Sichuan seeks foreign capital for post-earthquake reconstruction

Sichuan’s provincial government is putting 100 projects up to tender, worth US$8.7 billion, as it tries to speed up post-earthquake reconstruction, the South China Morning Post reported. Huang Xiaoxiang, vice-governor of Sichuan, took a delegation of around 200 businesspeople and government officials to a trade symposium in Hong Kong on Wednesday, seeking funding for logistics services, trade and commerce and tourism. Most of the projects are based in the cities of Chengdu, Luzhou, Suining and Yibin. “[Even though] we have weathered two crises – the earthquake and the global financial crisis – the province’s economy grew at 13.5% in the first three quarters, even faster than the nation’s,” Huang said. “But we still need investments to push ahead the reconstruction.” The province will offer preferential tax rates, lower capital requirements and increased fund raising channels in order to attract foreign capital.