State Grid to invest 24.7 bln yuan in new infrastructure this year

Source: Xinhua | 2020-06-16

The State Grid Corporation of China announced Monday it will invest 24.7 billion yuan (about 3.48 billion U.S. dollars) in new infrastructure across the country this year.

The funds will mainly go to big data centers, industrial internet, 5G networks and artificial intelligence, according to the company.

The State Grid had signed strategic cooperation agreements with four internet giants including Huawei, Alibaba, Tencent and Baidu. It will also boost cooperation with local governments, enterprises and research institutes, in a bid to build new digital infrastructure in the energy sector.

China has pledged fresh efforts to advance the construction of new infrastructure, including next-generation information networks and 5G applications, according to a government work report.