China appropriates CNY70bn for reconstruction

22 May 2008 06:05  [Source: ICIS news]

SHANGHAI (ICIS news)--The Chinese Government will provide yuan (CNY)70bn ($10.1bn) for reconstruction efforts in the earthquake-stricken Sichuan province, Premier Wen said in a meeting of the State Council late on Wednesday.

The government would use the funds over the next two-three years to rebuild the areas that were devastated in the earthquake, he added.

Construction of new buildings for government offices would be scaled back while central government spending would also be cut by 5% to provide for the disaster relief, Premier Wen added.

Exact details of how the funds would be used, were not disclosed at the meeting.

The Ministry of Finance has already provided an estimated CNY 12.87bn for post-quake relief works as of 22 May.

($1=CNY6.96)

To discuss the effect of the Chinese earthquake visit the forum on ICIS connect 

By: Dolly Wu
+65 6780 4359

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