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China's IT Investment to Top One Trillion Yuan Over Next Five Years
China's investment in the information technology industry will top one trillion yuan over the next five years, Deputy Minister of Information Industry Lu Xinkui has said.
The investment will ensure that the size of the country's IT sector will double between 2000 and 2005, and that its added value will account for seven percent of the national gross domestic product (GDP).
Lu made the remarks at a recent conference here on the implementation of the 10th five-year plan on the industry.
According to the estimations of the ministry, 500 billion yuan of investment will go into the telecommunications sector, 50 billion yuan to postal services, and 400 billion yuan to electronic information.
Minister Lu noted that such a huge investment could not be financed by just government allocations, bank loans and enterprises' own funds.
He called for the raising of more funds from domestic and international capital markets and the deregulation of the sector to allow the entrance of private and foreign investment.
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