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$10. 14 billion allocated for China quake relief

BEIJING: Premier Wen Jiabao announced here on Wednesday that the government would allocate 70 billion Yuan ($10.14 billion) this year for a reconstruction fund for the quake-hit regions. He also pledged to arrange funds for the reconstruction over the next two years. He admitted the earthquake had caused huge losses and said reconstruction would be an arduous task.

Mr. Wen called for the organisation of a special group to draw up a reconstruction plan as soon as possible. “While making the reconstruction plan, we must fully consider the geological conditions and bearing capability of the natural resources and environment of these regions to strike a balance between urban and rural areas, industrial and agricultural production,” he stressed. He announced that the central government’s spending will be slashed by 5 per cent this year to fund quake relief efforts. Mr. Wen ordered government organisations and public institutions to decrease their spending on meetings and business travel and freeze the approval of any new office buildings for government bodies. He called the public to practice a frugal lifestyle to support the reconstruction of quake-stricken areas.

“At present, rescue and relief operations are still the top priority,” he said. He said the government would allocate 25 billion Yuan for rescue and relief efforts. At the meeting, Mr. Wen and other participants also analysed China’s economic situation.

He said the May 12 earthquake had added new uncertainty to the outlook for the economy but the fundamentals remained unchanged. “On the one hand, we must continue our rescue and relief efforts; on the other, we must promote the sound and rapid development of society and the economy,” he said.

“We will curb fast price hikes and punish unscrupulous merchants making profits through hoarding and speculation,” he said. — Xinhua

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