Shanghai is earnest to gain international investment to spur
on construction of its 10 railway lines.
The lines, which
will have a total length of 212 kilometers, will all be built
during the 10th Five-Year Plan (2001-2005) period.
To reduce costs
and improve efficiency, the city set up last year four separate
companies to take care of investment, construction, operation,
and supervision.
If the plan proceeds
smoothly, Shanghai will have built the 10 lines with a daily
total traffic capacity of 3 million people, up from the current
700,000.
After completion
of the plan in 2005, the daily traffic capacity via railways
is expected to account for 25 percent of the city's total
public traffic capacity.
However, the city
needs a huge fund to complete the project.
"We will strictly
adhere to the market economy principle and investors will
get benefit," said Zhang Guijuan, chairman of the Shanghai
Shentong Group, through which government policy and financial
support of railway construction are formalized.
The Shanghai AJ
Trust & Investment Company, which invested 1.7 billion
yuan (204 million US dollars) in constructing an outer-ring
road tunnel, has signed a letter of intent with the group.
(People's Daily
04/30/2001)
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