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BIZCHINA / Top Biz News
Urban rail lines get?1b yuan?from?social security fund
(Xinhua)
Updated: 2007-09-10 10:29
China's National Council for Social Security Fund (NSSF) has agreed to
invest?1 billion yuan (US$131.6 million) to finance construction of two
urban rail transit lines in Beijing.
NSSF has entrusted China Pingan Trust?and Investment Co Ltd (PATIC) to
manage the investment, according to an agreement signed by NSSF, PATIC
and Beijing Infrastructure Investment Co Ltd last Thursday.
The money will be used to fund the construction of Beijing's No. 5 urban
rail line and another line leading to the Beijing Capital International
Airport.
The length of rail transit lines will reach 561.5 kilometers by 2020, up
from the present 114 kilometers in operation, to meet the city's fast
urbanization, according earlier news reports.
An official with NSSF said the investment will help to supplement its
pension accounts because urban rail transit projects in Beijing could
bring good returns.
Key infrastructure projects are safer as they are backed by the
government, said the official.
NSSF said on its website that as the host city of the 2008 Olympic Games,
Beijing will start many other big projects which provides investors with
good opportunities. It will continue to fiance construction of key
infrastructure projects and reform of State-owned enterprises in the city.
(For more biz stories, please visit Industry Updates)
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