The Chinese government will fund just a fifth of the estimated Rmb3,000bn cost of reconstruction and development in earthquake-affected Sichuan, leaving businesses and state-owned banks to pay for the rest, provincial officials said on Friday.
Even as economic officials issue warnings that China’s economy is cooling much faster than expected as a result of the global crisis, Sichuan officials said they were optimistic that state-owned companies and the private sector would invest in the disaster zone.
