China to spend US$42 bil. on Beibu Gulf projects

Among the projects is PetroChina Co.’s 15.2 billion yuan refinery under construction by China’s biggest oil company, an aluminum smelter, a steel mill and a nuclear power plant, said Ma Biao, governor of southwestern China’s Guangxi province, at a press conference Thursday in Beijing. A bank may also be set up to finance development in the region, he said.

China’s economy expanded 11.4 percent last year, the fastest rate in 13 years, boosting demand for raw materials, fuel and chemicals to feed the nation’s industries.

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