Word: baoshan
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Dates: during 1981-1981
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Phase 1 of a $5 billion iron-and steelworks at Baoshan, near Shanghai, and- a huge petrochemical complex at the Daqing oilfield in Heilongjiang province...
Both sides clearly benefit from the deal. For China, it means a return to work on two showpieces of the modernization drive. The Baoshan complex, to be built by Nippon Steel, was planned as an industrial cornerstone for the country. The Daqing petrochemical project, for which Peking had already imported most of the machinery, is intended to help make China a world-class producer of products ranging from ethylene to synthetic fibers...
...penance, the Chinese agreed to pay some $40 million in compensation to Mitsubishi Heavy Industries for the cancellation of a $420 million hot-rolling steel mill that was to form part of a second phase at Baoshan. Peking also belatedly agreed to import and pay for all of the petrochemical equipment and technology that it had originally signed for with Japanese and West German firms, a commitment that could total as much as $1.5 billion. Industrial development in the People's Republic still faces serious obstacles. Not only must the country be able to train the millions of skilled...
Even more devastating was Peking's decision last month to halt work on the second phase of the giant Baoshan Iron and Steel Works near Shanghai. That grandiose $5 billion undertaking, seen as the cornerstone of industrial modernization in China, was contracted in 1978 to various consortiums, including one headed by West Germany's Schloemann-Siemag AG. The scuttled portion of the project includes plans for a $650 million cold-rolling mill, to have been built jointly by Schloemann-Siemag and three other West German firms, a $425 million contract with Mitsubishi Heavy Industries, and a $140 million...
Perkins noted that some of the cuts may hurt China's relationship with foreign companies. Citing the Baoshan steel complex near Shanghai, Perkins said China has already cancelled some projects with German and Japanese firms...