Off the wire
• Interview: Russian expert says THAAD deployment in S. Korea to raise regional tension  • China expects more investment from CP Group  • China responds to Australia, New Zealand officials' comments on South China Sea  • IMF approves 80.6 million U.S. dollars tranche to Albania  • Results of CBA playoffs  • Roundup: Ruling Socialist party under fire after unveiling French labor reform  • Urgent: Indian police kill protester in northern state  • Hungary to boost nuclear cooperation with Iran: FM  • China accuses U.S. of militarizing South China Sea  • Kenya wildlife agency says stray lions safely back to park  
You are here: 　 Home

New fund established for Beijing's second administrative center

Xinhua, February 19, 2016 Adjust font size:

A fund to help Beijing build a second administrative center in suburban Tongzhou has been set up with an initial pool of 30 billion yuan (around 4.6 billion U.S. dollars), authorities said Friday.

The fund was established by the Beijing municipal government, which provided 20 percent of the investment, and Agricultural Bank of China (ABC), which offered the remaining 80 percent, according to a government meeting.

The investments will be mainly used in sectors such as infrastructure, public services and the district's industrial transformation and upgrading.

The fund will be professionally managed. Officials and experts from financial and audit fields will evaluate projects to ensure the money is used properly.

Beijing is building a subsidiary administrative center in Tongzhou in a bid to cure "urban ills," including overpopulation, traffic congestion and smog. It is expected to relocate about 400,000 residents from the city center to the suburban district.

The decision to build the new administrative center also serves as part of the capital's contribution to the national Beijing-Tianjin-Hebei integrated development plan. Endi