Beijing SOEs invest US$10 billion in Belt and Road countries

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State-owned enterprises supervised by the Beijing municipal government have invested more than US$10 billion in 34 Belt and Road countries, according to the city's State-owned Assets Supervision and Administration Commission.

Beijing-administered SOEs have altogether invested in 57 countries and regions worldwide, with its assets reaching 600 billion yuan (about US$84 billion). Their investment is part of the country's effort to encourage Chinese companies to "go global" and contribute to the Belt and Road Initiative.

Beijing SOEs have built airports, roads, oil and gas pipelines, and other infrastructure projects in various foreign countries. One such company, Beijing Properties (Holdings) Limited, is building the Sino-Cambodian Phnom Penh Special Economic Zone, located 60 kilometers north of the capital of Cambodia. The 30-square-kilometer economic zone is expected to become the second largest city of Cambodia, according to the project manager.

Besides infrastructure, companies are also exporting cutting-edge technologies to foreign countries. Beijing Automotive Industry Corp (BAIC) Group's South African plant, which is BAIC's first overseas production base, delivered its first locally assembled vehicle in 2018, and in June this year, a semi-knocked-down assembly line was completed.

Companies have also invested in public welfare projects in foreign countries. Shougang Group's Peru company have pumped US$66 million into building sewage treatment works and other environment-friendly facilities in the site of the factory, as well introducing tap water and electricity to the former fishing village.

In 2018, Beijing-administered SOEs reported 612.57 billion yuan of foreign assets, 151.02 billion yuan of revenue, and 9.75 billion yuan of profit, increasing 62.2%, 123.4%, and 16.4 times, respectively, from 2015.

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