City government to invest 160b yuan

By Leo Zhang  |   2008-11-18  |     ONLINE EDITION

THE Shanghai government plans to invest 160 billion yuan (US$23.5 billion) by 2010 as it implements Beijing's policy to boost domestic demand and spur growth.

The spending will lead additional investments worth 1.1 trillion yuan from various social sources to fund Shanghai's construction, the city government said in a statement late yesterday.

The city will boost its economy with a focus on sustaining long-term growth as it bolsters consumption and improves living standards, according to the statement.

Shanghai has mapped out detailed measures, including giving preferential tax policies to high-tech firms and setting up an energy-conservation mechanism, as part of its bid to maintain steady and fast growth.

The city will also beef up urban infrastructure construction, boost investment in suburban areas to develop advanced agriculture and help small- and medium-sized enterprises to raise capital.