Qinghai looks to investment for economic advancement

Qinghai plans to attract investment in infrastructure, clean energy and modern service sectors to help pick up its economy, a provincial official said.

Based on its advantageous location and rich natural resources, Yang Yang, deputy head of the provincial Development and Reform Commission, said on Tuesday that the province will focus on expanding its participation in the Belt and Road Initiative

"Qinghai is an important post along the ancient Silk Road linking Tibet autonomous region and Xinjiang Uygur autonomous region," Yang said. "It also has its advantages, such as low investment costs, as well as outstanding industries such as rare metal and clean energy."

To attract investment, the province will open its arms to the private sector in infrastructure, real estate, tourism, energy and electricity. It will add 100 more public-private partnership (PPP) projects to its existing 280 PPP projects covering various areas in the near future.

"Qinghai is indeed going through rapid transformation in its economy, but to achieve economic growth, it cannot place its bets on government subsidies," Wang Jianlin, president of Dalian Wanda Group said, adding that the keys in picking up its economy lies in investment, especially in its largely underdeveloped tourism sector.