China Completes 4,600 Projects with National Debt

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Last updated at: (Beijing Time) Wednesday, May 22, 2002

China Completes 4,600 Projects with National Debt

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China had completed more than 4,600 projects with national debt specially issued for long-term construction campaign, with a total investment of 1,930 billion yuan (US$233.37 billion), by the end of last year, according to the State Development Planning Commission (SDPC) of China.

This year, the SDPC will adopt measures to ensure that planned projects are completed on time.

From 1998 to 2001, China recorded a national debt of 510 billion yuan (US$61.67 billion) for its long-term construction projects, among which 50 billion (US$6 billion) was invested in the west of the country.

In the past four years, China financed 8,600 projects with 2,600 billion yuan (US$314.29 billion) of national debt, among which 4,000 projects were left for this year with 670 billion yuan (US$81 billion).

In the meantime, a total of 370 billion yuan (US$44.74 billion) was invested in west China, including 50 billion yuan (US$6 billion) in 2001.

According to the SDPC, the Chinese national debt has been used in 10 fields of the national economy, with projects covering all the provinces and regions.

National debt has played an enormous role in withstanding the Asian economic crisis, expanding domestic consumption, boosting the national economy, and increasing job opportunities.

To ensure a smooth progress in these national-debt-funded projects, the SDPC has taken measures to supervise their operation this year. Any misuse of the national debt will be severely published.

A report with the Auditing Administration of China shows that China found 512 million yuan (US$61.91 billion) of national debt fund misused this year, accounting for 1.2 percent of the total, which is 0.1 percentage points lower than the previous year.

Since 1998, the quality of projects funded with national debt and relevant fund management has improved due to a strengthened governmental administration.

In general terms, projects using national debt were much better than other construction projects in China.

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