China’s state-owned firms plan to invest $129.6b in Xinjiang

Twenty-five of China’s centrally administered state-owned enterprises (SOEs) have announced on Monday plans to invest a combined 939.571 billion yuan ($129.6 billion) in Xinjiang.

This significant commitment was unveiled at a conference dedicated to advancing Xinjiang’s industrial sector, organised by the state-owned Assets Supervision and Administration Commission of the State Council (SASAC) in the Ili Kazakh Autonomous Prefecture.

The conference resulted in the formalisation of 183 letters of intent for co-operative programmes, with 25 SOEs pledging investments exceeding 10 billion yuan ($1.38 billion) each. These investments will target key industries such as gas and oil, new energy, infrastructure, and hospitality.

Zhang Yuzhuo, Chairman of SASAC, emphasised the importance of focusing on Xinjiang’s eight key industrial clusters and implementing practical, reciprocal, stimulating, and sustainable projects.

Central SOEs should adapt to local conditions in Xinjiang to promote new quality productive forces and contribute to developing a modern industrial system, the chairman said.

By the end of 2023, central SOEs had already established 2,552 branches in Xinjiang, with total investments reaching 2.47 trillion yuan ($340 billion). These enterprises have initiated over 52,000 cooperative projects in the region.

Attribution: WAM