China's JD.com says will invest over $3 billion in "rustbelt" regions

Chinese online retailer JD.com will invest more than 20 billion yuan ($3.11 billion) in the country’s northeastern “rustbelt” regions over the next three years, the Xinhua news agency reported on Thursday, citing the company.

JD said its efforts in the provinces of Liaoning, Jilin and Heilongjiang would be aimed at upgrading industries and creating jobs and would include the construction of an e-commerce settlement center that would create 9,000 jobs.

China’s northeastern provinces, dominated by giant state enterprises and heavy industries, have struggled to keep up with rapidly growing high-tech manufacturing regions on the east coast.

The central government has consequently rolled out plans to support the flagging region by launching major investment projects and encouraging companies in coastal areas to participate in reforms of state firms in the northeast.

($1 = 6.4250 Chinese yuan)