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Shenzhen to Invest 380 Billion Yuan in Fixed Assets
China's first special economic zone, Shenzhen, in south China's Guangdong Province bordering Hong Kong will pump 380 billion yuan (about 45.78 billion U.S. dollars) into fixed assets projects over the next five years.
A local official who has participated in drafting Shenzhen's development plan for 2001-2005 disclosed that the investment will go for high-tech and environmental protection industry projects, port service facilities, urban civil works, and affordable housing projects.
The official said 15 percent of the total spending will be covered by overseas investment.
So more methods will be used to raise capital overseas and greater efforts will be made to encourage overseas investors to invest in profitable basic and public works, said the official.
Shenzhen used to be a small border town. Earthshaking changes have taken place since it became a special economic zone on August26, 1980. Over the past two decades, it has invested 292.2 billion yuan (about 35.2 billion U.S. dollars) in fixed assets.
Shenzhen has become a regional transportation hub and the country's largest land port of entry and exit. The area of the city has expanded to 320 square kilometers.
The city has set a goal to lead the nation in modernization by the year of 2005.
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