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China Mobile Ltd : China's State Firms To Invest CNY350.6 Billion In Chongqing - Report

05/20/2012 | 10:48am US/Eastern

A delegation of China's top state-owned enterprises have signed contracts worth CNY350.6 billion ($55.5 billion) with the southwestern city Chongqing, previously run by ousted leader Bo Xilai, the Economic Observer reported.

Thirty SOEs, including the China National Petroleum Corp. and China Mobile, inked 72 contracts with the Chongqing municipal government last week to invest in sectors such as energy and industry, according to a report posted on the newspaper's website Saturday.

"The central government's full support, at a time critical time for Chongqing's development, is especially precious," Chongqing Mayor Huang Qifan was quoted as saying.

The move shows Beijing's support for Chongqing's growth, which so far has been driven by industry and investment, after the fall of its former leader.

Newspaper website: http://www.eeo.com.cn

-By China Bureau, Dow Jones Newswires; (8610) 8400-7799; djnews.beijing@dowjones.com

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