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Fosun aims to invest USD 3.2 bn in technology over 3 years in China

Fosun Chief Executive Wang Qunbin was speaking after the company on Tuesday said full-year profit jumped 28.2 percent to a record high, its fastest growth in four years.


Devdiscourse News Desk
Updated: 28-03-2018 10:14 IST
Fosun aims to invest USD 3.2 bn in technology over 3 years in China

Acquisitive Chinese conglomerate Fosun International, which owns Club Med and a stake in Cirque du Soleil within its broad portfolio. (Image Credit: Pixabay)

Acquisitive Chinese conglomerate Fosun International, which owns Club Med and a stake in Cirque du Soleil within its broad portfolio, said on Wednesday it aims to invest 20 billion yuan (USD 3.19 billion) in technology in the next three years.

Fosun Chief Executive Wang Qunbin was speaking after the company on Tuesday said full-year profit jumped 28.2 percent to a record high, its fastest growth in four years.

He added investment in technology is expected to reach 100 billion yuan in the next ten years.

Premier Li Keqiang said on Monday China and the United States should maintain negotiations and he reiterated pledges to ease access for American businesses, as China scrambles to avert a trade war.

Also Read | China premier pledges to ease market access for US businesses

Li told a conference that included global chief executives that China would treat foreign and domestic firms equally, would not force foreign firms to transfer technology and would strengthen intellectual property rights, repeating promises that have failed to placate Washington.

(With inputs from Reuters)

COUNTRY : China