Hohhot to invest $84.2 billion on target projects

(chinadaily.com.cn)

Updated: 2016-09-22

A videophone conference on the 2016 Inner Mongolia Major Projects Construction took place on Sept 19, and over 561.5 billion yuan ($84.2 billion) was pledged in investment for Hohhot, city of Inner Mongolia autonomous region.

According to the local finance department, there will be 371 projects receiving 100 million yuan in funds, and Hohhot is planning to invest 106.2 billion yuan during 2016.

In the first half of 2016, Hohhot invested 72.73 billion yuan, a year-on-year increase of 23.4 percent, and ranking first in the region in terms of the percentage increase in levels of investment.

In recent years, Hohhot has accelerated investment in many key areas. Part of the investment has been granted to national engineering projects, such as generating power through renewables.

Some of the money earmarked for investment has been used for infrastructure construction such as the new metro lines, with over 37 billion yuan being spent.

Also, a series of projects dedicated to improving living conditions have also received financial support from the local government, involving improvements and renovations to shantytowns and remote villages.

Nashun Menghe, the secretary of Hohhot Party committee, said that to help tackle the difficulties arising from managing large-scale projects, the local government should take their responsibility on every step of the construction. In particular, the local officials need carefully manage the finances of each project to ensure public money not being wasted.