China Mobile to invest 31b yuan in Shanghai
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.
China Mobile will help Shanghai become an international financial center by opening 100,000 wireless POS/ATM machines, offering fixed-mobile information service for 800 financial institutions and mobilizing 8 million subscribers of its customized mobile banking services in the three years.
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.