China will promote the production of liquid crystal display (LCD) based on a new generation Thin Film Transistor (TFT) technology with a total investment of 28 billion yuan (4 billion U.S. dollars), at Beijing Economic-Technological Development Area.

BOE Technology Group Co., an LCD-making company with patent technology on G8 TFT-LCD production, will complete a production factory by 2011 which is able to assemble 40-inch LCD TV screens.

"Our products will meet the surging domestic demand for large-sized LCD TV screens with high quality but lower prices," said BOE Chairman Wang Dongsheng at the inauguration ceremony of the factory on Monday.

Currently, large LCD TV plates in China could only rely on imported products, since no domestic companies have the technology and capability.

Jia Qinglin, China's top political advisor said in attending the ceremony that the TFT-LCD industry, as a driving force for the development of related industries, would help upgrade China's electronic and information technology.

Jia also hoped that the BOE could make more breakthroughs, acquire more patents in the field and establish a Chinese indigenous LCD screen brand.

To promote the LCD TV industry, BOE will lead other 32 companies to construct a Digital TV Industrial Park in the area.

The LCD TV Park is expected to attract an additional 50 billion yuan (around 7 billion U.S. dollars) of investment and is expected to create more than 20,000 jobs.

"The Park will achieve a production value of nearly 100 billion yuan and turn in more than 4 billion yuan in tax," Wang said.

(Xinhua News Agency August 31, 2009)