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CIIE gives new impetus to China Energy partners

  • Author:Nancy
  • Source:China Daily
  • Release on:2019-11-12

  CIIE gives new impetus to China Energy partners

Over 30 overseas suppliers from 12 countries including Germany, Switzerland and Mongolia signed medium and long-term strategic cooperation agreements and sale contracts for equipment and materials with China Energy Investment Corp (China Energy) during the second China International Import Expo, which concluded in Shanghai on Sunday.

High-end equipment, advanced technologies and intelligent products in the coal, thermal power and chemical industries will be sourced from the firm's partner enterprises, in a bid to improve the level of production technology and realize the high-quality development of the SOE, said China Energy spokesman Zhang Yuxin.

He said based on the principle of embracing openness and cooperation for mutual benefit, the procurement conforms to actual demand and the development target of the enterprise.

China Energy has made full use of the opportunity offered by the CIIE to further enhance cooperation with overseas enterprises and improve the long-term mechanism for international communication, fully releasing the potential of China Energy as a newly formed SOE, according to Zhang.

Compared with the first CIIE, the scope, category and amount of procurement of the second CIIE has reached a record to meet increased domestic energy demand resulting from China's economic growth.

This cooperation is in line with the growth trend of SOE reform, and sets a good example for SOEs to strengthen their links with overseas enterprises under the Belt and Road Initiative, reflecting China's continued opening up to the outside world, said Liu Chunsheng, an associate professor of international trade at the Central University of Finance and Economics.

SOE reform should follow market principles, which will help the enterprises to enhance their competitiveness in key industries, he said, adding that to achieve a win-win situation, communications and understanding about economic strategies in every partner country should be emphasized throughout the cooperation.

To build high-class SOEs, more attention should be placed on deepening mixed-ownership reform and group management, Liu said.

Ranked 107th among the Fortune Global 500, China Energy, which was established in 2017 following the merger of China Guodian Corp and Shenhua Group, is now the world's largest producer of coal, thermal power, wind power, coal-toliquids and coal-to-chemicals.

As one of the pilot State-owned capital investment companies and being among the few selected to build world-class and exemplary enterprises in China, the enterprise is taking firm steps towards its goal of becoming a modern State-owned enterprise with Chinese characteristics.

By the end of 2018, it operated coal mines with an annual production capacity of 510 million metric tons, and power plants with installed capacity totaling 238 GW.

It also has a network of railways with a total length of 2,155 kilometers, 62 ships, and ports with a designed handling capacity of 264 million tons.

With a mission to supply clean energy for a more beautiful China, the enterprise established three national key laboratories in the fields of green development of coal, clean and efficient coal-fired power generation and wind power equipment and control.