Economy

Shanghai unveils $257 billion in infrastructure investment

Shanghai unveils 7 billion in infrastructure investment

BEIJING (Reuters) – China’s commercial hub Shanghai on Tuesday launched eight infrastructure projects with a total investment of 1.8 trillion yuan ($257 billion), Chinese state media said.

The projects include developing new energy and securing people’s livelihoods, including urban transportation, railways and home improvement, the Shanghai Observer said.

Specific projects include offshore deep-sea wind power demonstration projects, an eco-park, and the improvement and improvement of drinking water safety.

The economy of Shanghai, China’s most populous city, declined 13.7% in the second quarter when the COVID-19 outbreak triggered citywide lockdowns in April and May. The largest economic downturn among all regions of China was at the provincial level.

(1 dollar = 7.0086 renminbi)

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