Zhejiang Province to invest heavily in infrastructure in 2022
Zhejiang government has set a 2022 investment target of 1 trillion yuan (US$157.1 billion) with more than 840 key projects throughout the province.
The provincial government released 20 policies related to the key projects on January 8, stressing stability in social development and reform. Local governments must ensure the capital, land and energy resources required for construction.
Zhejiang will put its focus on the advanced manufacturing industry with an investment of 600 billion yuan and a yearly growth of over 10 percent. The green energy industry is also being emphasized with an investment of around 100 billion yuan, striving to achieve 6 million kilowatts of offshore wind power and photovoltaic installations.
In efforts to boost the economy in hilly areas, Zhejiang government will invest 300 billion yuan in 26 counties located in its western regions. Projects for public well-being are designed to promote life quality for residents.
In 2022, Zhejiang plans to renovate more than 600 old urban residential communities, build 300,000 affordable flats, pave 1,200 kilometers of new gas pipeline networks and upgrade 182 kilometers of old pipelines.
The province will further utilize the public-private partnership model in building railways and pilot the real estate investment trusts model in building high-speed roads and transit railways.
This year, the province will fund 7.8 billion yuan to support three industries, including information technology, biomedicine and new materials, to attract promising projects from other provinces and countries.
In an attempt to support more small and medium-sized high-tech companies, Zhejiang will cut 100 billion yuan in taxes in 2022. Leading companies that make great contributions to technological innovation will be awarded up to 50 million yuan.
Hangzhou, as the provincial capital, will construct 38 key projects this year, including 12 public well-being, six infrastructure facilities, six urban upgrades and 14 industrial projects.
The construction of the hub involving Hangzhou Xiaoshan Airport and railway station and connecting project, city's first key project, officially kicked off on January 5.
The project passes through Tongxiang County, Haining County, Qiantang District, Xiaoshan District and Shaoxing's Keqiao District.
As a high-speed railroad, it measures about 85 kilometers in length. After completion, it will alleviate the traffic pressure on Hangzhou's railroads and enhance the city's status in the railway transport field.
In an attempt to support more small and medium-sized high-tech companies, Zhejiang Province will cut 100 billion yuan in taxes in 2022. Leading companies that make great contributions to technological innovation will be awarded up to 50 million yuan.