Xin­jiang com­pa­nies sign mul­ti­mil­lion-dol­lar-deals

Global Times US Edition - - BIZOVE - By Huang Lan­lan in Shang­hai

Sev­eral com­pa­nies based in North­west China’s Xin­jiang Uyghur Au­ton­o­mous Re­gion signed mul­ti­mil­lion- dol­lar- con­tracts at the China In­ter­na­tional Im­port Expo (CIIE), and busi­ness rep­re­sen­ta­tives see the Belt and Road ini­tia­tive (BRI) in­ject­ing new im­pe­tus into lo­cal eco­nomic growth, which con­trib­utes to lo­cal so­cial sta­bil­ity.

The Xin­jiang-based clean en­ergy com­pany TBEA signed deals worth nearly 1 bil­lion yuan ($144.3 mil­lion) with Swiss en­gi­neer­ing group ABB, Ger­man dis­crete semi­con­duc­tor and pas­sive el­e­ment pro­ducer Vishay, Ger­man power trans­former pro­ducer MR and Ja­pan’s Mit­subishi Group at the expo.

Be­ing po­si­tioned as a key area of China’s open­ing-up to the west re­gion, as well as a “core area” on routes of the BRI, Xin­jiang is ben­e­fit­ing from in­creas­ing Si­no­for­eign co­op­er­a­tion be­tween en­ter­prises that the BRI has at­tracted, lo­cal busi­ness rep­re­sen­ta­tives said.

Zhang Xin, pres­i­dent of TBEA, told the Global Times the com­pany in­sists on al­lo­cat­ing re­sources glob­ally.

It se­lects and pur­chases raw ma­te­ri­als and com­po­nents from all over the world, and the CIIE pro­vides a plat­form to buy prod­ucts and tech­nolo­gies with higher qual­ity and lower costs, Zhang said.

One com­po­nent of the power trans­former that TBEA pro­duces for the BRI-re­lated en­ergy in­fra­struc­ture projects, named tapchanger, is of­fered by the global trans­former con­trol so­lu­tion provider Ger­man’s MR.

“We’ve col­lab­o­rated with Chi­nese en­ter­prises in­clud­ing TBEA for many years, and we are look- ing for­ward to fur­ther par­tic­i­pat­ing in the BRI projects with our Chi­nese part­ners,” MR Man­ag­ing Di­rec­tor Michael Ro­hde told the Global Times on Thurs­day.

Thanks to the BRI, Xin­jiang has a very promis­ing fu­ture, Zhang told the Global Times.

“Com­pa­nies in Xin­jiang not only bring in more in­vest­ments and ad­vanced tech­nolo­gies but also fur­ther go global with our for­eign part­ners,” he said.

“All these fac­tors have con­trib­uted to the sta­ble econ­omy and so­cial sta­bil­ity of to­day’s Xin­jiang,” he added.

Xin­jiang’s GDP ex­ceeded 1 tril­lion yuan ($144.2 bil­lion) for the first time in 2017, when it grew 7.6 per­cent year-on-year, the Xin­hua News Agency re­ported in Fe­bru­ary.

China’s over­all GDP grew 6.9 per­cent year-on-year in 2017, ac­cord­ing to the Na­tional Bureau of Sta­tis­tics.

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