BEIJING - CHINA has raised or allocated just one quarter of the 1.67 trillion yuan (S$346 billion) needed to rebuild areas devastated by this year's devastating earthquake, state press said on Monday.

Southwest China's Sichuan province will need 1.67 trillion yuan to fund reconstruction efforts following the May 12 quake, provincial vice governor Huang Xiaoxiang said, according to Xinhua news agency.

The amount needed is less than 25 per cent of the money raised so far by central and provincial governments, and from overseas donations and lottery revenues, Xinhua said.

'Sichuan is still in need of a large amount of funds despite the efforts of the central government, local governments and other social sectors,' the report quoted Huang as saying over the weekend.

More than 87,000 people were killed or left missing in the 8.0-magnitude earthquake, which flattened entire towns and villages across an area of mountainous Sichuan province the size of South Korea.

Huang said Sichuan needed to rebuild 4.5 million homes, 51,000km of highways, 5,500km of railway tracks, 11,700 schools and 9,700 medical institutions.

He added that 2,000 reservoirs, 810 power stations and more than 100,000 ha of farmland needed to be restored.

China has allocated 10 billion dollars from this year's budget for reconstruction work, in addition to US$3.5 billion (S$5.0 billion) allocated for immediate relief.

Central government authorities are considering a funding package for longer-term reconstruction work, although it appeared to be far less than the amount Huang said was required.

China's top economic planning agency, the National Development and Reform Commission, last month said US$150 billion was needed to rebuild the 51 worst-hit counties and cities.

A reconstruction plan issued by the commission is awaiting government approval. -- AFP