Qinghai invests RMB 1.5 bln in making precision equipment

Apr. 13, 2009 (China Knowledge) - China's northwestern Qinghai Province on Saturday began construction of a key equipment manufacturing industrial park in Ledu County that will cover 10,000 Mu, the official Xinhua News Agency reported.

The industrial park will contain a precision equipment manufacturing base and related factories. An existing state-owned Qinghai forging plant will be converted as part of the plan.

The precision equipment manufacturing base will be funded by Xinjiang Kangtai Investment Corp at a cost of RMB 1.5 billion.

The base will be completed within three years. Upon completion, the casting facility is expected to have an annual output of 100,000 tons of foundry products, 70,000 tons of large precision casting products and 30,000 tons of forged products.

When the base begins operation, it will provide over 2,000 local jobs and its total industrial output value is expected to hit RMB 3.3 billion per year.