China allocates 70 bln yuan as reconstruction fund

2008-06-27 15:25:16 GMT       2008-06-27 23:25:16 (Beijing Time)       CCTV

 

The National People's Congress Standing Committee has approved a plan to adjust the central budget, allocating 70 billion yuan, or 10 billion US dollars to establish a reconstruction fund for its post-quake scheme.

According to the plan, China will spend three years to complete preliminary reconstruction. And the country will continue to develop the quake-hit region in the following five years. 40 billion yuan from the fund will be used to subsidize the rebuilding and repair of farmers' homes. The other 30 billion yuan will cover the reconstruction of schools, hospitals and government offices and rebuilding infrastructure.

The funds will also be used for industry and commerce restoration, to relocate residents as well as for geological disaster prevention and control.

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