Improving transport is key
Print Edition
CHINA is promising to spend more on transport improvements in poor regions over the next few years in its latest bid to achieve ambitious poverty reduction goals.
Vice Minister of Transport Dai Dongchang said yesterday that over half of vehicle purchase tax funds, estimated at more than 840 billion yuan (US$120 billion), will be earmarked for rural road construction during the 13th Five-Year Plan (2016-2020).
The figure marks a huge increase from the 550 billion yuan of tax funds used in the sector over the past five years.
“In fact, there has been a fund shortage due to shrinking tax incomes after we cut or exempted purchase duties on compact and new energy sedans. But we will manage to guarantee the investment despite all the difficulties,” Dai said at a press conference.
Besides central government spending, Dai expects support from banks and private investors. “We have inked agreements with policy banks for financial aid,” he said. “We will encourage local authorities to explore new financing channels, such as public-private-partnership projects.”
Nearly 2 trillion yuan of private investment was used for highway construction in poor areas from 2010 to 2015, according to a white paper issued last month.
Transport difficulties are a major hurdle impeding the development of impoverished villages, mainly scattered in central and western parts of the country.
China has accelerated transport improvements in such areas.
A total of 236,000 kilometers of rural roads were built or renovated in the first 10 months of the year, more than the full-year target, Dai said.
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