Chinese utility announces $400 million investments

November 13, 2008 03:21


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State Grid Corp. of China, which operates most of China's power-distribution network, will invest an extra 2.7 billion yuan ($400 million) in facilities this year as part of a national economic stimulus package, a state news agency reported Thursday. The announcement comes as the government and state companies begin to release details of how China will carry out a 4 trillion yuan ($586 billion) package announced Sunday to boost slowing economic growth. State Grid said the additional investment will go into expanding power grids in central and western China, with half spent in cities and half in the countryside, the Xinhua News Agency said, citing a company spokesman, Zhang Haiyang. It said the investments are part of the stimulus plan.

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