To: RealMuLan who wrote (1361 ) 2/24/1998 2:26:00 PM From: RealMuLan Respond to of 2951
Here is some good news from China: Zhu: Nation keeps economic growth CHINA is expected to maintain an economic growth rate of more than 8 per cent this year, says Chinese Vice-Premier Zhu Rongji. While meeting Kurt Biedenkopf, minister-president of Germany's State (province) of Saxony, Zhu said yesterday the inflation rate for the year will be kept at a "very low level" compared with the rapid economic growth. Since 1996, China's economy has followed a development path of "high-growth and low-inflation," he said, assuring the country's investment environment will "get better and better." Zhu welcomes investments by German enterprises to strengthen bilateral co-operation. ... (Xinhua) ------------------------------------------------------------------------ Date: 02/24/98 Author: Copyrightc by China Daily State reveals investment plan for next three years CHINA'S total investment in the next three years will amount to almost US$1 trillion, providing great opportunities for the utilization of foreign capital, a top official said yesterday in Beijing. "In the Ninth Five-Year Plan (1996-2000), China's investment plan is set at 13 trillion yuan (US$1,566 billion)," said Chen Jinhua, minister of the State Planning Commission (SPC). In the first two years of the plan, investments totalling 5 trillion yuan (US$602 billion) were made, and others worth 8 trillion yuan (US$963 billion) will be made in the remaining three years. Chen made the remarks at the opening meeting of the two-day Project Financing Seminar, which is sponsored by the SPC, the China-Britain Trade Group and British Invisibles. The co-sponsor is China's Huaneng Power International. "The (investment) plan will not be changed, but the investment structure will be adjusted in accordance with the change in the domestic and international situation," Chen said. The focus will be on infrastructure, urban housing construction and its auxiliary projects, as well as high-tech industries. "The completion of these construction projects will mainly rely on China's large amount of savings deposits and domestic (fund) accumulation," Chen noted. It also gives more opportunities for the utilization of foreign capital. The seminar -- attended by more than 100 scholars and experts from central government departments, large enterprise groups, financial agencies, lawyers' offices, large overseas investment firms and insurance companies -- was aimed at pushing the development of financing China's projects. "The meeting is to guide the foreign capital toward infrastructure and basic industries, learn lessons from the financial turmoil in Southeast Asia and strengthen the supervision of the foreign capital's work," said an SPC official who declined to be identified. The project financing is a method of raising funds on international capital market for the China-based project. The British ambassador to China, Anthony Galsworthy, told the meeting that "the seminar will show that Britain is a country which can offer everything needed for project financing in China." ------------------------------------------------------------------------ Date: 02/24/98 Author: Sun Shangwu Copyrightc by China Daily