Beijing will set aside US$70 billion in capital for international ventures by Chinese enterprises as the country steps up infrastructure investment abroad amid an economic downturn and production over capacity.SCMP: US$70 billion plan to export China’s spare industrial capacity
Premier Li Keqiang announced yesterday during his visit to Brazil there would be a US$30 billion fund for promoting international cooperation in ventures that export China’s industrial capacity. In addition, China’s sovereign wealth fund, China Investment Corporation, would set up an overseas investment vehicle with a capitalisation possibly greater than the US$40 billion Silk Road Fund to support the strategy.
Li said the US$30 billion fund would be open to cooperation projects with no political strings attached. He said Chinese enterprises were willing to participate in railway construction, high-voltage electrical power transmission, internet technology and next-generation mobile telecommunications technology, Xinhua reported.
Big ships, big problems
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A dispatch from FT Alphaville’s maritime correspondent
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