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May 9, 2017

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Central SOEs do Belt and Road projects

NEARLY half of China’s centrally administered state-owned enterprises have participated in the Belt and Road initiative since it was launched in 2014, said Xiao Yaqing, head of the State-owned Assets Supervision and Administration Commission.

Since the initiative was launched three years ago, 47 of the 102 central SOEs have invested in or built 1,676 projects in the countries and regions along the Belt and Road, Xiao said yesterday.

Profits of these companies gained 4.5 percent annually as their financial results were “driven by the Belt and Road projects,” Xiao added.

China has helped build more than 60 energy projects in power generation and pipeline construction in the countries while Chinese companies have built infrastructure such as airports and high-speed railways.

China National Machinery Industry Corp sealed energy and infrastructure equipment contracts worth US$73.6 billion in 733 projects, while China Communications Construction Co built 103 million kilometers of highways and 96 deep-water wharves.


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