Financial institutions bankroll major projects in Shanghai

Editor's Note:

Shanghai, a favorite destination for investment from home and abroad, is confident it can attract more quality investment with better policies and services.

A total of 336.6 billion yuan (US$49.8 billion) of investment credit was granted by financial institutions to 102 major projects in Shanghai on Tuesday.

China Development Bank, Industrial and Commercial Bank of China, CPIC Group and Hongkong and Shanghai Banking Corp are some of the institutions backing the projects in the city.

Shanghai has planned various projects in the new infrastructure, digital transformation, new energy and public welfare sectors with an estimated total investment of 4.2 trillion yuan, according to the Shanghai Development and Reform Commission. Half of that investment is to be completed in the 14th Five-Year Plan period (2021-2025).

Since June, thanks to the joint efforts of the whole city and people from all walks of life, and the strong support of domestic and foreign market entities and financial institutions, Shanghai's economic social recovery has shown a sustained momentum, according to the local authorities.

The resumption of work and production at various businesses following the lifting of the COVID-19 pandemic lockdown has also gradually accelerated.

The financial hub has seen more innovative funding products and solutions offered to enterprises and for project construction, the authorities said.