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Fund planned for Caofeidian

By Mao Lijun (China Daily)
Updated: 2008-05-30 09:24

An industrial investment fund will be established before the year's end to finance Caofeidian industrial area, Tangshan city government's secretary said.

The Caofeidian Industrial Investment Fund was approved by the National Development and Reform Commission to raise 30 billion yuan (about $4.3 billion) to finance industries in Caofeidian, a development zone in North China.

"We are making great efforts to establish a financial platform to power the development of companies and industries in Caofeidian," Tangshan city government Secretary Zhao Yong said.

"The fund is expected to make financial access easier for projects and businesses in the area."

In October 2005, the central government selected the Caofeidian industrial zone as a pilot area for developing the recyclable economy. Since then, great efforts were made to construct facilities and infrastructure for water and power supplies, and transportation and telecommunications.

To date, 43 industrial projects with a total investment of about 200 billion yuan have begun construction in the zone, Caofeidian Industrial Zone Administration Commission Deputy Director Xue Boxun said. The projects include large terminals, steel plants and power mills.

Last year, Beijing Capital Iron and Steel Group began constructing new steel plants in Caofeidian.