BEIJING, May 21 (Xinhua) -- Premier Wen Jiabao announced here on Wednesday the central government will allocate 70 billion yuan (10.14 billion U.S. dollars) 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 devastating earthquake had caused huge losses in quake-hit regions and said reconstruction would be an arduous task.
He called for the organization 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 percent this year to fund quake relief efforts.
He ordered government organizations and public institutions at all levels 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 urged the rescuers to try their best to evacuate stranded survivors and transfer those severely injured to better hospitals.
Chinese Premier Wen Jiabao speaks on the quake relief work during a meeting of the State Council, in Beijing, capital of China, May 21, 2008.(Xinhua Photo)
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He said the central government will allocate 25 billion yuan for rescue and relief efforts in quake-hit regions.
At the meeting, Wen and other participants also analyzed China's economic situation.
He said 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 too fast price hikes, strengthen supervision of the prices of key commodities and punish unscrupulous merchants making profits through hoarding and speculation," he said.
"We have the determination, the confidence and the capability to overcome all difficulties and obstacles," he said. "We will resolutely strike out at the two tasks of winning the earthquake rescue and relief battle, and advancing the sound and rapid development of society and the economy," he said.
China to slash central gov't spending 5% for quake relief
BEIJING, May 21 (Xinhua) -- Chinese Premier Wen Jiabao said Wednesday that the central government's spending will be slashed by five percent this year to save fund for the quake relief efforts.
The government will also freeze the approval of any new office buildings for government bodies, Wen said at a meeting of the State Council, the cabinet. Full story
China central bank provides $216 mln more for quake area
BEIJING, May 21 (Xinhua) -- The People's Bank of China (PBOC), the central bank, announced on Wednesday that it would provide another 1.5 billion yuan (215.5 million U.S. dollars) in reloans for financial institutions in Shaanxi,
Chongqing and Yunnan that were hit by the deadly quake on May 12.
This move is to help local commercial banks and rural cooperatives in those areas to increase their liquidity and ability to support disaster relief and reconstruction, said the PBOC on its website. Full story
China sets up expert panel for quake relief, reconstruction
BEIJING, May 21 (Xinhua) -- China set up on Wednesday a 30-member expert committee that is intended to offer scientific advice on the massive work of quake relief and reconstruction.
The committee, working under the leadership of the State Council's earthquake relief headquarters, has experts from 22 disciplines, from seismology and geology to civil engineering and hydrology. Full story
Chinese gov't earmarks another 1.17 bln yuan for disaster relief
BEIJING, May 16 (Xinhua) -- China's Ministry of Finance Friday set aside another 1.17 billion yuan (167 million U.S. dollars) for disaster relief upon Monday's deadly earthquake that claimed 19,000 lives in southwestern China's Sichuan Province alone.
The move brought the total money earmarked so far for disaster relief after the major quake, which was the worst over decades, to3.41 billion yuan. Full Story
Central gov't departments continue efforts in quake relief
BEIJING, May 16 (Xinhua) -- Various departments of China's central government continued their work in disaster relief on Friday after a 7.8-magnitude quake jolted Wenchuan County in southwest China's Sichuan Province.
The Ministry of Finance on Friday set aside another 1.17 billion yuan (167 million U.S. dollars) for disaster relief. The move brought the total money earmarked from the central budget so far for quake relief to 3.41 billion yuan. Full Story
