Guizhou's government invests heavily in development

Southwest China's Guizhou province has reportedly innovated its government finance inputs and invested 42 billion yuan ($6.59 billion) in industrialization, IT applications, urbanization, agricultural modernization and environmental protection since the start of the year.

In 2021, Guizhou arranged 22 billion yuan in subsidies granted for policy considerations and 20 million yuan was allocated as investment funds to support industrial development.

By increasing government finances and applying financial instruments, Guizhou is said to have attracted more social investment and improved the utilization effectiveness of its government finances.

By the end of November, Guizhou had five funds that had invested 20 billion yuan in 176 projects and attracted 131.7 billion yuan in bank loans and social investment funds.

Guizhou is also guiding more social investment to projects involving industrialization, IT applications, urbanization, agricultural modernization and environmental protection.

During the first 11 months of this year, Guizhou had seen 41 new industrialization projects stimulate 24.25 billion yuan in bank loans and social investment funds. Some 17 new urbanization projects stimulate 50.96 billion yuan, 29 culture and tourism projects stimulate 15.95 billion yuan and 12 environmental protection projects stimulate 12.22 billion yuan.