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 New York Telegraph.

More Information

43 ℉

Fair in New York/Battery

International

Section

Pentagon secretly providing bombs for Israeli bombardments

The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...

Biden administration says EPA to replace lead water pipes in 10 years

WASHINGTON D.C.: This week, the Biden administration announced a proposal by the Environmental Protection Agency (EPA) that would require U.S. ...

Cyberattack hits Japan space agency, rocket and satellites unaffected

TOKYO, Japan: Japan's space agency recently fell victim to a cyberattack, but reassuringly, the compromised information did not pertain to ...

Michigan man sentenced to prison term for keeping dead wife in freezer

MOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...

US CDC says life expectancy for newborns in 2022 gained a year

ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...

Three more Israeli troops die in Gaza conflict, death toll hits 400

The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...

New York

Section