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  • Jul 25, 2014
  • Updated: 9:30am
BusinessChina Business
INVESTMENT

Jilin in quest for billions in investment

Province proffers 300 projects in border area near Russia and N Korea

PUBLISHED : Thursday, 25 April, 2013, 12:00am
UPDATED : Thursday, 25 April, 2013, 6:15am

Jilin, a northeastern province bordering North Korea and Russia, is looking for deep-pocketed Hong Kong businesspeople to invest in 300 projects, ranging from technology and resources to tourism.

In all, 235.3 billion yuan (HK$292.8 billion) is needed for the projects, according to official data, with individual projects ranging in investment scale from 30 million yuan to 20 billion yuan.

Among the 300 projects, 10 require more than 5 billion yuan each.

Forty-three projects more than 1 billion yuan each in funding, and a total of 252 projects require more than 100 million yuan apiece.

A methanol industrial chain project in Jilin city is looking for 18 billion yuan while another polyurethane project in the city needs 5.8 billion yuan in investment.

"Jilin is accelerating the transformation of its production model and upgrading its industrial structure," provincial governor Bayin Chaolu said, adding a "world-class vehicle production base" is being set up in the province.

He said the province was also promoting the use of new energy, development of modern mechanised agriculture and large-scale water conservation projects.

"Meanwhile, we are working on the Hunchun International Co-operation Demonstration Area and other platforms of significance," Bayin said.

Jilin announced last May plans for the Hunchun demonstration area, also called the China Tumen River International Co-operation Demonstration Area, saying the aim is to boost exchanges, co-operation and stability in Northeast Asia.

Hunchun, with a population of 250,000, is the only border city sitting at the junction of China, Russia and North Korea. The demonstration area covers over 90 square kilometres and enjoys preferential policies, ranging from taxes and land-use to financial support and talent pooling.

But work on the zone has been slow due to concerns that potential conflicts on the Korean peninsula carry risks for investors.

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