Microsoft signed an MOU with the Chinese NDRC (National Development and Reform Commission) on April 26, 2006, expressing its intention to invest US$3.7 billion in China over the next five years. According to Bloomberg, Microsoft will spend a total of US$3.5 billion on procuring hardware from China and US$200 million on supporting the Chinese software industry by establishing joint ventures with Chinese software companies and providing support in technology, development, and testing for these companies.