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China Mobile to invest 31b yuan in Shanghai
(Xinhua)
Updated: 2009-05-12 11:10 China Mobile Communications Corporation (China Mobile), the country's biggest mobile operator, plans to invest 31 billion yuan ($4.54 billion) in Shanghai in the coming three years according to an agreement signed between the two on Monday. The plan was revealed in a frame agreement signed by China Mobile and the Shanghai government, which aims for further cooperation in the information industry in Shanghai between 2009 and 2011.
The company plans to allocate 3 billion yuan for constructing Shanghai's TD network with a signal that will cover urban area and major rural areas this year. It plans to spend 1 billion yuan for the information service for the Shanghai 2010 World Expo. It also pledges 600 internships and 3,000 jobs for Shanghai university graduates and residents. China Mobile registered a 29.6-percent increase in net profit to 112.79 billion yuan last year. (For more biz stories, please visit Industries)
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