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Zhejiang to launch $53 billion partnership projects

Staff writer |
Zhejiang province in China will launch 129 projects in a program of cooperation between state-owned and privately-owned enterprises, local authorities said.

The investment could hit 324.4 billion yuan ($53.3 billion), authorities said at the World Zhejiang Entrepreneurs Convention held in the provincial capital Hangzhou, reports China Daily. Of the 129 projects, 38 will belong to provincial State-owned enterprises with a total investment of 45.3 billion yuan. The larger ones include a port project in Taizhou invested by Zhejiang Communications Investment Group, which is worth some 7.7 billion yuan.

Eight projects invested by Zhejiang Provincial Energy Group are worth some 10 billion yuan, covering an urban gas network. Most of the projects they promote will grant a 39 percent stake to privately-owned enterprises and stock rights can amount to 49 percent, said Fan Xiaoning, deputy general manager of Zhejiang Provincial Energy Group.

A total of 79 projects promoted by the city-level State-owned assets supervision and administration commission will have an investment of about 270 billion yuan, most of which are infrastructure projects. Wenzhou, where financial reform is currently being undertaken, will have 44 projects which are worth some 102.6 billion yuan. Zhoushan has plans for 23 projects with a total investment amount of 149.1 billion yuan.

The railway projects are attracting the most attention. Zhejiang entrepreneurs are welcome to cooperate in these railway projects. As the railway investment giant in Zhejiang, Zhejiang Provincial Railway Investment Group is opening up three projects to privately-owned enterprises, including Jintai Railway, Yueqing Bay Railway and Dumen Port Railway.

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