Shaanxi to boost overseas investment

Overseas Investment from China's coal-rich Shaanxi province will benefit from closer ties with Russia and African countries, said provincial governor Zhao Zhengyong at the fifth session of the Eleventh National People's Congress on Wednesday.

The province has close connections with Russia and the Commonwealth of Independent States, added Feng Junping, Chairman of the Provincial Federation of Industry.

"There are more than 100,000 people from Shaanxi living in Kazakhstan, Kyrgyzstan and Uzbekistan," Feng said.

Vladimir Putin, Russia's first three-term president, visited Xi'an, the capital city of Shaanxi province, during previous state visits.

"If President Putin would visit Shaanxi again, I would try to enhance ties between China's western provinces and Russian states," Governor Zhao said.

To boost overseas investments, the province has set up an investment company in charge of pursuing foreign cooperation and takeovers, Zhao said.

"Some African countries seek cooperation with us," he added.

The coal-rich province is home to many State-owned energy and coal companies.

The province, in the center of China's railway network, has also built a tariff-free zone in Xi'an to boost foreign trade and investment.

To date, the province has invested $1.1 billion overseas. In 2011 alone, overseas investment totaled $300 million, according to provincial authorities.