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 | Thursday, April 27, 2000, updated at 16:13(GMT+8) | ||||||||||||
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CB Offers Loan for Highway Building in ShaanxiThe Shaanxi branch of the Construction Bank (CB) will provide a loan of 11 billion yuan to fund highway construction projects in northwest China's Shaanxi Province over the next six years.An agreement on the project was signed between Chen Jinyou, president of the CB's Shaanxi branch, and Wu Xiaojian, director of the Shaanxi Provincial Communications Department at the ongoing East-West China Cooperation and Investment Trade Fair. Shaanxi Province, which occupies an important position linking eastern and western China, plans to build the largest highway network in China, with the length of new roads totaling 8,000 km, in the coming 10 years. By then, it will take visitors only one day to travel between this provincial capital and nine other major Chinese cities, including Beijing, Taiyuan, Zhengzhou, Wuhan, Chongqing and Hefei. The province plans to build six high-grade highways during the country's tenth Five-Year Plan period (2001-2005). The CB loan will be used for this purpose, and supplement funds raised by the provincial government. Meanwhile, the provincial government has decided to sell the management right of 19 highways, either completed or being built, to overseas investors as a way to raise funds for more infrastructure construction.
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