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Central SOEs sign 53.7b yuan of projects in Qingdao

(chinadaily.com.cn) | 2019-08-23

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Representatives from China's central State-owned enterprises sign cooperation agreements with local enterprises and governments of Qingdao. [Photo/qingdaonews.com]

The eastern coastal city of Qingdao, Shandong province signed 14 projects with China's central State-owned enterprises (SOEs) on Aug 22 in Qingdao West Coast New Area, with a total investment of 53.7 billion yuan ($7.58 billion).

The cooperation matchmaking event gathered a batch of central SOEs to promote cooperation and generate investment in Qingdao.

The signed projects involved various fields, such as infrastructure construction, microelectronics, high-end manufacturing, logistics supply chains, rural revitalization, rail transit, and modern finance.

Among the contracted projects, Laixi, a county-level city of Qingdao, captured the largest investment amount of 26 billion yuan.

China Minmetals Corporation, a metals and mineral trading company headquartered in Beijing, has reached an agreement with the Laixi government and Qingdao International Investment Co to invest 20 billion yuan in Laixi from 2019 to 2028, with a planned investment of 2.5 billion yuan in 2019.

In addition, an infrastructure construction project worth five billion yuan investment and a borosilicate glass plant project worth 1 billion yuan will also settle in Laixi.

CRRC Sifang Co Ltd, a subsidiary of China's rail giant China Railway Rolling Stock Corporation, will invest a total of 15 billion yuan in Qingdao's Shibei district to build an industrial heritage demonstration area based on its 120-year-old industrial region.

Qingdao Development Area Investment Construction Group Co and China First Highway Engineering Company have reached a strategic partnership and the two sides plan to establish a joint venture company to invest 5 billion yuan in Wangtai town of Qingdao West Coast New Area to promote local residential reconstruction.

According to the State-owned Assets Supervision and Administration Commission of the Qingdao municipal government, this year's two editions of the central SOEs cooperation matchmaking events have been highly successful, as a total of 32 key cooperation projects have been signed, involving a total investment of nearly 80 billion yuan, which will advance Qingdao's high-quality development.