48 Projects Worth RMB 228.6 Billion to be funded by the Nanjing Municipal Government Go back »
2008-11-27 | Nanjing
Following the RMB 4 trillion investment from the Central Government that is aimed at expanding domestic demand, Nanjing municipal government will over the coming years fund 48 projects with a total investment of RMB228.6 billion. These 48 projects will cover key areas such as the reconstruction of dilapidated buildings, the construction of an extensive network of metro connections, the cross-river tunnel as well as the construction of a municipal tramway transportation system. These projects have been classified respectively into the following three categories:1.Projects aimed at attracting financial support from the central government
2.Projects aimed at obtaining administrative permission,
3.Projects aimed at accelerating pre-operation procedure.
Among these projects, 28 belong to Category 1 and represent a total investment of RMB 143 billion. Specific projects in this category will include the reconstruction of old and dangerous buildings, the construction of roads in rural areas, the extension of Nanjing Gulou Hospital, the establishment of Jinling Dabaoen Site Park, the construction of a protected tourist area of surrounding the Ming Wall as well as several projects relating to sanitation and education. 14 projects belong to Category 2 and represent a total investment of RMB85.6 billion. Specific projects in this category will cover the construction of underground Line 3 and the extension of Line 2. The 6 projects within Category 3 relate to the construction of a municipal tramway transportation system and the extension of Lukou Airport.
Budget for next year’s municipal development will see an increase of RMB 4.94 billion on last year.
Broad plans for Nanjing’s municipal development in 2009 have been confirmed but specific projects are still open to change. According to the plan set by the Bureau of Municipal Development, the total investment in this area will be RMB 40.2 billion. This represents a RMB 4.94 billion increase on the budget for 2008. In 2009 14 projects will receive emphasis. These will focus on the reconstruction of old and dangerous buildings, the construction and expansion of the Metro network and the renovation of the municipal and rural water supply system. In order to maintain the healthy development of real estate while continuing to promote consumption, the Nanjing government will to an extent take a reactive approach by developing and implementing suitable new policies when relevant, for example, individual tax attached to house sales as well as income tax will be open to change.