Bond sales to raise spending
By Zhang Fengming |
June 10, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI plans to increase its 2011 expenditure budget by selling 7.1 billion yuan (US$1.1 billion) worth of local government bonds to support the construction of affordable housing and infrastructure.
The budget for the affordable housing program more than tripled to 2.2 billion yuan this year from a previously planned 700 million yuan, according to a revised budget from the Shanghai Finance Bureau.
The budget for infrastructure building is raised to 32.3 billion yuan from 26.7 billion yuan.
The bonds to be sold are divided into two parts. Bonds worth 3.6 billion yuan will have a maturity of three years while those valued at 3.5 billion yuan will mature in five years.
The capital raised through the bonds will fund clean water projects, building of modern hospital buildings and elevated roads in the suburbs as well as railway construction.
Shanghai raises its total fiscal revenue to 134.6 billion yuan this year after factoring in the bonds.
Shanghai Mayor Han Zheng vowed earlier this year to focus on prices, employment, social insurance and housing to improve the people's well-being.
In housing, the city will expand the supply of affordable housing as the government builds up a multi-layer home market. The city plans to build 15 millions square meters of affordable homes this year, including low-rental and budget housing. Last year it built 13 million square meters of these homes, more than planned, for low-income residents.
The city also plans to invest equivalent to 3 percent of the city's total gross domestic product in environmental protection.
The Standing Committee of the Shanghai People's Congress approved the bond plan proposed by the city government as it closed a three-day session yesterday.
The budget for the affordable housing program more than tripled to 2.2 billion yuan this year from a previously planned 700 million yuan, according to a revised budget from the Shanghai Finance Bureau.
The budget for infrastructure building is raised to 32.3 billion yuan from 26.7 billion yuan.
The bonds to be sold are divided into two parts. Bonds worth 3.6 billion yuan will have a maturity of three years while those valued at 3.5 billion yuan will mature in five years.
The capital raised through the bonds will fund clean water projects, building of modern hospital buildings and elevated roads in the suburbs as well as railway construction.
Shanghai raises its total fiscal revenue to 134.6 billion yuan this year after factoring in the bonds.
Shanghai Mayor Han Zheng vowed earlier this year to focus on prices, employment, social insurance and housing to improve the people's well-being.
In housing, the city will expand the supply of affordable housing as the government builds up a multi-layer home market. The city plans to build 15 millions square meters of affordable homes this year, including low-rental and budget housing. Last year it built 13 million square meters of these homes, more than planned, for low-income residents.
The city also plans to invest equivalent to 3 percent of the city's total gross domestic product in environmental protection.
The Standing Committee of the Shanghai People's Congress approved the bond plan proposed by the city government as it closed a three-day session yesterday.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
