Projects worth billions inked before Tibet festival

By:Xinhua
update:August 19,2020

LHASA, Aug.19,2020 -- An investment promotion activity for this year's traditional Shoton Festival was held on Tuesday in Lhasa, capital of southwest China's Tibet Autonomous Region, with 41 projects signed.

The total investment of the projects, which involve key industries such as cultural tourism, modern services, and high-tech digital industries, reached 17.56 billion yuan (about 2.5 billion U.S. dollars).

Also known as the Yogurt Festival, the Shoton Festival is one of the most important festivals for Tibetans. It dates back to the 11th century when it began as a religious ceremony for residents to offer yogurt to monks finishing their meditation retreats.

This year's festival will kick off on Wednesday, and last for a week until Aug. 25, featuring activities such as art performances, sports competitions, business talks, and leisure tourism.

In the first half of 2020, Lhasa's regional GDP increased by 5.3 percent, while the city's fixed asset investments rose by 17.1 percent. The city also saw growing urban and rural per capita disposable income during the period.