Every day Li Yizhong translates and puts into brief perspective the headlines of the Shanghai Morning Post's daily newspaper, Shanghai's largest morning newspaper
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The Chinese government plans to invest 5 trillion RMB to build roads and airports until 2010. My first question after reading this was does this include the 4 trillion RMB plan announced on Monday or a completely new budget. I didn’t see a break down of this 5 trillion RMB and have no idea what’s the percentage this amount overlaps with the 4 trillion RMB investment plan.
The morning post did give a few detailed numbers on what some providential governments are doing and state department's plans. Hopefully, these numbers will give you a better idea about the actual scale of the capital injected into the economy.
In Guangdong alone, there is a 2.37 trillion RMB capital approved for 222 new infrastructure projects.
The railroad department’s number is off the charts. 0.3 trillion RMB of on-going projects completed this year; 0.6 trillion RMB is plan for 2009 which is twice the current amount; New projects worth 1 trillion will start in 2009; New projects in 2010 worth 1 trillion; and upgrade of train carriages worth 0.5 trillion in 2010. Furthermore, the transport department will invest 1 trillion RMB in the next two year on road and airports for second-tire cities.
Personally, I believe the 4 trillion investment plan and this 5 trillion overlaps, but it's still 1 trillion RMB more.
Other headlines today
- Mr. Chen, Taiwan’s ex-president, is in handcuffs today after more evidences appeared on about 1 million different charges against him right now. He is guilty for using his power for personal gains. Forging fake documents, taking bribes, money laundering, you name it. And his whole family is in on it as well. I guess now you know what’s pulling the Taiwan economy down.
- A video of a young girl having sex in an office building spread on the internet like wild fire. Surprisingly, the girl didn’t even feel embarrassed and she is charging a 30,000 RMB fee for any media that wants an exclusive interview. This is the entrepreneurial spirit of a Chinese for you. Taking profits in a bad situation. Because of her attitude, some people even speculate she was the one that spread the video.
- As the gas prices rose, the great people of Shanghai have come up with two ways to evade the higher cost either by reporting a higher number in October under the lower cost or by stocking up on IC cards under the old rate. Unfortunately, they put their tactics online and the gas department saw it.
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