Latest News:  
Beijing   Light rain/Heavy rain    26 / 21 ℃  City Forecast

English>>China Business

Chinese city, SOEs reach massive investment deals

(Xinhua)

16:26, September 08, 2012

BEIJING, Sept. 7 (Xinhua) -- The city of Xuzhou in eastern China's Jiangsu Province on Friday signed a package of investment agreements worth 33.7 billion yuan (5.31 billion U.S. dollars) with centrally administered state-owned enterprises (SOEs) to stimulate the local economy.

The package was part of 85 major projects city officials discussed at a forum in Beijing, in the hope of attracting more than 130 billion yuan of investment from SOEs.

According to the agreements, the China National Offshore Oil Corp., China National Machinery Industry Corp., Shenhua Group Co., Ltd. and other SOEs will invest 33.7 billion yuan in the city, launching solar power generating, natural gas-fueled power plants, dairy processing, farming and affordable housing projects.

Xuzhou, which has a population of 9.76 million, has in recent years strengthened its cooperation with major SOEs which have an abundance of cash.

Before signing the new investment agreements, the city had already attracted 40 billion yuan of investment from 20 centrally administered SOEs.

As the Chinese economy expanded at its slowest pace in three years during the first half of 2012 due to sluggish external demand, governments at all levels in China have recently stepped up their efforts in increasing public spending and wooing investment to spur a slowing economy.

Over the past two days, the National Development and Reform Commission, China's top economic planner, approved 55 investment projects worth 1 trillion yuan (157.7 billion U.S. dollars) to build highways, ports and railways across the country.

News we recommend:
Diaoyu row hurts Japanese car sales New Controls in the Making Housing report notes rise in sales
The Price Goes Up and Up Rail projects to spur economy Finance vehicle loans to local govts up in H1
A Treasure Trove of Resources  Kai-Fu Lee, Citron battle heats up Frictions Over Renewable Energy

Email|Print|Comments(Editor:朱蕤、姚春)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Weekly review of military photos

  2. The world in photos (2012.9.3-9.7)

  3. China stocks post biggest single-day rallies in 8 months

  4. Shaolin Culture Festival opens in Berlin

  5. Extinct architectures in China

  6. Spectacular! When magma enters into sea

Most Popular

Opinions

  1. ASEAN 'must not take sides in disputes'
  2. Commentary: Asian SMEs must plan for crisis
  3. US firms poison reputations of China start-ups
  4. Exams still fairest way for kids' school selection
  5. Quality better for box office than quotas
  6. Don’t hand over judgment to foreign media
  7. China, Japan can find path to more stable future
  8. Editorial: FDI rise possible

What's happening in China

5.7-magnitude quake jolts border area of Yunnan and Guizhou

  1. Migrant children to sit gaokao in cities
  2. Street vendor's diary narrates life of underdog
  3. Two dead in Beijing railway stabbing
  4. Coca Cola to rebuild image through public welfare
  5. Booklet tells parents to 'prevent' homosexuality

China Features

  1. Exclusive:A probe into GM rice test
  2. How much we continue to pay for 'face saving? '
  3. Entering China's northernmost village
  4. Italy makes efforts to attract Chinese students
  5. Chinese economy not to suffer a hard landing

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture