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Leading SOEs Spur GD's Industrial Upgrade
2011-April-6 Source: Newsgd.com
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Guangdong officials signed investment agreements worth over 2 trillion RMB with 70 State-owned enterprises (SOEs) on 204 projects in the Strategic Cooperation Forum between Guangdong and State-owned Enterprises held in Beijing last month, as part of the province's efforts to transform and upgrade its industry.

"The SOEs will accelerate the province's industrial upgrading," said Guangdong Party Secretary Wang Yang. "Guangdong's fast economic development has provided favorable opportunities for the enterprises to expand their business in the region," added Wang.

SOEs play a significant role in Guangdong's industrial restructuring. More than 49 SOEs have launched investment projects in Guangdong with an investment totaling 1.5 trillion RMB. More than 160 projects are currently under constriction and are worth a total investment of 1 trillion RMB.

The province's 12th Five-Year Plan outlines a plan to accelerate industrial transformation and upgrade industries in order to build a "happy Guangdong" within the next five years.

SOEs are strong in areas such as research and development, capital, technology, mind-power, information and branding, which help improve Guangdong's industry and ownership structures. These companies are flagships in their fields and the projects will lead the development of industrial clusters in the region.

Director General of the Guangdong Development and Reform Commission Li Miaojuan, last week said the agreements compliment Guangdong's regional industry layout. About 60 percent of the investments are focused on newly emerging services and manufacturing pools and are located mostly in the Pearl River Delta area. Heavy industry and energy projects are located in Guangdong's mountainous and eastern and western regions.

Investments in the service sector give priority to service industries, said Li. By the end of the province's 12th Five Year Plan, the tertiary industry will become the leading industry driving economic growth and the service industry will overtake manufacturing by occupying 48 percent of the layout.

Guangzhou

Guangzhou officials signed investment agreements worth 380 billion RMB with 20 state-owned enterprises on 20 projects. Projects include the China Merchants Group (CMG), China National Offshore Oil Corporation (CNOOC), China Electronics Technology Group Corporation (CETC), China State Shipbuilding Corporation (CSSC), China Resources Co., Ltd. (CRC) and include fields such as new energy, electronic information, equipment manufacturing and urban construction.

Shenzhen

Shenzhen officials signed investment agreements worth a total of 470 billion RMB with 51 state-owned enterprises on 52 projects. Projects include the China Datang Corporation, CETC, Sinochem Group, China State Construction Engineering Cooperation (CSCEC), China Energy Construction And Environmental Protection Group, Sinosteel, China South Locomotive and Rolling Stock Corporation Limited(CSR), China CNR Corporation Limited (CNR) and China Guangdong Nuclear Power Group (CGN). The projects cover industries in aerospace, electronic information, equipment manufacturing, transportation energy, finance, construction and tourism.

Jiangmen

Jiangmen officials signed investment agreements totaling 127.8 billion RMB with 13 state-owned enterprises. Approximately 55 billion RMB will be invested in the Guangdong Taishan nuclear power plant and related supporting projects to boost the construction of Taishan Clean Energy Equipment Industrial Park.

 

Editor: Olivia
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