25 of China's centrally administered state-owned enterprises (SOEs) plan to increase their investments in Xinjiang, estimated at approximately 939.571 billion yuan (about 129.6 billion U.S. dollars).
At a conference on promoting Xinjiang's industry, organized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) in the Ili Kazakh Autonomous Prefecture of Xinjiang Uygur Autonomous Region, northwest China, the SOEs signed 183 letters of intent for cooperation programs.
Of these, 25 involve investments exceeding ten billion yuan (approximately 1.38 billion U.S. dollars).
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 the development of a modern industrial system," said Zhang Yuzhuo, the chairman of SASAC.
Investing in Xinjiang will stimulate the local economy and benefit the state-owned enterprises (SOEs). By the end of 2023, central SOEs had established 2,552 branches in Xinjiang, with investments totaling 2.47 trillion yuan (about 340 billion U.S. dollars), and initiated over 52,000 cooperative projects.
Chinese SOEs to make major investments in Xinjiang
