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China allocates more than 60% of central budget to public works as of May (06/04/09)

BEIJING, June 4 (Xinhua) -- China allocated 562 billion yuan (82.3 billion U.S. dollars) for public works projects as of May 31, completing 61.9 percent of its central budget this year, the Ministry of Finance (MOF) said in an online statement here on Thursday.

More than half of the allocated went toward rural development and prominent infrastructure construction, according to the MOF.

A total of 138.1 billion yuan was put into projects to enhance rural infrastructure and improve living standard in the countryside through the construction of irrigation facilities, power grids and paved roads.

Another 163.5 billion yuan went toward infrastructure projects such as railway, highway, airports and harbor construction.

Other spending included 84.8 billion yuan for reconstruction in areas hit by the May 12 earthquake last year, 42.7 billion yuan for low-income housing project, 44.2 billion yuan for education, medical care and cultural development, 41.2 billion yuan for industrial upgrades, 27.8 billion yuan for environmental protection and energy saving as well as 19.7 billion yuan for public service facility buildings.

China's total central budget for 2009 increased 487.5 billion yuan from last year to reach 908 billion yuan -- with bond issuance as a major way of fundraising.

 


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