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April 1, 2020

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Shanghai inks 152 new projects

Shanghai announced 152 investment projects worth a total 441.8 billion yuan (US$63.1 billion) yesterday to boost the economy, including projects from foreign firms like Bosch and Walmart.

During an online video ceremony, 16 districts in Shanghai, along with the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone and the Hongqiao Business Zone, signed agreements on 124 of the 152 projects, with total investment of 280 billion yuan.

Foreign investment totaled US$16 billion, including a regional headquarters for Bosch Capital and Mitsubishi Corporation Metal Trading, as well as the Chinese flagship store of Sam’s Club, a chain of membership-only clubs under Walmart.

The projects also include headquarters or research labs Tencent, SenseTime, JD and Midea. The new projects mainly cover integrated circuitry, artificial intelligence, biomedicine, aerospace, smart manufacturing, new energy, financial services and commercial services.

At the same time, Shanghai unveiled a plan to build 26 sector-specific industrial parks and create new industrial space of 60 square kilometers to push forward the city’s development of high-end manufacturing industry.

“We hope to deliver a message that Shanghai relies on not only modern services, but advanced manufacturing sector as well to spur its growth,” said Lu Ming, an official with the city’s economy and information technology commission.

“There are always land for quality projects, and always space for quality industries.”

The signing highlights Shanghai’s ongoing efforts to resume work and stimulate economy during the novel coronavirus outbreak.


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