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Shanghai announces US$257 billion in new infrastructure
来源：shippingazette 编辑：编辑部 发布：2022/10/20 10:01:08
SHANGHAI has announced eight infrastructure projects with total investment of CNY1.8 trillion (US$257 billion), after the city was hit hard by Covid lockdowns in April and May, Reuters reports.
The economy of China's biggest city slumped 13.7 per cent in the second quarter, the worst performance among all 31 of China's province-level regions.
In the first eight months of the year, Shanghai's infrastructure investment fell 27.4 per cent versus an 8.3 per cent gain nationwide, data from local statistics bureau showed.
Shanghai's infrastructure push echoed national policymakers' calls to revive sluggish economic growth, which has been hurt not just by Covid outbreaks and lockdowns, but by a protracted property downturn, sluggish domestic consumption and a fading trade outlook.
The economy of China's biggest city slumped 13.7 per cent in the second quarter, the worst performance among all 31 of China's province-level regions.
In the first eight months of the year, Shanghai's infrastructure investment fell 27.4 per cent versus an 8.3 per cent gain nationwide, data from local statistics bureau showed.
Shanghai's infrastructure push echoed national policymakers' calls to revive sluggish economic growth, which has been hurt not just by Covid outbreaks and lockdowns, but by a protracted property downturn, sluggish domestic consumption and a fading trade outlook.