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 Sierra Leone Times.

More Information

27 ℃

Mostly Cloudy in Seletar

Business

Section

Black Hawks to replace Taipan helicopters: Australian defense minister

CANBERRA, Australia: Defense Minister Richard Marles told Nine Network television on September 29 that after a crash in July that ...

Apple's appeal on fines over App Store rejected by Dutch regulator

AMSTERDAM, The Netherlands: This week, Dutch competition regulator, the ACM, rejected an appeal by Apple against fines worth €50 million. ...

Japanese startup develops robot resembling 'Mobile Suit Gundam'

TOKYO, Japan: Tokyo-based startup Tsubame Industries has developed a four-wheeled robot that resembles the "Mobile Suit Gundam" from the popular ...

Gold Rush: Federal Government's bold move to attract Saudi investment in Reko Diq

ISLAMABAD, Pakistan - According to The News, the federal government is considering selling its stake in the Reko Diq project ...

Nasdaq dives 248 points as interest rates reach for the stars

NEW YORK, NEW YORK - U.S. stocks tumbled on Tuesday as interest rates on 10 and 30-year Treasury yields approached ...

Chief medical officer warns of levels of Cannabis use in Ireland

DUBLIN, Ireland: The chief medical officer has issued a stark warning regarding the alarming levels of cannabis consumption in Ireland, ...

Africa

Section