Statement re Press Comment

Zhejiang Expressway Co
10 March 2003


                             Zhejiang Expressway Co., Ltd

 (a joint stock limited company incorporated in the People's Republic of China)

                             CLARIFICATION OF PRESS ARTICLES

Summary

The board of directors (the 'Board') of Zhejiang Expressway Co., Ltd. (the
'Company') wishes to clarify the statements in various press articles appearing
in newspapers in Hong Kong on 6th March 2003 regarding the Company's plan to
acquire the interests of the Company's parent company (Zhejiang Communications
Investment Group Co., Ltd., the 'Parent Company') in two toll roads linking
Zhejiang to the Jiangxi and Fujian provinces (the 'Toll Roads'). The Company has
no concrete plans at present to pursue the acquisition.

Shareholders and investors of the Company are reminded that the above-mentioned
possible acquisition may or may not proceed, and they should exercise caution
when dealing in the Company's shares.

This announcement is made at the request of The Stock Exchange of Hong Kong
Limited.

The Board has noted various press articles appearing in newspapers in Hong Kong
on 6th March 2003 containing statements regarding the Company's perceived plan
to acquire the Parent Company's interests in the Toll Roads. The Board wishes to
clarify that, although the Company does consider the acquisition of the Parent
Company's interests in the Toll Roads as a possible investment opportunity, it
has no concrete plans at present to pursue the acquisition, and any possible
acquisition would depend on, among other things, an evaluation of the business
prospects of the Toll Roads and it may or may not materialise.

The Board confirms that there are no negotiations or agreements relating to
intended acquisitions or realisations which are discloseable under paragraph 3
of the Listing Agreement, nor is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.

The Company will ensure that further announcements be made in compliance with
the requirements of the Listing Rules should such need arise in the future.

Shareholders and investors of the Company are reminded that the above-mentioned
possible acquisition may or may not proceed, and they should exercise caution
when dealing in the Company's shares.

                                                       By the order of the Board

                                                   Zhejiang Expressway Co., Ltd.

                                                                   Geng Xiaoping

                                                                        Chairman


    Hong Kong, 7th March 2003




The Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this
announcement.


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