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China Unicom Group to invest 20 bln in Shanghai
2009. 6 July
China United Telecommunications Corp. (Unicom Group), parent of China Unicom (OOTC:CHUFF) (0762.HK; CHU.NYSE), and the Shanghai Municipal Government signed a framework agreement on cooperation in the informatization field.
The Unicom Group granted a three-year investment of 20 billion yuan and confirmed cooperation with local government in several areas.
According to the agreement, the telecom operator will increase the fixed-asset investment in Shanghai, enhance the city's informatized service ability, boost the economic growth, and turn the city into a key information and communication hub in the Asia-Pacific region.
The carrier earmarked 800 million yuan for guaranteeing the communication during Shanghai World Expo in 2010, and would boost the employment in the municipality through promoting the development of each tache of the telecom industry chain, which may add about 10,000 jobs indirectly.
Meanwhile, the Unicom Group would implement the broadband speed acceleration strategy in full swing, and boost the access network construction based on FTTB.