Investors eye Guizhou province

Private investors from the Yangtze River Delta said on Wednesday that they are willing to inject a significant amount of funds into Guizhou province.

Contracts for 40 projects, involving a combined investment of 69.45 billion yuan ($11.08 billion), were signed in Shanghai with the investors.

"The projects to be launched in Guizhou will be a strong stimulus to the province's social and economic development," said Guizhou governor Chen Min'er.

The fundraising campaign that Guizhou has launched in the Yangtze River Delta is part of the province's strategic efforts to collect funds from China's coastal regions and markets in Southeast Asian countries.

"We are in urgent need of funds to push forward the province's development," Chen said.

The funds will be used to develop the province's industries and modern agriculture, urbanize towns, and explore tourism resources, among other projects.

Local insiders said the province has grasped the opportunity the country has provided to transfer some industries from eastern coasts to western regions.

"Guizhou has witnessed an annual increase of investment from the Yangtze River Delta, a result of its firm cooperation with counterparts in the east," said the governor.

The province has signed contracts for 902 projects with Shanghai, Zhejiang and Jiangsu provinces in the past two years, valued at 317.6 billion yuan. Nearly 97 percent of the funds were injected into industrial and services projects.

Zhejiang has invested 191.4 billion yuan in Guizhou to launch 594 projects, becoming the largest investor followed by Shanghai and Jiangsu.

"Capital from private firms has become a major source of funds for Guizhou," said Ji Hong, deputy director of Guizhou's Commerce Department.