Tibet unveils two state-owned financing firms

Two state-owned investment and financing companies were set up in Lhasa on Wednesday, offering local enterprises new financing platforms.

The two firms are Tibet Guosheng State-Owned Assets Investment Holding Limited and Tibet Energy Resources Investment Co. Ltd.

Each of them received funds of 500 million yuan (79.4 million U.S. dollars) from the State-Owned Assets Supervision and Administration Commission of the Tibet Autonomous Region Government.

Guosheng will mainly support industrial development in the region, serving as a financing platform for both state-owned enterprises and small and mid-sized companies, according to Jin Siyu, deputy head of the regional state-owned assets watchdog.

Tibet Energy Resources Investment Co. Ltd. will focus on new energy businesses in order to ease the region's power shortage, Jin said.

The two companies are expected to play a significant role in boosting local industrial and infrastructure development and, therefore, will help promote the sound and rapid economic growth of Tibet, said Ding Yexian, vice chairman of the autonomous region government, at the opening ceremony for the two companies.