FLYING HIGH Construction of the Tibet Ngari Airport is approaching completion. The airport is expected to come into operation next July (XINHUA)

Hi-Tech Fever

The National Development and Reform Commission (NDRC) recently joined hands with several provincial and city governments to launch 20 venture capital funds in various provinces totaling 9 billion yuan ($1.31 billion) to support fast-growing hi-tech sectors.

The investment will focus on the electronic and information technology sectors, bio-pharmaceutical industries, new energy sector and projects related to energy conservation and environmental protection, the NDRC said.

The funds are aimed to direct capital into new industries and competitive hi-tech enterprises to push forward self-innovation, said the NDRC, adding that its local partners included governments of Beijing, Shanghai, Chongqing and Shenzhen cities as well as Jilin, Anhui and Hunan provinces.

Tapping Into China

South Korea's LG Display, the world's second-largest LCD (liquid crystal display) panel maker, said it plans to invest 1.1 trillion won ($934 million) in a joint venture to build an LCD plant in south China's Guangzhou.

LG Display said it would own a 70-percent stake in the venture and Guangzhou Government would be one of the investment partners in the plant.

The plant will start mass production of eighth-generation LCD panels, which are larger than 40 inches, in the first half of 2012, LG Display said. The project is still awaiting approval from the South Korean Government.

LG Display had 13.7 percent of the global LCD TV market share by revenue at the end of June 2009.

Sino-Saudi Oil JV

China's largest oil refiner, Sinopec Corp., and Saudi Basic Industries Corp. (SABIC) inaugurated their new petrochemical complex in north China's Tianjin Municipality on November 3.

The two companies had formed a 50-50 joint venture to build and operate the facility, which can produce 1 million tons of ethylene annually, according to a report by China Daily.

The complex includes a 1-million ton ethylene cracker, along with eight downstream units and utilities, which have been tested and are ready to begin production by the first quarter next year.

Products manufactured by the project will mainly be sold domestically, but exports are also likely in the future.

Green Ambitions

Shanghai Automotive Industry Corp. Group (SAIC) plans to invest 6 billion yuan ($879 million) to research and develop new-energy cars in the next two years.

Hu Maoyuan, chairman of the group, said SAIC plans to develop a series of new energy cars next year that could save 30 percent on fuel. Cars that save more than 50 percent on fuel and purely electric cars would also be rolled out.

Hu added that electricity-driven vehicles would be a major focus of the country's auto industry, while more technological breakthroughs need to be made in car batteries, electric motors and other parts.

Suning Fares Well

Chinese home appliance giant Suning Appliance Co. Ltd. said on October 31 that its net profits rose 15.38 percent year on year in the third quarter of this year thanks to the country's policies to boost domestic demand and the recovery in consumer confidence.

The company said its net profit for the third quarter was 704.82 million yuan ($103.19 million), adding its net profit for the first nine months was up to 1.97 billion yuan ($288.2 million).

Suning said it expected a substantial growth in fourth-quarter sales because of a lower comparison basis in the fourth quarter last year and further improvement in domestic demand.

By the end of September, the home appliance giant owned 885 outlets in 193 cities nationwide.