Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200811/20081121/article_381448.htm
Jiading projects worth US$1.4b begin
Created: 2008-11-21 0:07:30
Author:Wang Yanlin
SHANGHAI started construction of 52 industrial projects in Jiading District yesterday, with a combined investment of up to 9.6 billion yuan (US$1.4 billion), as part of the city's efforts to bolster the economy.
The 52 projects covered high-end manufacturing and service industries, including the production of vehicle equipment, elevators, photo-electricity technology, mechanical engineering, eco-friendly materials and the development of a central business district. Foreign-funded companies invested US$500 million in 38 of the projects. Covering a total area of 150 hectares, the projects could generate an output of nearly 20 billion yuan annually on completion.
Swedish engineering firm Sandvik AB announced it will quintuple its plant size, making the Jiading site one of its largest mining engineering machinery assembling facilities worldwide.
The Jiading government has streamlined the administrative procedures and improved the business environment to attract more investment on concerns over the city's economy amid the global financial crisis.
Shanghai has unveiled a 160-billion-yuan stimulus package to spend over the next two years to sustain economic growth. Although the city still posted a 10.1-percent rise in its economy in the first three quarters, major economic data last month showed signs of a sharp slowdown.
The city's industrial output only grew 3.8 percent last month from a year ago, the slowest pace this year and down from 6.4 percent in September and 9.2 percent in August.
Investment in industrial development also dropped 1 percent to 109.4 billion yuan last month, which raised more concerns of a slowdown in industrial output, according to the Shanghai Statistics Bureau.
To counter the risks, the city's government has beefed up efforts in attracting investment, especially in the city's six key industries - electronics, vehicle, steel, petrochemical processing, equipment and biomedicine - using the district as the base. The district's industrial output jumped 15.3 percent to 180 billion yuan from January to last month.
The 52 projects covered high-end manufacturing and service industries, including the production of vehicle equipment, elevators, photo-electricity technology, mechanical engineering, eco-friendly materials and the development of a central business district. Foreign-funded companies invested US$500 million in 38 of the projects. Covering a total area of 150 hectares, the projects could generate an output of nearly 20 billion yuan annually on completion.
Swedish engineering firm Sandvik AB announced it will quintuple its plant size, making the Jiading site one of its largest mining engineering machinery assembling facilities worldwide.
The Jiading government has streamlined the administrative procedures and improved the business environment to attract more investment on concerns over the city's economy amid the global financial crisis.
Shanghai has unveiled a 160-billion-yuan stimulus package to spend over the next two years to sustain economic growth. Although the city still posted a 10.1-percent rise in its economy in the first three quarters, major economic data last month showed signs of a sharp slowdown.
The city's industrial output only grew 3.8 percent last month from a year ago, the slowest pace this year and down from 6.4 percent in September and 9.2 percent in August.
Investment in industrial development also dropped 1 percent to 109.4 billion yuan last month, which raised more concerns of a slowdown in industrial output, according to the Shanghai Statistics Bureau.
To counter the risks, the city's government has beefed up efforts in attracting investment, especially in the city's six key industries - electronics, vehicle, steel, petrochemical processing, equipment and biomedicine - using the district as the base. The district's industrial output jumped 15.3 percent to 180 billion yuan from January to last month.
Copyright © 2001-2009 Shanghai Daily Publishing House