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Jiangsu Province in east China vowsto boost economic development by launching 70 key projects with aninvestment estimated at 75 billion yuan (about 9.08 billion US dollars) for this year alone, according to the provincial authorities.

The projects began this month with the expansion of the Jiangsusection of the Shanghai-Nanjing Expressway with investment forecast at nine billion yuan (1.08 billion US dollars).

Jiangsu is one of the major economic powerhouses in China, accounting for one tenth of the country's total economy and one tenth of the country's total foreign investment.

According to the economic development plan mapped out by the province at the start of the year, the total fixed assets investment of the province will top 431 billion yuan (51.9 billionUS dollars) this year, up 12 percent year-on-year.

In addition, Jiangsu has given priority to the country's key south-to-north water diversion project. The eastern section of theproject is scheduled to be completed within three years with investment hitting 830 million yuan (100 million US dollars).

The province also planned to invest 3.7 billion yuan (445 million US dollars) on the construction of water conservation projects.

During the first four months this year, Suzhou City injected investment totaling 748 million yuan (90 million US dollars) into expressway development.

At present, a total of 17 expressways are under construction inthe province with a total planned length of 1,700 kilometers. According to the provincial transportation department, some 300 kilometers of expressways will be completed this year.

Jiangsu has also vowed to speed up telecommunications development and will invest 160 billion yuan (19.3 billion US dollars) by the end of the year in the technical renovation of itstelecommunications sector.

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