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| Investment spurs northwest China's economy |
| CCTV.COM 2003-07-28 09:07:29 |
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The Chinese government's efforts to encourage both foreign and domestic investment in the northwest are beginning to make a difference to the region's economy. During the past six months, five provinces and autonomous regions in northwest China, including Gansu and Shaanxi, have achieved sustained, fast and healthy economic growth.
Jinchun Group is the largest state－owned enterprise in Gansu Province. As a leading nickel producer, it produces nearly 90 percent of the nation's nickel output each year.
Backed by a more than 2.3 billion yuan investment for technological renovations over the past six months, the nickel giant imported advanced refining equipment that can process several kinds of metals simultaneously, and it has since become northwestern China's largest copper producer as well.
Market－oriented investment in technology upgrades has helped Gansu Province better explore its rich mineral resources, with its state－owned enterprises' revenues in the first half of this year 10 times that of the same period last year.
Qinghai Province also witnessed the acceleration of infrastructure programs thanks to an increase in foreign and domestic investment in the region. Almost two billion yuan has gone into road construction in the first half of this year.
While in Xinjiang Uygur Autonomous Region, private investment has grown nearly 40 percent and the region's GDP growth increased almost 10 percent from January to June.
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Editor: Yang Feiyang CCTV.com
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