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Capital to be used for municipal infrastructure projects, transportation

Carol Anshaw

Chan added that it is time to give play to Hong Kong's fiscal reserves in mitigating the impact of economic downturn on employment and livelihood with massive counter-cyclical support measures.

Caoyang, constructed in 1951, was China's first "new village for workers" - a residential community of matchbox apartment buildings designed by architects from the Soviet Union in the 1950s. Only those awarded honorary titles, such as "model laborer" and "advanced worker", were allowed to live in the apartments, in which two homes shared one toilet while most locals used closestools.

Cao has been promoting communication and cooperation with German companies since 2005, when Cao founded the Dusseldorf China Center.