Additional bonds to help Beijing rebuild flood-ravaged facilities

Supported by bonds the central government issued late last year, Beijing plans to complete the rebuilding of all its water resources management facilities that were devastated by last year's floods before June, according to the Beijing Water Authority.

The Chinese government decided in October last year to issue 1 trillion yuan ($138 billion) of additional bonds, starting from the fourth quarter, to support the rebuilding of disaster-hit areas and strengthen the country's disaster-relief capabilities.

The announcement came after devastating floods swelled the Haihe River Basin, where Beijing is located, and the Songhua River Basin in Northeast China during the flood season last year.

The Beijing Water Authority said the additional bonds will support 142 projects related to water resources management in the capital.

The total investment of these projects stands at 88 billion yuan, with 48.8 billion yuan contributed by the bonds, the authority noted, adding that all the funds have been distributed.

It said that 54 of the projects are related to the rebuilding of the flood-ravaged facilities. Eight have been completed, and the rest are expected to be finished before June.

By that month, the capabilities of these destroyed facilities will be restored to the pre-flood levels, and some of them will even see their capabilities further enhanced, the authority said.