A former senior legislator in northeast China’s Heilongjiang Province was sentenced Thursday to 14 years in prison for accepting bribes. Gai Ruyin, former deputy head of the Standing Committee of Heilongjiang Provincial People’s Congress, was also fin… read more
Palace Museum [Photo/China.org.cn] A renovation project has started at Beijing’s Palace Museum, which will include the establishment of an emergency center, according to a press release from the museum. The project will see the museum’s heating s… read more
The State Council, China’s cabinet, on Wednesday mapped out measures to ensure safety on campus, stressing that those who engage in violent crimes on campus will be severely punished. “Ensuring safety in primary and middle schools and kindergartens sh… read more
Beijing will build 500 kilometers of greenways in 2017, 80% of which will be waterfront greenways, according to a plan formulated by the Beijing Municipal Bureau of Landscape and Forestry. The overall plan of greenway construction shows that the total… read more
The municipal government of Beijing has introduced new financing models to develop its metro and intercity transportation system.
The Chinese capital is currently building 20 metro lines across the city and six railways linking Beijing with nearby cities Zhangjiakou and Tangshan. The projects will cost approximately tens of billions of yuan.
The municipal government of Beijing introduced an ABO model (Authorize-Build-Operate) last year to finance the construction of the transport system, the first among Chinese cities to do so. The municipal government authorized Beijing Infrastructure Investment Co., Ltd. (BII) to bear responsibility for building Beijing’s rail transit system.
Based on the agreement, the municipal government each year earmarks 29.5 billion yuan—about 40 percent of the total construction funds—to BII, while BII is responsible for the remaining funds.
BII has raised capital by bond financing, equity trusts, insurance funds and financial leasing, according to a company manager Zou Shunhua. The company has channeled social capitals for metro Line 14 and Line 16, which helped reduce 30 billion yuan of government funding.
BII is also responsible for the rail network in the Beijing-Tianjin-Hebei region. In late 2014, BII worked along with its counterparts in Tianjin and Hebei to establish the Beijing-Tianjin-Hebei Intercity Railway Investment Co., Ltd, which will build 24 railways in the region by the end of 2030.
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