Economy

Beijing to spend $11.6b building southern city

(Xinhua)
Updated: 2011-03-10 09:51

BEIJING - Beijing municipal government is planning to invest 76.6 billion yuan ($11.6 billion) this year on 109 projects that includes the construction of an airport, a forest garden and affordable housing in the southern area of the city.

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The funding will increase 38 percent from last year's 55.5 billion yuan that went to 103 projects, according to a statement released by the municipal government at a meeting on Wednesday.

Construction of some key projects will be started in April and October, including a forest garden along the axis of Beijing and a 51-km expressway that joins in the road network in surrounding Hebei province.

Thirty-four of the projects are scheduled to be completed by the end of this year, according to the statement.

The southern area of Beijing is composed of five districts that cover an area of 3,367 square kilometers. It had a population of 4.6 million by the end of 2008, which accounts for 27.2 percent of Beijing's total residents.