Beijing to fund 20% of quake rebuilding

Beijing will fund only 20% of the US$439.2 billion cost of post-earthquake reconstruction and development in Sichuan province, the Financial Times reported, citing statements by provincial officials. Businesses and state-owned banks will cover the remainder. "The government’s investment will encourage all kinds of investment from society to help us rebuild Sichuan after the quake,” said Wei Hong, executive vice-governor of Sichuan Province. "We will seek loans from domestic banks, financing from capital markets and donations from the public to make up the rest of the needed investment." Wei said Sichuan needed US$439.2 billion of investment by the end of 2010 to meet economic growth targets, but said people in quake-hit regions were "fully satisfied" by government efforts.