Central SOEs play key role in Hubei recovery

State companies ink big-ticket deals with province to help revive local economy

To further help Hubei province－the hardest hit region during the COVID-19 outbreak in China－centrally administrated State-owned enterprises signed 34 contracts for 72 major projects with the province earlier this month, according to the State-owned Assets Supervision and Administration Commission of the State Council.

With a combined investment of 327.73 billion yuan ($46.34 billion) from central SOEs including China Three Gorges Corp, China Resources (Holdings) Co and China Petrochemical Corp, the deals cover various industries including new energy, urban development, environmental protection, intelligent manufacturing and information technology.

Among them, 48 involve investment surpassing a billion yuan, with nine projects of over 10 billion yuan. These projects will focus on fields such as new energy, ecological and environmental protection, intelligent manufacturing and infrastructure construction.