Olympic investment

China’s capital, Beijing, is to invest an estimated CNY 470 billion (US$ 59.5 billion) in infrastructure between 2006 and 2010, according to state news agency Xinhua. Launching a new master plan for the city’s development, Chai Xiaozhong, deputy head of Beijing’s development and reform commission, said the money will be spent on 2400 “construction and upgrading projects”.

Those projects designed to ease traffic congestion, improve energy and water supplies and the city’s environment will receive the highest priority, and should all be completed by 2008, when Beijing hosts the Olympics, said Mr Chai.

Mr Chai added that in the next five years, Beijing will upgrade subway lines 1 and 2, start and finish construction of lines 5 and 10, as well as build a special subway leading to the Olympic village and gymnasiums. A light-rail track will also be laid to the airport.