City to invest US$21b on projects

SHANGHAI will invest at least 135 billion yuan (US$21 billion) in 126 construction projects this year — a record high since the 2010 World Expo.

The investment, up from 710 million yuan from last year‚ will involve projects covering scientific and research centers, environment, education and cultural, infrastructure and security, Shanghai’s vice mayor Shi Guanghui announced yesterday.

There are 23 science and technology projects, including building the Zhangjiang Science City, a research center for China Nuclear Engineering & Construction Group Corp, and the second-phase construction of the Shanghai Synchrotron Radiation Facility.

Work on the east branch of Shanghai Museum, east branch of Shanghai Library in the Pudong New Area and Shanghai Planetarium are the major education and cultural projects.

Also, 17 projects are earmarked for environmental works including waste and sewage treatment facilities and eco-parks; another 51 for infrastructure projects and 12 projects for security and rural development.

Shi also demanded greater efficiency in managing and regulating the projects.

Shanghai’s developmental projects are one of the main factors attracting foreign investment to the city, according to Bas Kreukniet, president of Benelux Chamber of Commerce in China.

Wendy Liu, head of China Equity Research in Nomura, said that the city’s ambition for global innovation and financial hub was “credible amid its continuous efforts in upgrading physical infrastructure and shoring up its professional services level.”