More Loans Earmarked for SW China

China's central bank plans to provide another 80 billion yuan (nearly 10 billion U.S. dollars) in loans this year for major development projects in four southwest China provinces.

The recipients are Sichuan, Guizhou, Yunnan provinces and the Tibet Autonomous Region, four of western China's 10 poorest provincial areas targeted by the central government for wide-ranging support in an ambitious regional development program.

An official in charge of the central bank's regional center told Xinhua the increased figure represents 12 percent growth over the 1999 loan figure.

Sichuan is expected to receive 52.9 billion yuan (6.3 billion U.S. dollars) in additional loans, Guizhou, 10.6 billion yuan (1.3 billion U.S. dollars), Yunnan, 15.9 billion yuan (1.9 billion U.S.dollars), and Tibet, 600 million yuan (72 million U.S. dollars).

The official with Chengdu Branch of the People's Bank of China said that in regard to loan distribution, priority is given to projects involving infrastructure construction, ecological conservation, market-oriented high-tech industries, and development programs in areas densely populated by ethnic minority groups.

The branch will also encourage closer cooperation between the country's developed east and developing west when considering issuing loans.

He said 176 infrastructure projects under construction in the four provincial areas will be top priority when issuing loans.

The projects, whose estimated costs total 191.8 billion yuan (23.1 U.S. dollars), include expressways, railways, airports, natural gas pipelines, water conservancy and power transmission networks, telecommunications, and radio and television transmission facilities.


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