China's SOEs to invest over 317b yuan for Xizang's development

LHASA -- A total of 16 centrally administered state-owned enterprises (SOEs) have pledged their support for the development of Southwest China's Xizang autonomous region, with 75 investment deals worth 317.5 billion yuan ($44.4 billion) concluded.

The agreements, covering energy, power and telecommunications infrastructure and other sectors, were signed on Sunday at a conference focusing on SOEs' contribution to the region's high-quality development.

Once operational, these projects are expected to create 11,400 jobs. Nearly 100 billion yuan of investment is projected to be completed by the end of 2027.

Since 2021, China's SOEs have invested 145.8 billion yuan in more than 8,800 projects in Xizang, generating 276.7 billion yuan in business revenue, according to data unveiled at the conference.

Zhang Zhigang, executive chairman of the State Grid Corporation of China, said that the company has invested 24.5 billion yuan in fixed assets in Xizang since 2021. It plans to invest an additional 1.5 billion yuan in 2025 to further support the region's power grid construction.

Mountain-locked Xizang was once the only provincial-level contiguous poverty-stricken region in China, burdened by its high altitude, harsh environment, poor transportation and limited resources.

To facilitate Xizang's development, the central government has decided to rally national support for the region, with central state organs, provincial-level regions and centrally administered SOEs designated to assist in its modernization drive.