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Chinese authorities said Tuesday that the Sichuan province,
Chinese authorities said Tuesday that the Sichuan province, hit by a massive earthquake May 12, would not suffer a similar quake for 1,000 years reassuring investors they have "nothing to fear."

The largest quake for thirty years, measuring 8.0 on the Richter scale, shook southwestern China's province leaving around 70,000 people dead and nearly 10 million homeless.

"I have spoken to a lot of experts, they say similar quakes happen once in a millennium. So investors have nothing to fear," said Huang Yanrong, vice governor of the people's government of the Sichuan province.

Though the official admitted that there were a number of factors hampering potential investment, she said these were short-term and that investment demand "has soared in the region."

She said the construction sector offered the most opportunities for investment in the region, which in October is due to hold an international investment fair to attract domestic and foreign capital.

"The quake equal to a thousand nuclear bombs destroyed 288 million square meters of housing," said Yang Hungbo, a local construction chief. "To build new homes 3.7 million tons of metal and 370 million tons of cement will be required. This is a huge amount," he said.

Direct economic losses from China's May 12 earthquake have exceeded $150 billion, Huang said.

The vice governor added 61 countries had provided humanitarian assistance to the quake-hit region.

Russia sent $14 million worth of humanitarian aid to China, including 2,000 tents, 11 generators, 23 field kitchens, 21,000 blankets and 30 metric tons of food.

China's capital Beijing is currently hosting the Summer Olympics.


Print Chinese authorities said Tuesday that the Sichuan province, Bookmark Chinese authorities said Tuesday that the Sichuan province,

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