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 Barbados Bulletin.

More Information

31 ℃

Fair in Seawell

World

Section

New $5.2 billion battery factory to be built in Canada

STOCKHOLM, Sweden: Swedish lithium-ion battery producer Northvolt announced this week that it would build a $5.2 billion gigafactory in the ...

Senate Committee to grill Attorney General on hurdles in IP gas pipeline project

ISLAMABAD, Pakistan - According to a high-ranking government official who briefed a parliamentary panel on Wednesday, although Pakistan has accelerated ...

S. Korea sends signal to north with large military parade

SEOUL, South Korea: Marking a tougher stand against North Korea, South Korea held its first large-scale military parade in over ...

Trump Receives Gag Order After Social Media Attack on Law Clerk

The judge presiding over Donald Trump's New York civil real estate fraud case on Tuesday imposed a gag order on ...

Judge gags Trump in New York trial

The former US president was prohibited from ?personal attacks? on court staffJudge Arthur Engoron issued a gag order against Donald ...

2 children killed in mine explosion in Afghanistan's Jowzjan

Kabul [Afghanistan], October 4 (ANI): Two children were killed while one sustained injuries in a mine explosion in Afghanistan's Jowzjan ...

Caribbean

Section

India, Nepal each received less than 1 per cent of international funding for tackling air pollution during 2015-2021: Report

By Vishu AdhanaNew Delhi [India], October 3 (ANI) India and Nepal each have received less than 1 percent of the ...