Foxconn Starts Construction of US$8.8 Billion Plant in China

Taiwanese electronics contract manufacturing giant Foxconn has officially started construction of its US$8.8 billion liquid-crystal display (LCD) plant in China’s Guangzhou City.

The US$8.8 billion investment is just for the first phase of the plant, according to reporters.

The plant, which covers an area of about 1.5 square kilometer, is designed to manufacture 10.5-generation 8K displays, smart TVs and electronic whiteboards, among others.

According to officials of Zengcheng district, the location of the project, the annual production value of the new plant is estimated to reach Rmb92 billion, or about US$13.34 billion, and provide 6,000 to 10,000 technical jobs.

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Foxconn is the trading name of Hon Hai Precision Industry Co., Ltd., a Taiwanese multinational electronics contract manufacturing company headquartered in New Taipei City, Taiwan.

Foxconn is the world’s largest contract electronics manufacturer, and the third-largest information technology company by revenue.

Meanwhile, a Chinese official said China’s long-term growth fundamentals have not changed and the country’s economy is expected to remain the strongest driver for global economic growth this year.

This was the pronouncement of Wang Guoqing, spokesperson for the fifth session of the 12th National Commitee of the Chinese People’s Political Consultative Conference.

Wang said both the quality and efficiency of China’s economy saw further improvement last year.

In fact, China’s 2016 growth accounted for about a third of world growth, according to data from the World Bank.

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Wang said the fundamentals for China’s long-term growth have not changed and that the economy still enjoys strong sources of growth.

The country’s steady growth, Wang added, creates greater demand, a wider variety of products and more cooperation opportunities. – BusinessNewsAsia.com

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