China Mobile to invest $5.4b in Shanghai

China Mobile announced plans to invest US$5.4 billion in Shanghai over the next three years, state media reported. The telecom firm will help Shanghai improve its telecommunications infrastructure for the upcoming Shanghai Expo 2010 and assist the city in meeting its goal of becoming China’s official global financial center. Investments will include the deployment of 100,000 wireless POS/ATM machines and offering mobile information services for Shanghai financial institutions. The company has allocated US$440 million towards upgrading Shanghai’s TD-SCDMA network coverage in the city and surrounding rural areas. TD-SCDMA is China’s locally developed third generation (3G) mobile standard. The company said the investment will create 3,000 new jobs and 600 internships in the city.