Shanghai launches a series of mega projects with an investment of 1.8 trillion yuan
Shanghai, a well-established destination for investment from home and abroad, is confident to ride the waves of a rising city to attract more quality investment with better policies and services.
A new batch of eight mega projects in Shanghai were launched on Tuesday with a combined investment approximating 1.8 trillion yuan (US$256.8 billion).
Announced by Shanghai Mayor Gong Zheng, the eight mega projects include: the Pudong integrated transportation hub, new urban railway construction and existing railway renovation projects, a new batch of rail transit construction projects, deep offshore wind power demonstration projects, an ecological park belt around the urban area, a new batch of subsidized housing construction projects, a new batch of old and urban village renovation projects, and drinking water safety and quality improvement projects.
These projects cover the areas of infrastructure, new energy and safeguarding people's livelihoods, according to Wu Qing, executive vice mayor of Shanghai.
The "Ride the Wave of Rising Shanghai" Global Investment Promotion Season, a three-month campaign to attract more investment to Shanghai, has concluded, with a series of promotional activities propping up growth in fixed asset investment across the city.
During the campaign from mid-June to mid-September, 10 major events and over 50 online and offline promotional activities were held.
The efforts to lure investment have come to fruition. Data showed a total of 597 major projects were signed during the campaign, with investment topping 941 billion yuan, while the construction of 296 major projects began with 602.9 billion yuan in investment, boosting the city's fixed asset investment which rose 8.7 percent year on year in July and up 9.9 percent in August.