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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.

Related readings:  China Mobile to take stake in Taiwan's Far EasTone  China Mobile Q1 net profit up 5.2% at $3.7b  China Mobile eyes rural market  China Mobile Q4 profit increases

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.