Chinese state-owned enterprises to make major investments in Xinjiang

XINJIANG: Twenty-five of China's centrally administered state-owned enterprises (SOEs) plan to increase their investments in Xinjiang, estimated at approximately 939.571 billion yuan (about US$129.6 billion). At a conference dedicated to advancing Xinjiang's industrial sector, which was organised by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) in the Ili Kazakh Autonomous Prefecture of the Xinjiang Uygur Autonomous Region in northwest China, state-owned enterprises (SOEs) formalised 183 letters of intent for cooperative programmes. Of these, 25 involve investments exceeding ten billion yuan (approximately $1.38 billion), China Central Television (CCTV) reported. The projects cover key industries, such as gas and oil production and refining, new energy, infrastructure, and hospitality. "The next step is to focus on Xinjiang's eight key industrial clusters and plan and implement a series of practical, reciprocal, stimulating, and sustainable projects. Central SOEs should adapt to local conditions in Xinjiang and promote new quality productive forces, thereby contributing to developing a modern industrial system," said Zhang Yuzhuo, Chairman of SASAC. Investing in Xinjiang will stimulate the local economy and benefit the SOEs. By the end of 2023, central SOEs had established 2,552 branches in Xinjiang, with investments totalling 2.47 trillion yuan (about $340 billion), and initiated over 52,000 cooperative projects. Source: Emirates News Agency