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Baoshan signs deals to continue economic restructuring
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Shanghai's Baoshan District signed agreements with venture capital and private equity firms, China Construction Bank and Shanghai Financial Services Office today as it seeks support for industrial restructuring.
Baoshan officials also said it will set up a 1 billion yuan (US$159.8 million) fund of funds.
The district government said improved financial services will help the development of emerging strategic industries, the service sector and other major projects.
Baoshan has been restructuring its economy by placing a higher priority on services and working on newer industries like green technology.
“Building Wusongkou International Cruise Terminal was a major strategy for Shanghai,” said Wang Hong, Party chief of Baoshan district. “With the support from the Shanghai Financial Service Office, we hope to list Shanghai Wusongkou International Cruise Terminal Development Co.”
The company is a joint venture by the district government and Shanghai Yangtze Shipping Corp.
The cruise terminal will become one of the busiest and most important ports for cruise ships in Asia Pacific and play an important role in helping Shanghai develop into an international shipping center, the district government said.
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