Connect with us
Wise usd campaign
ADVERTISEMENT

Companies

Xinjiang to invest huge amount for highway network

Published

on

The Xinjiang Uygur autonomous region will inject record funding into building new roads this year so it can better serve as China’s trade hub linking countries along the Silk Road Economic Belt.

New infrastructure projects are also expected to bring more job opportunities for locals, the region’s top economic planning official said.

This year, the northwestern region will invest 170 billion yuan ($24.8 billion) into new roads, up nearly six fold from 2016.

The region has never seen such investment in road construction, Zhang Chunlin, director of the Xinjiang Development and Reform Commission, said in an exclusive interview in the regional capital of Urumqi.

The region will also invest 8.1 billion yuan in constructing railways and 4.8 billion yuan in civil aviation projects, both up by 50 percent from last year. The investment in building roads, railways and airports this year will top the total funding for transportation infrastructure from 2011 to 2015.

Building a highway network in a region that takes up one-sixth of China’s territory is a priority, Zhang said. Currently, about 40 percent of the cities and counties in Xinjiang are not connected by highways.

“Without the highways, oil, coal and agricultural products of Xinjiang cannot be shipped out of the region smoothly, and logistics costs will remain high,” Zhang said.

After the planned highway network is completed, logistics costs in the region can be reduced by 30 percent, he added. The region plans to start construction this year on 6,096 kilometers of highways.

Although poor infrastructure has been holding back development of the region, Xinjiang now sees opportunity for economic growth, he said.

Massive transportation projects can use significant amounts of steel and concrete, which can help to stimulate economic growth. What’s more, locals can fill the jobs created by those projects, he added.

Currently, there is one highway linking Xinjiang and other parts of…

Read the complete story here

Continue Reading

China

Government subsidies don’t boost Chinese firms’ productivity

China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.

Published

on

East Asia Forum

Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.

(more…)
Continue Reading

Companies

Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division

OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

Published

on

OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

(more…)
Continue Reading

Companies

Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman

A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

Published

on

A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

(more…)
Continue Reading