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Business / Economy

87 Beijing companies promise investment

By ZHANG YU/WANG WEI (China Daily) Updated: 2015-07-04 12:47

Dozens of companies from Beijing signed agreements with Hebei province on Friday, pledging a total investment of more than 1.6 trillion yuan ($257.8 billion).

The signing took place in Baoding, southwest of Beijing.

The 87 State-owned companies are in fields as diverse as equipment manufacturing, emerging industries, modern services and pollution control.

"The State-owned companies can bring Hebei capital, technology and personnel, which can help the province accelerate its process of industrial upgrading and air pollution control," Hebei Deputy Governor Yang Chongyong said.

Mayor Zhang Qingwei said that more than 200 strategic cooperation agreements were reached between Hebei and 75 State-owned enterprises in the past four years, covering infrastructure, the information industry and service industries.

Among them, 141 projects have been put into operation with an investment of nearly 400 billion yuan.

The planned integration of Beijing, Tianjin and Hebei provides new motivation for State-owned companies to invest in Hebei, Yang said.

"The integration of industries and transportation in the region made it easier for those companies in the capital to find more investment opportunities in neighboring Hebei province," he said.

Sun Yuheng, an investment manager with the China Railway Electrification Bureau (Group) Co, agreed.

"The costs of land and personnel are expensive in Beijing, while cities in Hebei such as Baoding are a good place to invest because they can provide a favorable environment at a low cost," he said.

Sun said his company will build an industrial park in Baoding with an area of about 70 hectares.

As a major player in the Chinese shipbuilding industry, China Shipbuilding Industry Corp is also increasing investment in Hebei's cities, including Baoding, Tangshan, Handan and Qinhuangdao, said Hu Wenming, company chairman.

Hu said the transfer can help reduce pressure on the capital and at the same time promote Hebei's development.

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