SOEs sign investment agreements with NE province

Updated: 2011-06-03 10:38
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BEIJING -- State-owned enterprises (SOEs) supervised by the Chinese central government on Thursday signed nearly 60 investment agreements with northeast China's Heilongjiang province, a move that is predicted to further boost the region's economy.

The 58 agreements, worth 128.3 billion yuan ($19.7 billion), will cover investments in energy, equipment manufacturing, coal processing and petrochemicals, electronics, information technology and the service industry.

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The central SOEs are continuing their investment in the province after investing 390.7 billion yuan in the province last year.

Wang Yong, chairman of the State-owned Assets Supervision and Administration Commission (SASAC), said the central SOEs have helped boost Heilongjiang's social development, and have also become a major force in driving the industrial restructuring and transformation of the region's economic development.

Provincial governor Wang Xiankui said the investment agreements will give Heilongjiang's economic growth more vitality.

SASAC data shows that central SOEs have a major presence in the province, with total assets exceeding 650 billion yuan and main business revenues reaching 450 billion yuan in 2010. They also contributed 22 percent to the local gross domestic product last year.