China's central SOEs invest over 280b yuan in Xinjiang in 2024

BEIJING - China's centrally-administered State-owned enterprises (SOEs) have intensified their investment efforts in Northwest China's Xinjiang Uygur autonomous region to bolster regional development.

According to a conference hosted by the Xinjiang regional government on Wednesday in Beijing, more than 40 central SOEs carried out 336 projects in the region last year, with an actual investment of over 280 billion yuan ($39.1 billion), a 63.7 percent annual surge.

The investments span multiple sectors such as petroleum, natural gas, coal, new energy and transportation.

Notable projects include a shale oil base that exceeded an annual production output of 1 million tons in 2024, marking a breakthrough in China's shale oil exploitation. Furthermore, the 22.13-km Tianshan Shengli Tunnel -- the world's longest expressway tunnel -- completed tunneling last year. Once operational, it will reduce travel time across the middle section of the Tianshan Mountains from several hours to just about 20 minutes.

In 2025, over 40 central SOEs will invest more than 380 billion yuan in Xinjiang, said Chen Weijun, vice-chairman of the regional government. Project cooperation will cover energy storage, intelligent computing centers, equipment manufacturing and medicine, among other fields.

Central SOEs have played a pivotal role in promoting employment, improving livelihoods, and fostering industrial development and economic growth in Xinjiang, said Chen.

Xinjiang's GDP grew by 6.1 percent last year, surpassing the 2 trillion yuan mark. As the region celebrates its 70th anniversary of establishment this year, it aims for strong social and economic development in 2025.