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April 13, 2020

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Measures to promote economy rolled out

THE Shanghai government has rolled out 20 new measures to expand investment and promote the economy, the city’s development planner said yesterday.

The measures focus on major projects, expanding government investment, motivating social investment and improving the business climate. Three measures will ensure the construction of major projects. So far, 95 percent of major projects have resumed production.

Wang Kouzhu, an official with the Shanghai Development and Reform Commission, said that “major projects play a significant role in promoting economic and social development, enhancing the city’s service capacity and improving people’s livelihoods.”

Five measures are about expanding government investment. Besides enhancing investment in fields such as infrastructure, environmental protection and people’s livelihoods, the city will further invest in infrastructure that features high technologies such as 5G.

Shanghai will provide 10 billion yuan (US$1.42 billion) for urban renewal projects. 

Seven measures are to motivate social investment. According to Wang, investment, mainly from real estate developers and manufacturing companies, account for about 75 percent of the overall social investment.

Other measures include encouraging companies to expand online and easing the burden on real estate developers by allowing them to defer payment of relevant fees. Favorable financial policies will enhance support for the advanced manufacturing and modern service industries.


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