Seeking rebound after Covid, Shanghai begins construction projects

Robert Besser
23 Sep 2022, 11:56 GMT+10

Shanghai, China's largest city, announced the launch of eight infrastructure projects, costing US$257 billion
In the second quarter of this year, Shanghai- China's commercial hub- saw economic activity fall 13.7 percent, the worst performance among China's 31 provinces
This week, data from local statistics bureaus showed that in the first eight months of 2022, Shanghai's infrastructure investment fell 27.4 percent

SHANGHAI, China: After its economy slowed due to COVID-19 lockdowns in April and May, Shanghai, China's largest city, announced the launch of eight infrastructure projects, costing US$257 billion.

In the second quarter of this year, Shanghai- China's commercial hub- saw economic activity fall 13.7 percent, the worst performance among China's 31 provinces.

This week, data from local statistics bureaus showed that in the first eight months of 2022, Shanghai's infrastructure investment fell 27.4 percent, compared with an overall 8.3 percent increase nationally.

Shanghai's infrastructure push is in line with the call of national policymakers to revive the country's economic growth, which was harmed by COVID-19 lockdowns, the property downturn and stagnant domestic consumption.

Local authorities are now using debt to fund major public works projects.

In an announcement, the Shanghai municipal government said the eight projects in Shanghai include a transport hub in its eastern Pudong area, urban railways and housing improvements, as well as offshore wind power demonstration projects and a nature park.

Since May, policymakers have announced support for more than 50 economy- supporting measures, stressing that the current quarter is a critical period.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Denver Sun.

More Information

52 ℉

Fair in Aurora/Buckley Afb

International

Section

Annual bison roundup conducted at Custer State Park, South Dakota

CUSTER STATE PARK, South Dakota: As part of an annual effort to maintain the health of the species, which has ...

Uzbek capital Tashkent hit by blast, one dead, 162 injured

TASHKENT, Uzbekistan: Uzbek authorities said a powerful explosion on September 28 at a warehouse near Tashkent's airport killed one person ...

Unidentified winner claims Florida's $1.6 billion lottery

TALLAHASSEE, Florida: The Florida Lottery said this week that the second-largest lottery winner in U.S. history has come forward to ...

Survey retains New York as world's top financial center, London second

LONDON, UK: This week, the Global Financial Centers index showed that New York remains the world's leading financial center, with ...

Taiwan develops first domestically-made submarine

KAOHSIUNG, Taiwan: In a significant milestone for its defense capabilities, Taiwan has unveiled its first domestically developed submarine. Although it ...

To avoid 'lecture', Solomon Islands PM says he did not meet with Biden

HONIARA, Solomon Islands: Prime Minister Manasseh Sogavare revealed that he opted out of a Pacific Islands leaders' summit at the ...

Colorado

Section