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13:59 Jan 26 2010

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Tibet introduces funds of 71.8 bln yuan in 5 years
13:59, January 26, 2010  

Tibet brought in funds of 71.8 billion yuan RMB (10.5 billion U.S. dollars) from other parts of China during the 11th Five-Year Plan period (2006-2010), according to the Tibet Autonomous Regional Development and Reform Commission (TARDRC).

Of the total, 19.1 billion yuan RMB (2.8 billion dollars) has arrived, said Jin Shixun, director of the commission.

With the deepening of the reform and opening up drive, Tibet has held various kinds of activities to attract investors in many fields.

Specifically, Tibet, in line with its characteristic industries, has been improving its investment environment and innovating new investment introduction approaches since 2006.

The Central Government has earmarked 310 billion yuan RMB (45.4 billion dollars) to Tibet in subsidies and fixed assets investment since the holding of the 4th Conference on Tibetan Work in 2001.

As a result, Tibet's infrastructure, which used to be the bottleneck in its economic development, has improved substantially, with the Qinghai-Tibet Railway becoming the propeller of its economic expansion.

With improved infrastructure in the region, a number of major enterprises have begun shifting their focus on Eastern China to the roof of the world. For instance, the Yili Group, the Xinhuatailong Mineral Group and others have invested in projects in Tibet.

Jin added that these projects have lifted Tibet's investment introduction and economic cooperation to a much higher level.

Source: Xinhuanet

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