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October 8, 1998

CHINA PLANS MASSIVE INVESTMENTS IN IT

By CBR Staff Writer

China will allocate RMB 160bn ($19.3bn) to the development of IT information infrastructure in the current financial year. RMB145bn of which will be channeled to the expansion of its telecoms industry, according to reports in the Chinese media. The report comes after Qi Zhang, director general of the Department of Electronic and IT Products, Ministry for Information Industry of China declared the Chinese government’s commitment to transforming China into a cyber-nation at the World PC Forum ’98 held in Makuhari Messe near Tokyo last week. In his speech he drew attention to the rate of growth of China’s electronics industry which was estimated to be worth RBM410bn ($49bn) in 1997, 28% larger than the previous year. He said that if these rates of growth continue the industry would be worth RBM1 trillion by 2000 and RMB6 trillion by 2010, adding that the Chinese government would do everything in its power for the future development of the information industry in China.

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