South China's Boomtown Plans 200 Major ProjectsSouth China's boomtown, Shenzhen, has listed 200 major projects as part of its priority development program for the coming five years, involving an estimated investment of 227 billion yuan (27.9 billion US dollars).Yu Youjun, mayor of Shenzhen, said earlier this week 98 high-tech industrial projects will make up a large share of them, which costs 89.1 billion yuan (10 billion US dollars), followed by 22 materials circulation projects with a total investment of 50 billion yuan. The mayor said 24 major environmental, agricultural and tourism projects are expected to require an investment totaling 15.7 billion yuan, while the investment in 21 social development projects is estimated at 9.8 billion yuan. Each of the major projects costs more than 100 million yuan (12 million US dollars), he said. The huge investment will provide great support for Shenzhen to increase its annual gross national product (GDP) to 300 billion yuan by 2005 with its annual GDP growth rate at 12 percent. The mayor said the planned high-tech projects are expected to increase the GDP by 190 billion yuan each year. He said to reach the goal, 20 billion US dollars worth of overseas investment is required during the coming five years. The figure is equal to the total amount of overseas investment it has used during the past two decades. |
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