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Shanghai World Expo budget may top US$48b
(Xinhua)
Updated: 2004-06-06 15:22
The total budget for preparing the Shanghai World Expo in 2010 may reach 300
to 400 billion yuan (US$36 to US$48 billion), reported China Economic Times,
citing Zhou Hanmin, deputy director of the Coordination Bureau for Shanghai
World Expo Affairs.
According to the new budget plan, government funding will account for two
thirds of the money, and the rest will be raised through the capital market,
like issuing bonds and holding lotteries to attract financing from home and
abroad, the report said. And the World Expo operator will also choose a proper
time to go public in the international stock exchange market.
Previous reports said that preparations for the World Expo
are expected to cost about 30 billion yuan (US$3.62 billion). "That only covers
the construction of the Expo venue itself, while the new budget plan includes
other construction projects outside the venue," the paper said.
The newly-added fund will be mainly used for building
infrastructure, including the expansion project of the Pudong Airport, the
construction of more track communications and viaducts, Zhou Hanmin said.
The World Expo sponsor will soon invite international
bidding for land development inside the Expo venue, Zhou revealed.
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